With effect from 29th March 2019, the United Kingdom is due to leave the EU and UK-based insurers will lose the right to underwrite contracts where the risk is located in an EEA member state.
The good news is that the international health insurers have been making preparations to continue operating legally, whatever the outcome of the Brexit negotiations.
Bupa Global and AXA-Global Health have established offices in Dublin, Ireland, which will allow them to contract business from within the EEA after 29th March.
Now Health, Cigna and ALC Health have all provided assurance that they have plans in place, which will allow them to effectively respond to changes in the regulatory environment, whatever the outcome of the Brexit negotiations.
International health insurers based in the Republic of Ireland have the opposite problem post-Brexit. Allianz has advised that it will be able to write business out of its UK branch if necessary and UnitedHealthcare expects that it will be obliged to open a branch in the UK for business written in the country.
It’s reassuring to hear that the international health insurers are prepared for Brexit and will ensure there will be minimal impact on their customers, regardless of the regulatory changes that are heading our way.