Private Medical Insurance - UK - October 2019
Covered in this report
The private medical insurance market (PMI) declined by 3% in 2019, due to a fall in revenue from individual policies. Providers have struggled to both retain and attract customers to the individual market, with the price of PMI putting it out of reach of the vast proportion of the population. The market is therefore over reliant on corporate policies, which have shown steady growth over the last few years.
NHS services have been under increased pressure for a number of years, with waiting times and GP closures at a record high. However, this is yet to have a knock-on effect on the PMI market. Consumers remain more likely to take their chances and self-pay for treatment if needed, while the majority are happy to rely on NHS services.
“The PMI market remains over reliant on corporate policies, with individual policies declining for a number of years. Health and wellbeing initiatives and the rewards associated with this have been successful in increasing engagement, particularly among younger consumers. Mental health cover is a welcome addition to the market and offering solutions to help prevent mental illnesses will also increase the appeal of PMI.”
– Douglas Kitchen, Financial Services Analyst
This report looks at the following areas:
- Virtual GPs are a welcome addition; consumers need convincing
- Mental health cover is welcomed by consumers, and offers scope for further product development
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