Pacific Prime's International Insurers Adjust as International Medical Insurance Market Compliance Requirements Become Stricter

After a recent tightening of offshore medical insurance laws in the Philippines, Pacific Prime examines how international insurers are adjusting their portfolios.

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Pacific Prime

Pacific Prime

As the overall community of expatriates around the world continues to expand at an ever increasing rate, the laws in many countries regarding health insurance for international residents have had to adjust.

Hong Kong (PRWEB) July 04, 2013

Due to a recent tightening of offshore medical insurance laws in the Philippines, several international insurers are adjusting their business portfolios to adapt to the ever changing nature of international medical insurance.

Bupa International are now closing off new business for both local and expatriate clients based in the Philippines and Pacific Prime analysts are not surprised to see the insurer is once again among the first companies globally to identify and adhere to the changing laws of a specific country.

In each of the major expatriate hubs such as mainland China, Hong Kong, Dubai, and Singapore, Bupa has a proven track record of entering the market early in order to gain a better understanding of local policies.

As the overall community of expatriates around the world continues to expand at an ever increasing rate, the laws in many countries regarding health insurance for international residents have had to adjust.

Since the implementation of the Affordable Care Act (or Obamacare) in the USA, the last five years have seen compliance become an increasing issue on an international level. High levels of emigration have driven most countries to have extremely specific laws regarding medical insurance, and it can now be quite difficult to find an international plan that is appropriately suited to the specific requirements of a residential visa.

Adhering to local compliance and regulation is steadily becoming one of the most significant factors for Pacific Prime clients as more and more people search for health insurance while living in the world's newer economic hotspots.

Pacific Prime is pleased that Bupa is still leading the way by ceasing to offer its international plans in areas where a locally admitted policy is required.


Contact

  • Neil Raymond
    Pacific Prime
    3588 2979
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