Dallas, TX: ReportsandReports announce Japanese UK Private Medical Insurance 2010 Market Research Report in its Store. Browse complete UK Medical Insurance Market Report 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 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 Table Of Contents Overview Catalyst Summary Executive Summary The group PMI market suffered significantly in 2009 Group PMI’s sensitivity to the wider economic climate was evident Price inflation is a challenge for retaining individual PMI subscribers Competition is high within the group sector, while employers are scaling back their PMI budget Individual and group subscribers are falling Individual and group PMI subscribers shrunk by 5% in 2009 The total number of people covered by PMI decreased by 4.6% Product innovation will ensure the future survival of PMI Cancer cash plans and hybrid policies are growing in popularity Chartis entered the market with a £1m advertising campaign Chartis spent £1m on marketing its new health insurance proposition Total PMI GEP will continue to grow throughout the forecasting period The PMI market is expected to grow in 2010 The group PMI market will continue to grow throughout the forecasting period Table of Contents Table of figures Table of tables Market Context Introduction PMI insurers have had a turbulent year as a result of the downturn The recession appears to have taken its toll on the PMI market The group PMI market suffered significantly in 2009 Group PMI’s sensitivity to the wider economic climate was evident Price inflation is a challenge for retaining individual PMI subscribers Competition is high within the group sector, while employers are scaling back their PMI budget Competitive but realistic pricing within the group sector is crucial UK PMI group business declined by 3% in gross earned premiums Individual and group subscribers are falling Individual and group PMI subscribers shrunk by 5% in 2009 The total number of people covered by PMI decreased by 4.6% Rising claims costs are forcing price increases in order to maintain profits The increase in group PMI premium rates was below the rate of claims inflation Insurers are focusing on controlling medical cost inflation Medical costs are shooting up every year Insurers have adopted many ways to manage medical inflation There are three main ways to lower claims costs Insurers can also try to get a better deal by using hospital networks and managed care Shared responsibility for claims bills could help manage costs Attracting new customers via lower premium prices can be achieved by a variety of means Healthy lifestyle options and targeted benefits can lower PMI rates Modular policies are designed for customers seeking different levels of cover Most of the big insurers offer online discounts to entice new customers Market sentiment is that the NHS funding gap may prompt interest in alternative healthcare options Market sentiment is that the 1% increase in IPT will not significantly affect PMI uptake Only 15% of the adult population have a PMI policy Providers should look to tap all age groups High earners are the core market for PMI providers PMI penetration is highest among customers in the A and B socioeconomic bands 25-35 year olds account for the majority of group PMI business Product innovation will ensure the future survival of PMI Cancer cash plans and hybrid policies are growing in popularity Cash plans are becoming an appealing alternative to PMI Marketing and Distribution Introduction Chartis entered the market with a £1m advertising campaign Chartis spent £1m on marketing its new health insurance proposition Most providers are using one of two clear media strategies Simplyhealth is making a big push through advertising in 2010 Simplyhealth now includes the HSA, BCWA, LHF, HealthSure and Totally Active brands Simplyhealth is successfully building brand awareness in the market Aggregators are increasing their presence in the PMI market PMIPartners introduced is new individual PMI aggregator website MoneySupermarket.com also began comparing PMI policies over the past year Most individual PMI policies are sold direct PMI policies are predominantly arranged via an employer or direct with an insurer A direct strategy is key to winning customers aged over 60 Interest in buying PMI declines with age Consumers in the mid and upper income bands are the core market for PMI Competitive Dynamics Introduction Bupa, PruHealth and Munich Re gained market share in 2009 Bupa’s market share increased by 0.3 percentage points to 44.7% in 2009 PruHealth’s business grew by over 18% Munich Re’s market share grew by one percentage point BUPA, AXA, Aviva, Standard Life and WPA remain the top five competitors BUPA, AXA and Aviva controlled 81.2% of the market in 2009 Standard Life is the fourth largest PMI provider in the UK All of the top 10 PMI insurers have a presence in the individual market National Friendly and Chartis have a different PMI proposition from the mainstream National Friendly’s PMI proposition combines PMI with cash plan benefits and a deposit account Individual comprehensive medical cover for adults starts from just £40 per person The business proposition also includes dental and optical treatments Chartis Direct’s Health Choice offers a competitive premium rate Aviva has led the way for innovation through its cheaper and more flexible product range Aviva’s Healthier Solutions offers higher flexibility Speedy Diagnostics is another example of a new low-cost PMI policy Future Decoded Introduction Recovery in the PMI market will depend on the health of the economy The base scenario assumes a slow but steady recovery in the UK economy Total PMI GEP will continue to grow throughout the forecasting period The PMI market is expected to grow in 2010 The group sector is expected to see higher growth than the individual market The group PMI market will continue to grow throughout the forecasting period The growth of the individual PMI market will still depend on premium prices Subscriber numbers will fall for individual but increase for group Premium rates are expected to increase throughout the forecast period The number of individual subscribers is expected to fall throughout the forecast period The number of group subscribers is expected to remain static in 2010 and resume growth from 2011 Appendix Definitions Further reading Ask the analyst Datamonitor consulting Disclaimer Browse complete UK Medical Insurance Market Report Browse all Banking and Financial Market Browse all Datamonitor Market Research Reports Browse all Latest Reports Related Reports: UK Private Motor Insurance 2010 UK Private Medical Insurance 2009 UK Commercial Insurance Distribution 2010 About Us: Contact:
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Showing posts with label Medical Insurance Market. Show all posts
Showing posts with label Medical Insurance Market. Show all posts
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