UK Health Cover UK Market Report 2023: What challenges does the rebounding health cover market face amidst growing demand

DUBLIN, Oct. 18, 2023 /PRNewswire/ -- The "Health Cover UK Market Report 18ed" report has been added to  ResearchAndMarkets.com's offering.

The 18th edition of the Health Cover UK Market report is a must-read for professionals in the health cover sector. It provides crucial information on private medical insurance, non-insured healthcare trusts, health cash plans, dental maintenance & insurance, and wellbeing products.

Based on returns from providers representing 95% plus of the health cover market, Health Cover is the only publicly available source of reliable information on sector trends. The statistics are used by the Office of National Statistics to feed into both UK national accounts and OECD international comparisons.

In this latest edition, it reports on a significant resurgence in the demand for health coverage in the UK, driven by prolonged waits for NHS treatment, contributing to a market now approximately valued at £6.2 billion. However, the sector must address challenges posed by economic uncertainties and strive to rebuild the penetration levels reached before the 2007/08 global financial crisis to secure long-term growth and customer satisfaction.

The PMI segment, the largest in the UK private health cover market, saw a 1.3% increase in 2021, reaching its highest level since 2010, covering 11.1% of the population. Two-thirds of funding comes from employers, with the remaining third covered by individual policyholders. Dental insurance experienced significant growth with an 18% increase in contributors, indicating rising demand. Health cash plans, covering low-cost health expenses, had a slight decline in premium income. The demand for company-paid health cash plans has been rising since the 2008 financial crisis, potentially due to cost-effectiveness during economic uncertainty.

As the analyst looks to the future, the private health coverage sector faces two contrasting drivers. On one hand, limited access to NHS dentistry and the growing wait times for NHS treatment continue to fuel the demand for private health coverage. On the other hand, the decline in disposable household income, expected to persist into 2024 and beyond, acts as a counter-driver of demand for private health coverage.

What the report includes

• Market structures of:
  • Private medical cover
  • Private medical insurance
  • Health cash plans
  • Dental benefit plans
• Market demand volumes
• Market income and values
• Historic trends
• Future outlooks
• Premiums
• Claims paid and margins
• Health cover product innovation
• Distribution
• Health cover industry structure
• Definitions
• Financial Appendix

Key Topics Covered:

1. PRIVATE MEDICAL COVER
1.1 Scope of Private Medical Insurance
1.2 Headline statistics
1.2.1 Volume of demand
1.2.2 Type of cover
1.2.3 Payor split
1.2.4 Spending
1.2.5 Margins (Loss ratios)
1.2.6 Revisions
1.3 Volume of demand for private medical cover
1.3.1 Long term trends and current market prospects
1.3.2 History
1.3.3 Employer-paid schemes now the main focus of demand
1.3.4 SME vs. larger corporate share of company paid schemes
1.3.5 Insured vs. self-insured share of company paid schemes
1.3.6 Individual paid subscribers
1.3.7 New business and lapses for private medical cover
1.3.8 Penetration of private medical cover - people covered
1.3.9 Regional penetration of private medical cover
1.3.10 Penetration of private medical cover by age
1.4 Market value trends
1.4.1 Counterfactual calculation of market value no longer used
1.4.2 Segmentation by type of cover and source of funding
1.4.3 Market value trends - individual/employee paid
1.4.4 Private health cover spending by region and age
1.5 Price trends
1.6 Claims trends and gross margins

2. HEALTH CASH PLANS
2.1 Volume of demand
2.2 Market value and average prices
2.3 Claims and gross margins (loss ratios)
2.4 Breakdown of Health cash plan benefits

3. DENTAL COVER
3.1 Dental capitation/maintenance plans
3.1.1 Volume of demand
3.1.2 New business and lapse rates
3.1.3 Market value and average price
3.1.3.1 Market value
3.1.3.1 Average prices
3.1.4 Future prospects for dental capitation/maintenance plans
3.2 Dental insurance
3.2.1 Volume of demand
3.2.1.1 Individual/employee paid dental insurance demand trend
3.2.1.2 Company paid dental insurance demand trend
3.2.2 New business and lapse rates
3.2.3 Market value and average prices
3.2.3.1 Market value
3.2.3.2 Average prices
3.2.4 Claims and gross margins (loss ratios)
3.2.4.1 Claims incurred
3.2.4.2 Gross margins (loss ratios)
3.2.5 Future prospects for dental insurance

4. DISTRIBUTION
4.1 Private medical cover
4.1.1 Intermediation
4.2 Health cash plans
4.3 Dental insurance
4.4 Digital distribution

5. MAJOR HEALTH COVER PROVIDERS AND INDUSTRY STRUCTURE
5.1 Private medical cover - insurers and third party administrators
5.1.1 Market participants
5.1.2 Market shares
5.1.2.1 Private health cover market (insured + self-insured business combined)
5.1.3 Market structure
5.2 Health cash plans
5.3 Dental capitation and insurance plan providers

6. MARKET POTENTIAL

For more information about this report visit https://www.researchandmarkets.com/r/8q4pfg

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]    

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets