Anyone use ACS or Morgan Price

[global expat]

Hi, 

 

I am a Canadian in his eatly 30s. I talk to three health insurance brokers. Two of them recommend morgan price and one recommend me ACS based on my budget. 

 

I know Morgan price is UK regulated and ACS is French regulated. There are not many reviews on acs. 

 

Does anyone have experience with acs or Morgan price? 

 

Thanks 

 

[JoePai]

From my experience Morgan is a no no and ACS is 'offshore'. so nobody can 'sell' you a policy or help you in Thailand

Personally I recommend this Broker who helped me though the minefield that is Medical Insurance and was very happy with them including all the claims I made, maybe ask them for options/prices ?   

https://www.aainsure.net/VIP-505

[Etaoin Shrdlu]

Morgan Price is an insurance broker, not an insurance company. MP acts as a managing general agent for Antea International Insurance Limited and this is the company that actually bears the risk of loss under the policies issued by Morgan Price. 

 

I cannot find any financial information on Antea International Insurance Limited using AM Best and Standard & Poor websites.

 

Antea International Insurance Limited does appear as a "Licensed International Insurance Entity" under the heading "Captive Insurance Companies" on the website of the Financial Services Regulatory Commission on the island of Nevis in the Caribbean. (Where have we seen something like this before?)

 

I would not feel comfortable having a policy backed by an insurer that appears only to be licensed and regulated by a regulator in a tax haven country that may have lax oversight and few consumer protections. While Morgan Price is regulated in the UK by the FCA, I don't think Antea International Insurance company Limited is. Brokers are not usually responsible in the event an insurer goes bust.

 

My preference would be to have a policy issued by an insurer with a satisfactory AM Best or S&P financial strength rating and is based in a jurisdiction known for strong oversight and good consumer protections.

 

 

 

 

[global expat]

@Etaoin Shrdlu which insurance companies you recommend ? Thanks 

[Etaoin Shrdlu]

53 minutes ago, global expat said:

@Etaoin Shrdlu which insurance companies you recommend ? Thanks 

 

There are several large, multinational insurers that offer health insurance to expats.These insurers will have strong financial strength ratings from AM Best or Standard & Poor, which means that a policyholder does not need to worry too much about the insurers becoming insolvent. Nothing is guaranteed, of course, and AIG, once one of the world's largest insurers, almost bit the dust back in 2007/2008 despite excellent financial strength ratings just prior.

 

Cigna, AXA, Allianz, and insurers at Lloyds, among others, carry good financial strength ratings and if you take out a policy with them from one of their offices in a well-regulated jurisdiction and through a reputable insurance broker, you will at least have a proper regulatory environment and reasonable consumer protection to go along with financial strength.

 

My suggestion would be to find a good insurance broker outside of Thailand who deals with the Europe-based operations of major insurers. Discuss your needs with the broker and let them provide you with indications or quotes from major insurers. Others may be able to suggest an offshore broker.

 

 

[global expat]

@Etaoin Shrdlu thanks man

[global expat]

@Etaoin Shrdlu so if an insurance company goes under but it's insurer remains solvent, then I am good. 

 

If an insurer goes under, then I am screwed. 

 

Are these statements correct? 

 

Which brokers outside Thailand you recommend? 

 

Thanks 

[Etaoin Shrdlu]

3 minutes ago, global expat said:

@Etaoin Shrdlu so if an insurance company goes under but it's insurer remains solvent, then I am good. 

 

If an insurer goes under, then I am screwed. 

 

Are these statements correct? 

 

Which brokers outside Thailand you recommend? 

 

Thanks 

 

A policyholder does not normally have direct recourse to reinsurers, so if the insurance company that issued the policy becomes insolvent, the policyholder would not get paid directly by the insurance company's reinsurers.

 

If the insurer that issued your policy goes bust, there may be a guarantee fund run by the insurance regulator that would step in and pay the policyholders' claims, but not all jurisdictions have such funds. Thailand actually does, but it was not adequate to address the claims made against some Thai insurers that became insolvent due to the Covid policies they issued.

 

I do not have much insight into offshore insurance brokers that deal primarily with expatriate health insurance. Other AN members may. But it is usually best to find a broker in a jurisdiction that has strong regulatory oversight and good consumer protection laws. Many EU jurisdictions, the UK, and some US states like New York would fit this description.

[jerrymahoney]

This page lists the Bumrungrad Hospital 'International Company Direct Billing Contracts' and you can maybe do a reverse search and find a broker who represents one of these companies:

https://www.bumrungrad.com/en/insurance

[global expat]

@Etaoin Shrdlu will Pacific Prime fit the bill? They seem to have good reviews. They have offices in my countries.  

[Etaoin Shrdlu]

1 hour ago, global expat said:

@Etaoin Shrdlu will Pacific Prime fit the bill? They seem to have good reviews. They have offices in my countries.  

 

Pacific Prime is a reputable insurance broker, at least from what I can gather.

 

 

 

 

[global expat]

@jerrymahoney @Etaoin Shrdlu thanks guys