International private medical insurance (IPMI) provider Globality Health has decided to pull out of the UK market in light of the compliance challenges posed by Brexit.
From 11 January, Globality Health stopped quoting any new UK IPMI business or renewal terms with start dates from 1 May onwards.
The firm said 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. The insurer said the move - which is expected to take until the middle of 2021 to complete - will allow it to focus on its other key markets, such as Germany and Spain.
At renewal time, each customer will receive a personalised communication including the option to contact Bupa Global. In this context, 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.
Teresa Wighton, Bupa Global, UK group sales director, 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 international private medical insurance 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 in place will help make this a smooth transition process. Both Globality Health and Bupa Global customer said they will have broker service teams available to provide support during the transition.
This article was first published by Cover, a sister title to International Investment