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Welcome To The IPMI Market Research Report Centre

Welcome to the iPMI Magazine online report centre, designed specifically with your businesses educational needs in mind. Here you may browse a range of highly specialist, niche, market research reports covering the hottest topics in the insurance industry today.

New Force In International Private Health Insurance Launched

MediCare International has rebranded and launched into the UK and international protection markets with a new name, April International UK.

 

MediCare International was acquired by the April Group over three years ago.  The April Group, formed in France more than 35 years ago, is an internationally known and respected insurance services company with operations in 37 different countries.  They look after almost six-million policyholders worldwide, representing some 86 different nationalities located in more than 120 countries.  

April International UK will remain at their City of London Offices, but the rebranding has provided an opportunity to significantly enhance their existing group and individual international health plans, and offer new short term plans for periods up to 12 months. In addition, an international student policy covering both foreign students coming to the UK and other student nationalities who choose to study worldwide has been unveiled.

All plans will additionally automatically include important additional services giving clients real time security information in overseas territories, access to second medical opinions and enhanced emergency blood transfusion services.

Debbie Purser CEO of  April International UK said, "We are delighted to announce the rebranding of our company, representing as it does an important step in the development of April International, as it moves closer to its vision of becoming  a world-leading player in the international private medical insurance market. April International UK will be a larger and ultimately more dynamic company, as we will be able to draw on a larger pool of resources and skills to meets the needs of a far broader global client base."

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Anthem Expands Affordable Mountain Health Plan To Small And Large Employers

Anthem Blue Cross and Blue Shield in Colorado (Anthem) announced the expansion of its new lower cost mountain health plan, created in partnership with a community hospital in Eagle County and the region’s leading health care provider, to large and small group employers.

Anthem in January began selling a new health plan created in collaboration with Vail Valley Medical Center in Eagle County and Centura Health -- which includes St. Anthony Summit Medical Center, Mercy Regional Medical Center and a network of about 75 providers in Summit, La Plata and Montezuma counties – to individuals purchasing insurance on and off the Colorado health exchange marketplace. The expansion now allows small and large employers in Eagle, Summit, La Plata and Montezuma counties to purchase Anthem’s Mountain Enhanced HMO plan effective July 1.

Mountain Enhanced is exclusive to the Centura Health network and Vail Valley Medical Center, and brings together three organizations committed to finding ways to enhance the availability of, and accessibility to, quality health care services across the full continuum of need at reduced costs. This plan helps to keep health care local, giving residents the ability to receive care from physicians and providers in the communities where they live and work, while addressing the high health insurance premiums in Colorado’s mountain communities.

“Anthem is very pleased with the reception Mountain Enhanced has received from individual consumers, which is why we’re excited to expand it to an even broader market as part of our commitment to ensure that high quality, high value health care remains accessible and affordable throughout Colorado,” said Mike Ramseier, president and general manager, Anthem Blue Cross and Blue Shield in Colorado.

“We continue to find ways to expand our partnership to support accessible health care solutions for our mountain communities,” said Gary Campbell, president and CEO, Centura Health. “By expanding this plan, we are helping to improve their access to high-value care, at an affordable cost in their own community.”

Mountain Enhanced Blue will include Anthem’s unique benefits such as its 24/7 nurse line and 360 degree health and wellness programs like Condition Care, which helps members with complex medical conditions receive help following their doctor’s care plan.

“As Eagle County’s nonprofit community hospital, we are committed to finding viable initiatives to address rising health insurance premiums,” says VVMC President and CEO Doris Kirchner. “Mountain Enhanced is a good option for businesses to provide quality healthcare close to home and at a reduced premium.”

SOURCE: https://ipmimagazine.com/medical-health-insurance/en/health-medical-travel-expatriate-insurance-product-news/item/3442-anthem-expands-affordable-mountain-health-plan-to-small-and-large-employers

 

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Insurers risk being sidelined by internet-savvy consumer generation

Scarred by the financial crisis, price conscious buyers aged under 30 are driving a fundamental shift in how insurance is bought, according to Towers Watson. A survey  of over 7,000 consumers across Europe’s largest and fastest-growing markets - including the UK, France, Germany and Turkey – found the advance of technology increasingly distancing the millennial generation of buyers from traditional purchase channels and sources of advice and influence.

