Bupa has announced it is withdrawing from the immediate needs long term care market, but is to continue offering pre-funded plans. The decision, effective as of December 1, follows a strategic review of Bupa Health Assurance, the group's long term care insurance business. It plans to “strengthen its focus” on the group risk and individual financial protection markets in the areas it already has a strong presence.
Bupa's UK managing director of sales and distribution Steve Flanagan says its decision reflects the capital intensive and price sensitive nature of immediate needs and the effect of upcoming regulations later this year, which he says will affect its coststructure.
He believes there is a strong market for pre-funded plans.