The trend in an increasingly mobile Australian workforce has incited the release of a new expatriate product tailored for employees who live and work overseas.
The new cover from specialist insurer Beazley combines elements of travel and health insurance for Australian expats based overseas for short and long-term projects.
The cover includes 24/7 emergency assistance, personal liability cover, evacuation in case of natural disaster of political unrest and personal well being including medical costs under specific categories.
The product has been aimed to benefit medium-to-large Australian companies with a global presence.
Beazley underwriter Andrew May pinpoints certain industries as being particularly suited to the new products offerings.
“We see construction and mining companies as a significant market for this product,” May says.
“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.”
The new expat product closely follows the release of Beazley’s niche business travel insurance earlier this month.