Tammy Richardson, UK head of insurance management consultancy at Towers Watson, commented: “Brand power and the traditional broker role are in decline as a new generation of buyers drive a rise in direct sales online. Consumers are increasingly in control and now more likely to ‘pull’ information from comparison websites, smartphones and social media than respond to ‘pushed’ communication.”

The survey, The shifting balance of power, also found many under-25s to be far more risk aware and interested in financial security than previously thought, underlining the need for insurers to find new methods of engaging with these younger buyers. Tammy Richardson noted that this shifting balance of power in the customer/provider relationship could present an opportunity for insurers. “With the right digital distribution technology in place, companies will be able to meet emerging consumer needs to more easily compare and choose financial products tailored to their preferences,” she said.

Previous Towers Watson research supports the position that technology platforms are expected to play a key future role, with more than four in 10 senior property and casualty insurance executives rating digital distribution as the most attractive channel for acquisition in the next three years.  A quarter of life insurers also put top priority on digital distribution capability.

Tammy Richardson said: “An important implication of this survey, in our opinion, is that insurers will need to further enhance their efforts to make product benefits more transparent and use data and analytics in new ways to improve their understanding of customer behaviours. This is likely to be central to future profitability, driving strategy for customer acquisition, retention and portfolio management. There is a lot of attention focused on data (big data), but the data itself will not provide a strategic advantage for insurers; how they use it is key and that is why analytics has such an important role to play."

“The danger is that if insurers do not get to grips with how buyers use of technology to make financial decisions is evolving, other digital businesses with relevant expertise may step in.”
 
The survey also reveals a high level of consumer ignorance across all age groups about the benefits and risks of the insurance products they are buying, which is likely to get worse as direct sales continue to rise. Sixty-five percent of consumers over 45 (50% of all ages) across Europe would still buy insurance products even if they did not understand the benefits or risks.

According to Towers Watson, these findings further highlight the risk that some products will be deemed by regulators to have been sold without sufficient understanding from those buying them or to have been inappropriate to the needs of consumers.

Tammy Richardson said: “Further changes in distribution channels will not devolve insurers of responsibility for explaining what their customers are buying.”

Key survey findings included:

  • Young consumers are the most likely to save regularly. Over 50% of 25-34 year-olds in the survey said that they save on a monthly basis, as did 46% of 18-24 year olds.
  • Under 25s across Europe have become more risk averse in the last five years than any other age group.
  • Less than 10% of 18-24 year olds would anticipate buying common forms of insurance from an agent or broker. Banks remain an important distribution channel in some countries, particularly for life insurance.
  • Price is the dominant consideration for 70% of UK 18-34 year olds when buying motor insurance.
  • Less than 10% of UK survey respondents cited brand reputation as an influence on their buying decision for life, home and motor insurance.

ABOUT THE SURVEY

Towers Watson commissioned a consumer survey in 2014 across seven European countries to identify or confirm financial services buying trends. The countries covered were the six largest markets in Europe – France, Germany, Italy, The Netherlands, Spain and the UK – plus the region’s most rapidly emerging market, Turkey. A minimum of 1000 people took part in each country as part of a total survey sample of 7,136.

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APRIL: 2014 Annual Results In Line, A Year Of Resilience And Investment

APRIL posted 2014 consolidated sales of €766.3m, down 1.6% from 2013 based on reported data and down slightly (0.8%) like for like. Health & Personal Protection was down 0.9% based on reported data and down 1.0% like for like. The Property & Casualty division, mainly hit by foreign currency fluctuations, was down 3.6% based on reported data and down 1.4% like for like.

As a result of the significant investment required to prepare for the future and non-recurring expenses arising from the consolidation and streamlining of our businesses, current EBIT fell 12.1% to €76.1m compared to 2013, as announced in our January press releases.

