Health Cash Plans and Private Medical Insurance - UK - August 2009
- In spite of the economic downturn, the total number of PMI subscribers increased by 4% in 2008, with the corporate sector rising by 6% rise and the personal sector remaining flat.
- Contribution income from health cash plans increased by 4% in 2008, although the number of subscribers fell by 2% from 2.99 million to 2.94 million.
- 2009 is likely to be a much more challenging year, however, particularly in the corporate PMI sector due to business collapses and budgetary cutbacks.
- Unlike health cash plans, The PMI market is heavily intermediated. However, intermediary interest in the health cash plan market is picking up – in 2002, just 3% of sales were intermediated, compared to 17% in 2008.
- Mintel’s consumer research shows that 19% of people in the UK are covered by PMI (around 9.3 million people) and 6% have a health cash plan (around 2.9 million people).
- Retention in the personal sector may not be too bad this year as policyholders really value their cover – 44% of people with individual PMI said if things got tight they’d do whatever they could to make savings elsewhere before cutting health insurance.
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