Protection will be a priority in 2009

International demand for good healthcare, life insurance and income protection has been strong over the past few years as more multi-national companies relocate staff globally and increasingly affluent individuals retire younger to warmer climes.

This tend should strengthen in 2009 thanks to the global stock market corrections and dramas we experienced in 2008. One of the good thing from the current melt-down is it is getting people to think.

After trying to position their portfolio so as to weather the markets, and building up their emergency funds and cash reserve to prepare for a tough 2009, many will think hard about their personal finance situation, and will realize their protection needs.

At the same time advisers may also start pushing protection products more, as hedge funds and offshore investments platform may suffer from the Madoff effect. One thing for sure, William Russell will push them to:

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.
James Cooper – William Russell Sales Director

I received a lot more email asking for advices and insurance portfolio review over the past few weeks than I used to in 2008. A good sign in my opinion as expatriates are starting to open their eyes and realize their needs.

Of course, feel free to contact me should you have any question…