Beazley Launches New Insurance Product for Australian Expat Workers

Specialist insurer Beazley has launched Expatriate Medical and Emergency Evacuation, a new tailored insurance solution for Australian employees who live and work overseas.

The product combines elements of both health and travel insurance to provide comprehensive coverage for expats based overseas for both short and long-term assignments, Beazley said in a statement.

The cover includes medical expenses incurred outside Australia, 24/7 emergency assistance, personal accident and sickness, personal liability cover, evacuation in case of natural disaster or political unrest, coverage of personal items during transit and personal well-being for accidental HIV infection and rehabilitation.

Expatriate Medical and Emergency Evacuation is designed to provide global insurance cover for employees, the company said, noting that this is of particular importance to companies with a workforce in locations where the standard of healthcare is less than optimal.

“Global travel and job mobility is increasingly important for companies that want to attract and retain the best staff. Employers understand they need to provide a consistently high standard of care, whether the employee is in Australia or overseas for work,” said Beazley underwriter Andrew May said.

Beazley believes the product will appeal to medium-to-large Australian companies with a global footprint, and help them provide consistency in their insurance arrangements.

“We see construction and mining companies as a significant market for this product. These businesses often have workforces in developing countries where local healthcare provisions may not be to the standard Australian employees would accept and employees may also be subject to other situations requiring emergency evacuation,” according to May.

“We have also taken on feedback from Australian companies with employees in the U.S., where healthcare facilities are available but can be extremely expensive,” he added.

“With the trend towards mobile workforces, Australian employees are increasingly traveling for work, for one-off events as well as long-term secondments. This product is designed to provide consistent benefits for employees and minimize cost surprises for employers,” May said.

Expatriate Medical and Emergency Evacuation is available via brokers and follows Beazley’s recent Australian launch of an international business travel insurance product, Beazley Corporate Travel.

Source: Beazley