UK Private Medical Insurance market report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Private Medical Insurance market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Products covered in this report
For the purposes of this Report, Mintel has used the following product definitions:
Private medical insurance (also known as private health insurance) is designed to cover the costs of private treatment for what are commonly known as acute medical/surgical conditions (ie curable, short-term illnesses or injuries). The main advantage of having this cover is that it ensures prompt access to treatment should the policyholder become ill or injured.
Policies are either fully underwritten (requiring the policyholder to disclose their full medical history) or written on a moratorium basis (the policyholder needs to give more limited information and the policy excludes pre-existing conditions, whether or not diagnosed).
Alongside traditional PMI policies, there are a number of product variants. These include:
- Condition-specific policy – covers the cost of private treatment for a specified condition or conditions, typically cancer and heart disease.
- Treatment-specific policy – covers the cost of certain specified treatments, such as physiotherapy, psychiatry and alternative therapy.
Other related products include:
Health cash plan – provides cash benefits to cover the cost of primary care treatment, expenses associated with hospital treatment (though not the treatment itself) and post-operative care. The majority of plans do not cover the full cost, but pay a fixed rate usually between 50% and 75%. Plans may also include protection cover, wellness services and telephone helplines. Unlike PMI, health cash plans work on the basis of ‘guaranteed acceptance’, meaning that subscribers are not required to undergo a medical examination. However, most plans do not cover pre-existing conditions. Premiums are not age-related, but most plans have an upper age limit of 65 years.
Dental plan – provides guaranteed dental care treatment in return for a regular monthly amount.
Vision/optical plan – similar to a dental plan except it is designed to cover optical care treatment.
The main focus of this Report is on insured health cover, which comprises personal PMI (ie arranged by individuals) and corporate PMI policies (arranged by an employer for some or all employees).
A rival product to corporate PMI is the self-assured scheme, also known as a health trust scheme. This is where an employer creates a ‘pot of money’ (which is either fully funded by the employer or funded by voluntary employee contributions), which can be used to cover eligible medical expenses incurred by employees. Typically administered by a third party such as an insurance company, the scheme is written under trust. However, as it is not an insurance contract it is not subject to insurance premium tax (IPT) – one of the key benefits of this type of arrangement.
Expert analysis from a specialist in the field
Written by Patrick Ross, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
While the corporate market has advanced, personal contracts have lost ground as prices have continued to rise. Expanding the market will remain an uphill battle in the current economic environment and as some potential customers consider topping up NHS services with private self-pay. Older Millennials represent a key target group for those insurers able to deliver best-in-class digital services.
Senior Financial Services Analyst
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.