Description
The
goal of this report is to characterize, portray, and estimate the market on the
premise of sort, application, therapeutic condition, and area. It gives
point-by-point data with respect to the main considerations influencing the
development of the market. This report likewise tracks and examines aggressive
improvements of the key players regarding market advancements, item portfolios,
and financials
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Gross
written premiums in the private medical insurance category amounted to GBP3.65
billion in 2012, recording growth of 3.2% from 2011, and a compound annual
growth rate (CAGR) of 2.47% during the review period (2008-2012)
Favorable
developments in premiums belie the underlying trends in demand, however. As a
discretionary 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
lowest level on record in 2012, at 5.6 million. Factors driving the apparent
shift in attitudes include improved levels of satisfaction with the NHS,
increased public healthcare spending, and deterioration in labor market
conditions.
The
market for private medical insurance is dominated by four insurers - Bupa, Axa,
Aviva and Prudential - which have a combined 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 customer numbers, this has been the biggest
driver of premium growth as insurers responded to drags on profitability by
raising prices for customers.
The
consumer shift away from private medical insurance is unlikely to be fully
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 increase 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 provides market analysis,
information and insights into the UK private medical insurance business
It
provides a global snapshot of market size
It
analyses drivers and the outlook for the market
It
provides information on distribution channels
It
covers deals, news and regulatory developments
Reason To Buy
Gain 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
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
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This
report is a total investigation of ebb and flow inclines in the market,
business development drivers, and restrictions. It gives showcase projections
to the coming years. It incorporates investigation of late advancements in
innovation, Doorman's five power demonstrate examination and point by point
profiles of best industry players. The report additionally incorporates a
survey of miniaturized scale and large-scale factors fundamental for the
current market players and new participants alongside nitty gritty esteem chain
examination
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global experience helping us deliver excellence in all research projects we
undertake
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