According to the international ex-pat insurer, the dramatic shift from investment to protection following global stock market corrections means 2009 will fuel sales on ex-pat protection and international private medical insurance.
The insurer says the scope for market growth for such products is being driven by greater consumption of healthcare and the move towards making international PMI compulsory.
Dubai is expected to make international PMI compulsory for expats in 2009, and expats entering Malaysia on the My Second Home programme are obliged to have international PMI cover before a visa is granted.
William Russell sales director James Cooper says: “The fear of global recession has made many expatriates and their advisers focus more on protection products than investments and we are seeing strong growth in demand for income protection plans as well as life insurance and international PMI.
“While it is likely that some international businesses with expatriate employees will rationalise their operations, the market is huge and unlike domestic PMI provision, which has become commoditised, the scope for market growth and increased product penetration remains considerable.”