APRIL maintained a strong current EBIT margin of 9.9%, with Health & Personal Protection holding up particularly well and a slight decline in Property & Casualty, mainly due to non-recurring items.

Group non-current expenses for the year came to €6.8m and included in particular the cost of rescinding a business as general agent in La Reunion (€4.8m) and the net costs of closing our operations in Argentina, Chile, Hungary and Belarus. As a result of these events, the Group posted an EBIT of €69.3m, down 18.4% from 2013.

After a €30.5m corporate income tax charge, consolidated net income (Group share) amounted to€36.6m.

Health & Personal Protection

The Health & Personal Protection division reported a 0.9% decline in sales resulting from a 2.6% fall in brokerage commissions, partially offset by a 2.0% rise in premiums.

The decrease in brokerage commissions is due to the Company's decision to stop capturing loss-making individual employee health insurance policies under the National Interbranch Agreement (ANI). This decline was mitigated by the strong performance of the health insurance business in the senior and self-employed market segments and the growth in mortgage and group insurance, supported by solid fundamentals and Group investment. The increase in insurance premiums was driven by the expansion of the individual, group and expatriate health and personal protection portfolios.

Despite the initial impact of ANI, estimated at €3.7m, and the cost of around €3.8m for setting up the new IT systems, the division posted a stable current EBIT margin of 17.7%, due in part to improvements in the risk-carrying business and the Group's operations in Switzerland and the UK.

Property & Casualty

In Property & Casualty, the 2.1% increase in premiums was driven by new partnerships as well as the revival of affinity member operations within the framework of a significantly reinsured model in line with Group policy.

The 3.5% like-for-like fall in commissions was due to the decline in revenues from the distribution network and the travel insurance and assistance business, affected by challenging economic conditions particularly in South America and Europe. This decline was partly offset by wholesale brokerage operations which delivered strong sales but were affected by increasing IT costs.

Moreover, non-recurring expenses, including the costs of restructuring and consolidating the business models of some of the foreign subsidiaries and cost related to the streamlining of our French operations, have pushed current EBIT into a loss.

Non-current expenses, almost exclusively borne by the Property & Casualty division, led it to record an EBIT loss of €9.9m. These expenses include the impact of the withdrawal of some countries as part of the streamlining of our mobility and assistance solutions (for example, Argentina and Chile are now being managed by our US operations).

Financial position

APRIL's balance sheet at 31 December 2014 reflects the Group's strong business model and prudent financial management: consolidated shareholders' equity (Group share) stood at €578.9m, up €28.6m, while financial debt remained immaterial at €3.7m and net cash,adjusted for deposit accounts held in relation to the Company's cash management policy, increased by €8.1m to €198.6m. 

Dividend

In accordance with our declared policy of guaranteeing a 25% dividend payout ratio supplemented by the remaining cash surplus after coverage of capital expenditure and the previous year’s dividend, a dividend of €0.42 per share for 2014, corresponding to a total dividend payout of €17.2m, will be proposed at the Annual General Meeting.

This is equivalent to a dividend yield of 3.7% over the average share price since 1 January, exceeding analysts’ expectations.

Outlook

The Group starts 2015 with a strong financial position.

APRIL will pursue its strategy of being a multi-specialist operating in France and abroad by focusing on four main goals:

-       To transform new regulatory requirements into opportunities, the full potential of which will not materialise before 2016,

-       To develop and accelerate its multi-channel distribution strategy

-       To improve profitability and boost growth of international operations

-       To increase its operational efficiency

In order to achieve these goals, APRIL will capitalise on its core strengths: its capacity for segmentation, reputed quality of service and customer-centric approach, driven by a strengthened management team.

Within an overall environment that will remain demanding, 2015 will be a year of continued investment for the Group, enabling it to consolidate its business model and market positioning and ultimately return to growth.

At this early stage in the year, Group management expects current EBIT to stay relatively flat in 2015.

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APRIL Travel Protection Offers Economical Insurance Solution for Frequent Business Travelers

APRIL Travel Protectionis keeping up with business travelers' ever-evolving needs by offering budget-friendly policies with premiums starting at $193 per year for an unlimited number of trips. APRIL's Universal and Elite Annual Multi-Trip Travel Insurance policies give businesses the peace-of-mind that their travel plans are protected in the event of an emergency or change in schedule.

