Private Business Intermediaries

Increasing Demand for Private Health Insurance

08/08/2013 | By Sharmila Chauhan
A study by healthcare intelligence provider Laing and Buisson shows that the demand for health cover remained steady over 2012, with a slight increase.
The number of private medical cover policies in the UK (insured and self insured) was 4.033m at the start of 2013 indicating a 1.1% increase over 2012. Although a small increase, this indicates a stabilisation of the market (there was only a 0.1% increase last year) and shows more confidence in the sector.
Despite the economic downturn, the number of people receiving company based health insurance has increased. Findings in Health Cover UK Market Report 2013 highlight that part of this increase is due to a shift towards self-insured medical expenses schemes which a number of larger companies are using. In the study, of the 58,500 rise in company paid policies during 2012, equivalent to 2% growth, 35,700 were self-insured by employers, and 22,800 were insured. 

‘Certainly a recent spate of new products from insurers, as identified by this report, which strip down medical cover to suit a wider distribution of healthcare needs and healthcare budgets, with examples such stand alone diagnostics and therapy care, provide a raised platform for medical cover to penetrate further across all ages as more cracks in NHS performance are expected under its financial constraints.’ author of the report, economist Philip Blackburn reported.