The latest ABI analysis underlines the importance of preparing for business travel risks.
Whilst the ABI report was largely focused on claims from holidaymakers, there is no question that businesses need to take heed too. The eight-fold increase in overseas medical costs will be particularly sobering for any firm that is regularly – or even occasionally – sending employees overseas.
The ABI analysis of 500,000 travel insurance claims made in 2018 found that the total medical bill paid by insurers was £209 million – £570,000 every day – the highest figure since 2010. And highlighting just how expensive medical care is overseas, a claim for heart problems in the US cost £241,000; treating a brain haemorrhage in China cost £200,000; £153,000 to treat a fractured arm in San Francisco and providing the treatment for an individual who had a heart attack in Turkey cost £89,000.
Of course, travel insurance is vital for business people travelling and working abroad – not only to ensure they are treated efficiently and effectively, but so that they can be repatriated as soon as safe to do so. But as crucial for firms is understanding the risks before employees are deployed so that adequate back-up plans can be put in place should the worst happen.
Handling almost 30,000 international in-patient cases and approximately 2,000 aero-medical patient transfers each year, via a network of over 55,000 primary and secondary healthcare providers based in every country around the world, we work with organisations to ensure that the right processes are in place for employees working overseas to access medical – as well as security – support when they need it.
Taking a proactive approach to mitigating international risk, utilising an integrated and worldwide network of security, medical and transportation resources, helps ensure the security of the global workforce.