Stay ahead of the curve and future-proof your business with Mintel’s UK Consumer and Health Insurance Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest health insurance market research, trends and consumer behaviours affecting your business. Get a 360° view of the UK health and medical insurance market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- The size of the UK health and medical insurance market and a five-year forecast for PMI.
- UK health insurance market share for the PMI and HCP markets.
- Competitive strategies, launch activity and innovation in the consumer insurance market.
- Impact of the rising cost of living on ownership behaviours.
- Factors that would influence consumers’ health insurance purchase.
- Attitudes towards and levels of satisfaction with policies in the UK health and medical insurance policies.
UK Health and Medical Insurance Market: Current Outlook
Health insurers have introduced basic policies that offer cover at a lower price point and this will improve product accessibility. Increased investment on digital interventions by insurers, such as virtual GP services, have met consumer demand for these types of treatment and should lead to wider PMI engagement.
- UK health insurance size: Mintel forecasts that the market size for UK health insurance will rise to £5.7 million in 2028.
Consumers and Health Insurance Market: Challenges and Opportunities
Greater communication of lower-cost products
UK health insurers need to expand communications and marketing around their lower-cost policies, and introduce further benefits and perks to these policies as a substitute for costlier healthcare treatment cover to promote the wider value attached to policies and alleviate affordability concerns.
- UK health insurance statistics: 34% of non-owners would purchase health insurance if premiums were cheaper.
Offer NHS waiting list policy option
To boost sales opportunities and ease any consumer concern that insurers are just looking to profit from the pressures that the NHS is under, insurers could look at introducing products and services that directly relate to easing the NHS burden whilst reassuring those who would like a back-up treatment option.
- Consumer insurance market opportunity: 77% of consumers are concerned about the impact of NHS waiting lists on access to treatment.
Purchase our UK Consumers and Health Insurance Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Private Healthcare Market Report 2023.
Insurers Featured in the Full Report
Vitality, Aviva, SimplyBiz, Bupa, Ascenti, Axa Health, Simplyhealth.
Additional Features Included with Your Purchase
- Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
- Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
- Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
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- Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.
Expert Insights from a Finance Analyst
This report, written by Lewis Cone, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the consumers and health insurance market and add expert context to the numbers.
Interest in health insurance has been boosted by NHS backlogs, but insurers still face challenges in proving value for money.
Lewis Cone
Associate Director – Financial Services
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the health insurance market
- Market dynamics and outlook
- Graph 1: number of subscribers and people covered on PMI, 2018-22
- Graph 2: estimated market shares of HCP providers, based on GWPs, 2022
- Graph 3: estimated market shares of largest PMI providers, based on GWPs, 2022
- What consumers want and why
- Graph 4: insurance product ownership, 2023
- Graph 5: new health insurance purchase drivers, 2023
- Graph 6: any satisfaction with aspects of health insurance product – net, 2023
- Graph 7: agreement with attitudes towards health and health insurance, 2023
- Innovation and marketing
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Market Dynamics
- Market size and performance
- Graph 8: market size for PMI – gross earned premiums, 2019-23
- Graph 9: number of subscribers and people covered on PMI, 2018-22
- Market forecast
- Graph 10: value of PMI gross earned premiums, 2004-14
- Market segmentation
- Graph 11: average annual premium for health insurance products, 2018-22
- Graph 12: gross earned premiums for corporate PMI, 2018-22
- Graph 13: number of subscribers and people covered on corporate PMI, 2018-22
- Graph 14: gross earned premiums for personal PMI, 2018-22
- Graph 15: number of subscribers and people covered on personal PMI, 2018-22
- Claims activity
- Graph 16: total number and average value of PMI claims, 2018-22
- Graph 17: proportion of PMI claimants, by condition, 2022
- Alternatives to PMI
- Market share
- Graph 18: estimated market shares of largest PMI providers, based on GWP, 2022
- Graph 19: estimated market shares of HCP providers, based on GWP, 2022
- Macro-economic factors
- Graph 20: total number of people waiting for NHS services in England, 2020-23
- Graph 21: CPI inflation rate, 2021-23
- Graph 22: financial confidence index, 2018-23
- Social, environmental and legal factors
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What Consumers Want and Why
- Product ownership
- Graph 23: insurance product ownership, 2023
- Graph 24: health insurance payees amongst consumers with household income over £50,000, 2023
- Cost of living impact on policies
- Graph 25: health insurance actions policyholders are considering in the next 12 months, 2023
- New ownership factors
- Graph 26: factors that would persuade consumers to buy health insurance, 2023
- Graph 27: additional benefits/perks as a new purchase driver, by age, 2023
- Satisfaction with health insurance products
- Graph 28: satisfaction with aspects of health insurance product – net, 2023
- Graph 29: overall satisfaction with health insurance policy, 2023
- Key driver analysis for consumers and health insurance
- Attitudes towards health and health insurance
- Graph 30: attitudes towards health and health insurance, 2023
- Graph 31: consumers who find it confusing when comparing health cover products, by age, 2023
- Graph 32: cost perception of health insurance, by age, 2023
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Innovation And Marketing Trends
- Competitive strategies
- Launch activity and innovation
- Advertising and marketing activity
- Graph 33: total above-the-line, online display and direct mail advertising on private healthcare insurance, 2018/19 -2022/23
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Brand Research
- Graph 34: key brand metrics for selected health cover brands, 2023
- Graph 35: attitudes towards and usage of selected health cover brands, 2023
- Graph 36: attitudes towards selected health cover brands, 2023
- Graph 37: reputation and premium value in selected health cover brands, 2023
- Graph 38: brand personality in selected health cover brands – micro image, 2023
- Graph 39: loyalty rewards in selected health cover brands, 2023
- Graph 40: brand personality in selected health cover brands – macro image , 2023
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Appendix
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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