Increasing-sponsored health coverage is one of the leading factors driving the United Kingdom health insurance market during the forecast period. According to TechSci Research report, “United Kingdom Health Insurance Market– By Region, Competition Forecast & Opportunities, 2018-2028F,” the United Kingdom health insurance market is expected to grow during the forecast period due to the rising visibility of health insurance benefits and greater availability of healthcare treatment due to the increased number of health insurance plans.
The Important Factors in the United Kingdom Health Insurance Market
Health insurance is a type of insurance that covers all kinds of surgical expenses as well as medical treatment incurred because of an illness or injury. It applies to a broad or narrow range of medical services, covering the full or partial cost of specific services. It provides financial assistance to the policyholder by covering all medical expenses incurred while the policyholder is hospitalized for treatment. It also covers both pre- and post-hospitalization costs.
Several types of coverage are available in a health insurance plan, including cashless or reimbursement claims. A cashless benefit is available when a policyholder seeks treatment at one of the insurance company’s network hospitals. Suppose the policyholder seeks treatment at a hospital, not on the list network. In that case, the policyholder must be
ar all medical expenses and file a claim with the insurance company, submitting all medical bills.
There are two types of insurance providers in the market, public health insurance providers and private health insurance providers. The private sector is likely to dominate the United Kingdom health insurance market during the forecast period as private insurers that offer advanced medical care services are becoming and are more common. Consumers generally choose private health insurance for specific or rare conditions not covered by public health insurance policies.
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Furthermore, growing concerns about NHS (National Health Service) waiting times significantly drove people to buy private medical insurance policies. The increased demand for private medical insurance should be expected as the time it takes for the NHS to regain full functionality and start treating delayed cases may outweigh the economic uncertainty faced by households. However, the increased strain that Covid-19 has placed on the NHS could increase the uptake of private medical insurance policies.
The need for health insurance is primarily driven by rising medical costs, high prices for high-cost treatments, and increased health insurance premiums, which will drive up the market for the health insurance industry. The cost of medical services includes the cost of surgery, doctor visits, hospital stays, emergency room visits, and diagnostic tests. Among other things, the cost of hospital care alone can completely deplete a person’s savings. As a result, rising medical costs have made it necessary for people to obtain health insurance to improve insurance coverage and support the market for the health insurance industry.
In 2021, Vitality announced that it partnered with Samsung UK to integrate Samsung Health into the Vitality Program, giving members more ways to track their activity and improve their health. The new partnership with Samsung will allow Android users to take advantage of all benefits of the Vitality Program by linking their Samsung Health profile to their Vitality Member Zone account, which will automatically capture daily steps and heart rate activity to earn Vitality activity points.
The United Kingdom health insurance market is segmented based on the type of insurance provider, type of coverage, mode of purchase, premium type, end users, region, and competitional landscape. Based on the type of insurance provider, the market is fragmented into public vs. private. Based on the type of coverage, the market is divided into individual vs. family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.)). The market is divided into regular premium and single premium based on premium type. The market is fragmented into minors, adults, and senior citizens based on end users.
Key market players in the United Kingdom Health Insurance Market include:
- Freedom Healthnet Ltd
- Exeter Friendly Society Limited
- AXA PPP Healthcare Group Limited
- Vitality Group
- Saga Group
- Western Provident Association Limited (WPA)
- British United Provident Association Limited (Bupa)
- Aviva PLC
- Admiral Group Plc
- Cigna European Services (UK) Limited
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“Private companies offering health insurance plans sponsored by employers are one of the important trends anticipated to positively affect the expansion of the United Kingdom health insurance market throughout the projected period. Online services also play a significant role in boosting demand for health insurance in the upcoming years. Furthermore, increased demand for quality private care due to rising income and increased awareness of the extensive health coverage accessibility is expected to boost the industry growth in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United Kingdom Health Insurance Market By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of health insurance services in United Kingdom and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the health insurance market in the United Kingdom.
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