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Published: Mar, 2014 | Pages:
63 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
The report provides market analysis, information and insights into the UK private medical insurance insurance business
It provides a snapshot of market size and market segmentation
It offers comprehensive analysis of claims, drivers and market outlook
It analyzes distribution channels
It offers an overview of deals, news and regulatory developments
Summary
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
1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Market Alysis 3.1 Market Size 3.1.1 Penetration and density 3.2 Claims 3.2.1 Claims review 3.2.2 Claims outlook 3.3 Market Drivers 3.4 Market Outlook 3.5 Distribution Channels 3.5.1 Distribution outlook 4 Competitive Landscape 4.1 Profitability 4.1.1 Investment returns 4.1.2 Profitability outlook 4.2 Review - The Best Performers of 2012 4.3 Product Innovation 4.4 Private Medical Insurance - SWOT Alysis 5 Porter's Five Forces Alysis 5.1 Bargaining Power of Suppliers: High 5.2 Bargaining Power of Buyers: Medium 5.3 Barriers to Entry: Medium 5.4 Intensity of Rivalry: Medium to High 5.5 Threat of Substitution: High 6 Deals 6.1 Axa Signs Broker Deal 6.2 Bupa Creates Global Insurance Network 6.3 Bupa Extends Deal with UK Sport 6.4 Aviva Partners with Chartered Society of Physiotherapy 6.5 Prudential Continues Sponsorship of Sporting Events 7 News 7.1 UK Expats Lose Free Healthcare Access 7.2 Aviva Release Cancer Claims Statistics 7.3 Adviser Roadshows to Garner Sales Opportunities 7.4 Patient Records Obtained by Actuarial Institute 7.5 Health Insurance High on Employees' Wish Lists 7.6 Aviva Wins Health Insurance Awards 7.7 Government Consults on Visitor Medical Insurance Requirements 7.8 Iugural Advisory Board for PruHealth Scheme 8 Regulation and Compliance 8.1 Recent Changes 8.1.1 Health and Social Care Act 2012 8.2 Upcoming Regulations 8.2.1 Solvency II 9 Macroeconomic Backdrop 9.1 Real GDP Growth 9.2 Labor Market Conditions 9.3 Interest Rates 9.4 Demographics 10 Company Profiles 10.1 Aviva Plc - Company Overview 10.1.1 Aviva Plc - key facts 10.1.2 Aviva Plc - main products 10.1.3 Aviva Plc - main competitors 10.1.4 Aviva Plc - key employees 10.2 Axa UK Plc - Company Overview 10.2.1 Axa UK Plc - key facts 10.2.2 Axa UK Plc - main products 10.2.3 Axa UK Plc - main competitors 10.2.4 Axa UK Plc - key employees 10.3 Bupa Insurance Ltd - Company Overview 10.3.1 Bupa Insurance Ltd - key facts 10.3.2 Bupa Insurance Ltd - main products 10.3.3 Bupa Insurance Ltd - main competitors 10.3.4 Bupa Insurance Ltd - key employees 10.4 Chubb Insurance Company of Europe SE - Company Overview 10.4.1 Chubb Insurance Company of Europe SE - key facts 10.4.2 Chubb Insurance Company of Europe SE - main products 10.4.3 Chubb Insurance Company of Europe SE - main competitors 10.4.4 Chubb Insurance Company of Europe SE - key employees 10.5 Cig Life Insurance Company of Europe SA-NV - Company Overview 10.5.1 Cig Life Insurance Company of Europe SA-NV - key facts 10.5.2 Cig Life Insurance Company of Europe SA-NV - main products 10.5.3 Cig Life Insurance Company of Europe SA-NV - main competitors 10.5.4 Cig Life Insurance Company of Europe SA-NV - key employees 10.6 Exeter Friendly Society Ltd - Company Overview 10.6.1 Exeter Friendly Society Ltd - key facts 10.6.2 Exeter Friendly Society Ltd - main products 10.6.3 Exeter Friendly Society Ltd - main competitors 10.6.4 Exeter Friendly Society Ltd - key employees 10.7 Great Lakes Reinsurance (UK) Plc - Company Overview 10.7.1 Great Lakes Reinsurance (UK) Plc - key facts 10.7.2 Great Lakes Reinsurance (UK) Plc - main products 10.7.3 Great Lakes Reinsurance (UK) Plc - main competitors 10.7.4 Great Lakes Reinsurance (UK) Plc - key employees 10.8 Prudential Plc - Company Overview 10.8.1 Prudential Plc - key facts 10.8.2 Prudential Plc - main products 10.8.3 Prudential Plc - main competitors 10.8.4 Prudential Plc - key employees 10.9 Simplyhealth Group Ltd - Company Overview 10.9.1 Simplyhealth Group Ltd - key facts 10.9.2 Simplyhealth Group Ltd - main products 10.9.3 Simplyhealth Group Ltd - main competitors 10.9.4 Simplyhealth Group Ltd - key employees 10.10 Western Provident Association - Company Overview 10.10.1 Western Provident Association - key facts 10.10.2 Western Provident Association - main products 10.10.3 Western Provident Association - main competitors 10.10.4 Western Provident Association - key employees 11 Statistics 11.1 Review Period: 2008-2012 11.2 Forecast Period: 2013-2017 12 Appendix 12.1 Methodology 12.2 Contact Timetric 12.3 About Timetric 12.4 Timetric's Services 12.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions Table 2: UK Private Medical Insurance - Market Summary (GBP Thousand), 2008-2012 Table 3: UK Private Medical Insurance - Market SWOT Alysis Table 4: Recent and Upcoming Regulatory Changes Table 5: Aviva Plc, Key Facts Table 6: Aviva Plc, Main Products Table 7: Aviva Plc, Key Employees Table 8: Axa UK Plc, Key Facts Table 9: Axa UK Plc, Main Products Table 10: Axa UK Plc, Key Employees Table 11: Bupa Insurance Ltd, Key Facts Table 12: Bupa Insurance Ltd, Main Products Table 13: Bupa Insurance Ltd, Key Employees Table 14: Chubb Insurance Company of Europe SE, Key Facts Table 15: Chubb Insurance Company of Europe SE, Main Products Table 16: Chubb Insurance Company of Europe SE, Key Employees Table 17: Cig Life Insurance Company of Europe SA-NV, Key Facts Table 18: Cig Life Insurance Company of Europe SA-NV, Main Products Table 19: Cig Life Insurance Company of Europe SA-NV, Key Employees Table 20: Exeter Friendly Society Ltd, Key Facts Table 21: Exeter Friendly Society Ltd, Main Products Table 22: Exeter Friendly Society Ltd, Key Employees Table 23: Great Lakes Reinsurance (UK) Plc, Key Facts Table 24: Great Lakes Reinsurance (UK) Plc, Main Products Table 25: Great Lakes Reinsurance (UK) Plc, Key Employees Table 26: Prudential Plc, Key Facts Table 27: Prudential Plc, Main Products Table 28: Prudential Plc, Board of Directors Table 29: Simplyhealth Group Ltd, Key Facts Table 30: Simplyhealth Group Ltd, Main Products Table 31: Simplyhealth Group Ltd, Key Employees Table 32: Western Provident Association, Key Facts Table 33: Western Provident Association, Main Products Table 34: Western Provident Association, Key Employees Table 35: Private Medical Insurance (GBP Thousand), 2008-2012 Table 36: Private Medical Insurance (GBP Thousand), 2013-2017
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