APRIL's annual multi-trip policies, especially the Universal Annual Multi-Trip plan, are ideal for those who travel three or more times per year, never for more than 90 consecutive days and are more concerned with an economical policy than higher coverage limits. The Universal Annual Multi-Trip policy starts at $193 per year and offers travelers with the following benefits:

  • Trip Interruption of up to $5,000 for situations such as sickness, injury or death, weather and natural disasters, terrorism or strikes, military or jury duty, bankruptcy or mechanical issues with the travel supplier, stolen passports or visas and other similar situations
  • Emergency Medical Expenses of up to $50,000
  • Emergency Evacuation/Repatriation Coverage up to $100,000
  • Baggage and Personal Effects Coverage up to $1,000
  • Trip Delay (six hours or longer) Coverage of $100 per day (up to $750 maximum)
  • Baggage Delay (12 hours or longer) Coverage of $100 per day (up to $300 maximum)
  • Accidental Death and Dismemberment Coverage up to $25,000

APRIL also offers an Elite Annual Multi-Trip Policy, with premiums starting at $370 annually, which expands upon the above mentioned benefits and also offers Family Plan Pricing, meaning that only one parent needs to purchase a policy and all children will be covered at no extra expense. Upgrades to both plans are available at an additional fee.

"Business travelers tend to assess their insurance needs based on the likelihood of anticipated issues," said Jason Schreier, CEO of APRIL-USA. "The fallacy in this method is that interruptions, illnesses, and other issues can be most detrimental when they arise unexpectedly. This is where travel protection is imperative," Schreier continued.

"There is a gap in the typical U.S. health insurance policy which leaves Americans traveling abroad at risk for higher deductibles, or in many cases completely unprotected should a health-related emergency arise," Schreier added. "Americans, as a standard, insure themselves for 365 days per year for all other lines of insurance. Frequent travelers would be prudent to maintain that coverage year round," noted Schreier.

"APRIL's annual multi-trip policies are the most economical method for business travelers to cover themselves in the event of an unexpected emergency or change in plans," Schreier added.

The innovative travel insurance company offers its signature Stress Less Benefits with every policy sold, providing instant adjudication which pays to resolve clients' problems in real-time for most covered benefits while the vacationer or businessperson is still traveling. Issues covered under APRIL's Stress Less Benefits include: severe weather and natural disasters, injury, sickness, death, job loss or relocations, supplier default, terrorism, military duty, strikes and more.

Travelers also have the option of expanding upon APRIL's annual policies with a Trip Cancellation Plan which covers cancellations based on weather or natural disasters, an uncertain employment situation, health related issues, terrorism and other situations. A separate Cancel for Any Reason upgrade can also be purchased for those who are traveling with someone as part of a new relationship, may have an unexpected work conflict, have a relative expecting a newborn baby, or just want the peace of mind to be able to change their plans without losing their travel investment.

APRIL's pro-active approach to support keeps up with business travelers' ever-evolving needs with a multi-lingual team and 24/7 toll-free access from most destinations, as well as convenient support channels including Skype, texting, email and live chat. APRIL is the first company to pioneer these forward-thinking support mechanisms since the launch of its U.S. division in April 2013.

With the goal of Changing the Image of Insurance, APRIL has become a market leader in travel protection in Europe and Latin America with a presence in over 40 countries and more than two million policyholders worldwide. APRIL strives to provide simple agreements and services that are easily understood by customers. While most U.S. travelers purchase insurance policies they hope they will never need, APRIL creates a nurturing relationship with every client and educates policy holders on the full scope of support and services available to them.

For more information, contact APRIL Travel Protection at 855-277-4587, emailThis email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.AprilTravelProtection.com.

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Latest International Medical And Health Insurance And Assistance News March 2015

All the latest medical and health insurance news from the international industry, under 1 roof, with International Private Medical Insurance Magazine. Subscribe, click here.

