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NEW YORK, March 30 | Wed Mar 30, 2011 3:43pm EDT - Cigna Corp is expanding its business that provides health coverage to those working abroad by offering a product directly to individuals.
The individual market represents a new area of coverage for Cigna's so-called expatriate business, which has previously catered to businesses with employees working abroad.
Cigna said the plans would allow individuals to carry their insurance around the world, and would be attractive to wealthy individuals as well as those who are self-employed.
It estimates the overall market for the individual expatriate business is at least $1 billion, and said it expects to take a "sizable portion" of the market over time. The company launched a website on Wednesday, www.cignaglobal.com, to start selling the plans.
Philadelphia-based Cigna is focused on increasing its international business, which amounted to about 18 percent of net income last year.
Aside from the expatriate insurance plans, the international business also includes individual policies that supplement government health programs for residents in Asia and Europe.
(Reporting by Lewis Krauskopf; Editing by Richard Chang)
© 2010 Thomson Reuters.
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