Gross written premiums within the private medical insurance department amounted to GBP3.65 billion in 2012, recording increase of 3.2% from 2011, and a compound annual rate of growth (CAGR) of 2.47% during the review period (2008–2012).
Favorable developments in premiums belie the underlying trends in demand, however. at one's discretion insurance product, supplementary to free-to-access healthcare through the National Health Service (NHS), the number of private medical policyholders has been subject to a downwards trend since 2006 and hit its shortest level on record in 2012, at 5.6 million. Factors driving the apparently shift in attitudes included improved levels of contentment with the NHS, raised public healthcare spending, and deterioration in labor market conditions.
The marketplace for private medical insurance is dominated by four insurers – Bupa, Axa, Aviva and Prudential – which have a combined with market share of 92%. Despite this concentrated market, a lack of competition between private hospital operators has restricted insurers' bargaining power and resulted in inflated claims costs. Coupled with the decline in client numbers, this has been the highest driver of premium growth as insurers competent to drags on profitability by growing prices for clients.
The consumer shift away from private medical insurance is unlikely to be absolutely reversed. Nevertheless, favorable forces will underpin a modest CAGR of 2% for gross written premiums over the forecast period (2013–2017). A recovery in economic growth will improve wage and employment conditions, NHS reforms are expected to advance the role of the private healthcare and insurance sector, while the UK's evolving demographic profile will raise the strain on the public healthcare system.
Improving economic conditions do not prescribe continued growth in the category, however, as the recession-induced demand for lower-cost policy coverage has spurred an increase in the popularity and availability of cheaper healthcare cash plans and self-pay options for one-off treatments. This new market dynamic threatens to divert customers away from comprehensive, but high-premium private medical insurance policies.
Scope
• This report feed to market analysis, data and insights into the UK private medical insurance business
• It provides a global snapshot of market size
• It analyses drivers and the lookout for the global market
• It feed to information on distribution channels
• It almost covers deals, news and regulatory developments



Key Highlights
• Private medical insurance premiums rose by 3.2% in 2012
• Demand shifted away from the private healthcare sector
• Minimal competition among private suppliers has increased costs for insurers
• Competition Commission intervention should begin to alleviate cost constraints
• Premium growth will be sustained, despite opposing forces
• Private medical insurance is under threat from lower-cost alternatives
Reasons to Buy •
• Growth an understanding of the UK private medical insurance market size •
• Learn about the performance of market drivers and distribution channels •
• Understand the competitive landscape in terms of performance, profitability and product innovation
• Find out more on key deals and recent developments in the market
Companies Mentioned
Aviva Plc Axa UK Plc Bupa Insurance Ltd Chubb Insurance Company of Europe SE Cigna Life Insurance Company of Europe SA-NV Exeter Friendly Society Ltd Great Lakes Reinsurance (UK) Plc Prudential Plc Simply health Group Ltd Western Provident Association
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