Lloyd’s Reports £3.2billion Profit For 2014

Lloyd’s, the world’s specialist insurance and reinsurance market, have announced a pre-tax profit of £3.2billion, with a return on capital of 14.7%. Pre-tax profit of £3.2billion (2013: £3.2bn) Combined ratio of 88.1% (2013: 86.8%) Return on capital of 14.7% (2013:…Written on Thursday, 26 March 2015 13:27 in iPMI Magazine Company Results News


CMA Provisionally Clears Specialist Insurance Merger

Xchanging plc (Xchanging) and Agencyport Software Group (Agencyport) supply specialist software to the insurance industry, in particular insurers and reinsurers operating in the London Company Market and Lloyd’s of London (Lloyd’s) registered managing agents. In its provisional findings the Competition…Written on Thursday, 26 March 2015 13:26 in iPMI Magazine Breaking News


How Advisers Can Adapt To New Fee Based Model When Commission Ends

End of trail commission from workplace pensions looming in April 2016 Corporate advisers will need to start charging fees – less than half do as yet 41% of advisers are concerned about remaining profitable1 Of c250,000 SME employers affected, research…Written on Thursday, 26 March 2015 13:24 in iPMI Magazine Breaking News


More Than 11 Million People Can Now Receive Health Care Services From Care Providers Paid By UnitedHealthcare Based On Quality And Patient Outcomes

More than 11 million plan participants enrolled in UnitedHealthcare’s individual, employer-sponsored, Medicare and Medicaid plans are now accessing care from a growing list of providers who are being compensated based on quality, better patient outcomes and lowering the overall cost…Written on Thursday, 26 March 2015 10:54in iPMI Magazine Breaking News


New Study Reveals Benefits Of Prevention Programmes To The Bottom Line

Average investment in an international assignment is US$311,000 per annum Cost of a failed assignment ranges between US$570,000 to $950,000 Pre-travel health check programmes reduce the occurrence of failed assignments Investing in pre-travel health checks results in up to 2.5X…Written on Thursday, 26 March 2015 09:36 in iPMI Magazine Medical Travel Technical Roadside Assistance Company News


Cigna And SCAN Health Plan Form Exclusive Alliance To Offer Group Retiree Medicare Advantage Plans To Employers In CaliforniaCigna (NYSE: CI) and SCAN Health Plan have entered into an alliance to provide SCAN’s group retiree Medicare Advantage health plan benefits to employer clients in California. “Employers and customers will benefit from the many quality programs, outstanding member service…Written on Thursday, 26 March 2015 09:34 in iPMI Magazine Breaking News


Expanding Medicaid Under ACA Helped To Identify 23% More People With Previously Undiagnosed Diabetes

States that have expanded their Medicaid programs under the Affordable Care Act (ACA) are capturing an increased number of people with previously undiagnosed diabetes, allowing them to begin treatment earlier, potentially reducing complications and other negative outcomes, according to a…Written on Thursday, 26 March 2015 09:29 in iPMI Magazine Breaking News


Time For A Career Move Abroad? Don't Let The Doctor Put A Dampener On It

The start of a new tax year is a popular time for anyone planning a lifestyle change to move abroad, offering as it does sensible tax planning opportunities. History tells us, though, that whilst many will have a job lined…Written on Thursday, 26 March 2015 09:28 in iPMI Magazine Breaking News


Cigna Global Health Benefits Network Expands To Provide Health Services & Benefits To Canadian Expatriates And Their Families

Integrates provincial & expatriate plans for eligible customers; Gives employees access to a provider network of more than 30,000 health care professionals throughout Canada. Cigna Global Health Benefits® (NYSE: CI) now offers medical, dental, vision and pharmacy benefits to Canadian…Written on Thursday, 26 March 2015 09:06 in iPMI Magazine International Private Medical Insurance Product News


New Virtual Health Service App For Group Risk Clients

In January this year Aviva announced a new partnership with babylon, a leading UK-based mobile health company, to offer the latest digital technology to some of its UK healthcare clients. This move saw an innovative virtual health service, being successfully…Written on Wednesday, 25 March 2015 13:21 in iPMI Magazine Information Technology News


