Globality Health, the international private medical insurance provider owned by Munch Re, has blamed compliance challenges “created by Brexit”, for its decision to withdraw from the UK market.
The provider, which launched into the market in 2008, said it has secured a deal with Bupa Global to offer customers a continuation option. At renewal, Bupa Global will offer each Globality customer a new quote on “favourable and comparable terms”, it said.
Globality Health will now no longer quote for any new business or renewal terms with start dates from 1 May 2020 onwards. All existing policyholders will remain fully protected until the policy’s renewal date, should an illness or injury happen while they are living or working overseas.
Each customer will receive a personalised communication including the option to contact Bupa Global. Customers who accept Bupa Global’s terms will do so on a non-advised basis, with Globality acting as an introducer. Customers choosing to accept their policies with Bupa Global will become Bupa Global customers and will no longer have a relationship with Globality.
Globality’s gradual withdrawal from the UK will take until the middle of 2021 to complete and follows the decision by Aviva to exit the iPMI market last year. It struck a deal with Aetna International deal offering a continuation option to its customers.
A spokesman for Globality Health said it will continue to operate “as usual” in other key markets such as Germany, Spain and others, which are “completely unaffected” by its decision to leave the UK market.
Dr Cornelia Roeskau, CCO of Globality Health, said: “After very careful consideration, we have taken the difficult decision to withdraw from the iPMI market in the UK after Brexit.
“With Bupa Global we have found a partner who shares our values of customer focus and high-end client services. We are happy to be in a position to offer continuity to our valued customers and to know they are in the care-taking hands of this strong and reliable partner.”
Teresa Wighton, UK group sales director, Bupa Global, said: “We are working with Globality following their decision to withdraw from the UK market and look forward to welcoming their customers to Bupa Global.
“We are offering Globality customers a comparable product so they can continue to be covered for iPMI and get access to leading healthcare, when they need it. We will ensure there is a smooth transfer and fast-track registration to Bupa Global.”
Globality Health said it is confident that the customer communications programme it has in place shall help make this a smooth transition process. Both Globality Health and Bupa Global customer and broker service teams will also be available to further smooth the transition, the spokesman said.