Regency, formerly known as Principle Assurance before it was rebranded in December last year, said it was making the move because of the rapid growth of the globally mobile workforce and the increasing risk of terrorism.
“The threat of terrorism is extremely real in many of the 120 countries that we operate in. There were 1,807 attacks during the whole of 2016, which is appalling, yet in real terms, it means that attacks are relatively rare,” said Kayla Hall, business development manager at Regency for Expats.
“We weighed up the potential costs of claims against the probability of such an attack occurring. In addition, we have considered the possible negative impact to our brand should the worst happen to one of our clients.
“Our customers expect to be protected for all relevant eventualities whilst living overseas and this is exactly why we have decided to provide terrorism cover as part of our expat private health insurance policies,” Hall said.
Regency added that currently the majority of insurers only offer terrorism cover as an add-on to a travel insurance policy while many exclude this type of cover mainly on the basis that claims could potentially turn out to be hugely expensive.