Statement: Irish regulator approves Bupa insurance entity
Bupa has EEA-based customers in our UK insurance company. These customers have International Private Medical insurance (IPMI). As we announced in August, to continue to serve these customers effectively after Brexit, we have applied to the Irish regulator for authorisation of a new insurance entity. This authorisation has now been granted.
Bupa’s strong presence in the UK continues through its UK insurance business, aged care, clinics and dental businesses and the Bupa Cromwell Hospital, as well as Bupa’s global headquarters. Bupa’s IPMI customers will continue to be served by customer service teams in Brighton, Copenhagen and across the world.
The Ireland operation has been established because the part of our business which provides IPMI to EEA-based customers relies on passporting rights to undertake cross-border activities between the UK and the rest of the EU for the sale of IPMI and travel insurance. Brexit is expected to result in these rights ending from 29 March 2019 when the UK is due to leave the EU, affecting how we serve around 42,000 Bupa Global customers in the EU.
The end of these passporting rights does not affect our UK resident IPMI customers or our 2.2 million domestic health insurance customers in the UK, or our non EU international health insurance customers.
Bupa's purpose is helping people live longer, healthier, happier lives.
With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.
We serve 15.5m health insurance customers, provide healthcare to over 14.5m people in our clinics and hospitals and look after over 22,00 aged care residents.
We directly employ over 78,000 people, principally in the UK, Australia, Spain, Poland, Chile, New Zealand, Hong Kong, the USA, Brazil, the Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.
Health insurance accounts for the majority our business. In some markets we also operate clinics, dental centres, hospitals, and care homes and villages.
For more information, visit www.bupa.com.