Bupa Enhances Business Fit Product To Help Employees Stay Healthy And Productive

Bupa has today announced the launch of its enhanced Business Fit healthcare product available to all corporate customers and intermediary groups from 1st April 2015. The relaunched product has been designed to enable employers to offer healthcare to more of…Written on Wednesday, 25 March 2015 13:16 in iPMI Magazine International Private Medical Insurance Product News


Kaiser Permanente Again Ranks Highest in J.D. Power Member Health Plan Study

Kaiser Permanente of the Mid-Atlantic States, which serves more than 580,000 members throughout the region, again ranked highest in customer satisfaction for the Mid-Atlantic in the J.D. Power 2015 Member Health Plan Study, the company announced this week. Kaiser Permanente…Written on Wednesday, 25 March 2015 09:27 in iPMI Magazine Breaking News


Employer Contributions to Health Savings Accounts Decreasing

In 2014, employees saw a 10 percent decrease in their average single Health Savings Account (HSA) employer contribution from the previous year, from $574 in 2013 to $515 in 2014, according to new data released from the 2014 Health Plan…Written on Wednesday, 25 March 2015 09:18 in iPMI Magazine Breaking News


AXA Completes Acquisition Of A 7% Stake In Africa ReAXA has announced that it has completed the acquisition of a 7.15% stake in African Reinsurance Corporation (“Africa Re”), the leading reinsurance company in Africa1 , for a total consideration of USD 61 million (or Euro 54 million2 ). The…Written on Wednesday, 25 March 2015 08:59 in iPMI Magazine Mergers Acquisitions News


UPMC Health Plan Earns A- (Excellent) Rating from A.M. Best

UPMC Health Plan has retained its financial strength rating of A- (Excellent) from A.M. Best the world's oldest and most authoritative insurance rating and information source. The A- (Excellent) rating with a stable outlook applies to UPMC Health Plan (HMO…Written on Tuesday, 24 March 2015 09:02 in iPMI Magazine Breaking News


AXA Confirms Intention To Increase Stake In Indian Insurance Joint-Ventures

Following the approval of the Insurance Bill by the Indian Parliament, AXA confirms its intention to increase its stake in its Indian Life and general insurance joint-ventures with Bharti Enterprises to 49% from 26%, subject to finalization of negotiations, entering…Written on Sunday, 22 March 2015 09:03 in iPMI Magazine Mergers Acquisitions News


Pacific Prime Clarifies International Private Medical Insurance Inflation

Pacific Prime has reflected on their annual International Private Medical Insurance (IPMI) industry reports, which set out to outline the rates of inflation among major insurers in various regions around the world. Click here to read the reports. The advisor…Written on Friday, 20 March 2015 05:55 in iPMI Magazine Breaking News

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Mexico Travel Warning: Hurricane Odile - British Nationals Advised To Leave Via Aeropuerto Internacional De Los Cabos International Airport (SJD)

Hurricane Odile has affected parts of Baja California and Baja California Sur. British Nationals in the affected area are advised to leave via Aeropuerto Internacional de Los Cabos International airport (SJD).

Please go with the expectation of a potentially long wait; the airport is crowded. We recommend travelling with basic provisions of food and water where possible. There are reports of looting and gang violence on the streets of downtown San José del Cabo. Exercise caution when transiting to the airport. Monitor local media and follow the guidance of local authorities.

363,142 British nationals visited Mexico in 2012. Most visits are trouble-free.

Take out comprehensive travel and medical insurance before you travel.

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A+ International Healthcare Announces New Partnership with AXA

A+ International Healthcare has launched its new underwriting partnership with the AXA Group. A+ International Healthcare and AXA have reached an agreement whereby A+ Hong Kong individual policies are now underwritten by AXA General Insurance Hong Kong Limited, A+ Hong Kong group policies are underwritten by AXA China Region Insurance Company Limited, and policies of the rest of the world are underwritten by AXA France Vie.

In addition, its evacuation and repatriation services are now supported by AXA Assistance. Because of its robust business growth and new market developments, A+ International Healthcare has attained new levels and therefore new needs. AXA, a leading insurance provider in the global market with a top Standard and Poor’s rating, has the capacity to offer A+ International Healthcare locally compliant support on a worldwide scale. The A+ International Healthcare and AXA partnership starts initially in Hong Kong and will develop rapidly throughout the Asia Pacific region, ultimately to anywhere across the globe.

“We share the same fundamental corporate values – both A+ International Healthcare and AXA are about people and high quality services,” said Jean-Claude Breteau, Chief Executive of A+ International Healthcare. “With AXA’s support, A+ International Healthcare will provide additional benefits and services on top of the original covers. We now have the capability of extending our product range to all Hong Kong residents, expatriates and local nationals alike. In the very near future, A+ International Healthcare will offer new innovative plans to cater to even more levels of service for both individuals and groups.”

“We see a steady growth of health insurance in the global market,” Breteau continued. “Increased consumer awareness and wellbeing consciousness are driving up the demand, along with the increase in individual global mobility. There is a high need for excellent international and local healthcare services. A+ International Healthcare and AXA together see promising opportunities in the growing market and are convinced this new partnership will bear fruits very rapidly.”

For more information, contact This email address is being protected from spambots. You need JavaScript enabled to view it..

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Huichih Ko Joins Willis Asia As Chairman

Willis Group Holdings plc, has appointed Huichih Ko as Chairman of Willis Asia. Mr. Ko will play a leading role in defining Willis Asia's strategic direction and driving client engagement and growth across the region. He starts his new role today and will initially be based in the Singapore HQ of Willis Asia, which employs around 890 associates in 36 offices.

He joins from Marsh & McLennan Companies (MMC), where he served as MMC Country Corporate Officer for Taiwan. He has over 30 years' industry experience and has held a number of senior posts at Marsh, including Deputy Chairman, Greater China Region; and Managing Director and Chairman, Marsh Taiwan.

Tim Wright, CEO of Willis International, said, "Willis is going from strength to strength in Asia, and the addition of such a senior talent will be a further boost to our capabilities and ambitions. Huichih is a very experienced and respected industry leader who is well known across the region. He will play a vital role in growing and connecting our business both in Asia and globally."

Adam Garrard, CEO of Willis Asia, said, "I have known Huichih for many years and he has worked with an impressive and diverse range of clients. We are delighted to have attracted Huichih to Willis and his appointment is a visible endorsement of our values and strategy. Huichih will partner with me and the rest of the Willis Asia team to assist us in driving the strategy and growth plans in the region. I can think of no one more qualified for this role. He is one of the best insurance practitioners in Asia."

Huichih Ko said, "I am deeply impressed by Willis's vision and commitment to invest across Asia in order to tap into some exciting, high-potential markets. I'm pleased to have the opportunity to work with the many talents in Willis to develop innovative solutions for clients and markets. Asian insurance markets have come a long way - many are mature and ready to diversify their books - and I look forward to helping our global clients explore that new capacity."

Ko started his insurance brokerage career in New York with Fred S James in 1981. He was assigned to Taiwan in 1983 and subsequently became President of James International Taiwan. Between 1987 and 1998 he served as CEO of Sedgwick Taiwan. Following the acquisition of Sedgwick by Marsh, Ko was appointed as Regional Director North Asia, Marsh Resolution.

In 2000 he became Managing Director and chairman of Marsh Taiwan and in 2010 he was promoted to Deputy Chairman, Marsh Greater China Region.

In 2013 he was appointed as MMC Country Corporate Officer for Taiwan. Ko holds a bachelor's degree in Shipping Management and a Master of Science in Transportation.

He has also taught marine insurance and shipping management courses in universities in Taiwan.

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iPMI Magazine Market Research Reports

International Health Insurance (IPMI) 2021

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Delivered digitally in PDF format, iPMI Magazine market research reports contain all the insurance and healthcare business intelligence you need to make well informed cross-border business decisions. The results of over 60 years of combined IPMI market research, iPMI Magazine reports are where leaders learn from leaders from in-depth, specific and high targeted technical market contents.