Introduction
This report gives a comprehensive analysis of the UK private medical insurance sector. An exclusive survey provides insight into customer trends and attitudes towards private medical insurance. The report also assesses the current market issues including a detailed look into innovations taking place and how insurers are responding to the changing customer needs throughout these testing times.
Scope
*Detailed consumer research into individual trends, attitudes and future buyer interest.
*New market innovations taking place and how providers are adjusting their propositions.
*Data on the market share of the top groups as well as an analysis of the market spend of the top brands.
*Forecasts for the market size and subscriber numbers split by individual and group business.
Highlights
As with previous recessions, the most recent downturn appears to have taken its toll on the PMI market. The most recent recession, which began in the second half of 2008, caused a 5% fall in both individual and group subscribers during 2009.
The average premium rates for both group and individual policies continued to grow, by 2.2% and 7.2%, respectively. Rising premium rates have been an important cause for the decline in subscribers in the individual PMI sector in recent years, with potential policyholders put off by these increases.
Average premium rates for both individual and group policies are forecast to continue to rise. This increase will primarily be driven by claims inflation, which means that insurers need to increase their premium rates in order to maintain the same level of margin.
Reasons to Purchase
*Make informed decisions based on a solid understanding of customer attitudes and purchasing trends.
*Understand which of your competitors pose the greatest threat and which competitors are gaining or losing market share.
*Gain insight into the future direction of the sector, including market size and subscriber numbers and the major issues affecting this market.
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