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Health Cover UK Market Report 16ed

  • ID: 5116561
  • Report
  • June 2020
  • Region: United Kingdom
  • 185 Pages
  • LaingBuisson

Will wellbeing offer long-term opportunity for health cover following rising demand during lockdown?

The sixteenth edition of the Health Cover UK market report is vital reading for all professionals working in or with providers of medical insurance, health cash plans, dental plans, and also wellbeing. Others with a professional interest in the sector, including hospital executives, specialist care providers, private dentistry groups, risk managers, investors, banks, lawyers, management consultants, think tanks and government, should also read this much respected industry-standard report.

The new edition of this report depicts a sector which is largely static. Private medical insurance saw a marginal increase in subscribers in 2018 based on a rise in demand from SMEs. Growth in health cash plans and dental plans has been driven by demand from corporate schemes.

Avenues for growth and diversification in recent years have focused on wellbeing products and services where remote technology has energised provision. The publisher has identified an emerging trend for standalone wellbeing cover which offers quick access to GPs, mental health counselling, therapists, and other experts, and self-help initiatives, which offer consumers immediate value. This trend has been advanced by coronavirus. The report finds that during lockdown there was a notable rise in the use of remote wellbeing services.

This report identifies the key drivers for the health cover sector in 2020 and 2021 and provides some initial demand projections. But how will the crisis affect cover decisions by employers and personal consumers in the near term and will market conditions recover and offer growth in the long-term?

What the report includes

  • Market structures of:
    • Private medical cover
    • Private medical insurance
    • Health cash plans
    • Dental benefit plans
    • Private primary medical (GP) cover
  • Market demand volumes
  • Market income and values
  • Historic trends
  • Market outlook and projections
  • Premiums
  • Claims paid and margins
  • Health cover product innovation
  • Distribution
  • Health cover industry structure
  • Definitions

Who is the report for

  • All professionals working in or with medical insurance, health cash plan, dental plan, and wellbeing providers
  • C-suite professionals working in hospitals and clinics
  • Specialist care providers including physiotherapists, wellness services
  • Private dentistry groups
  • Risk managers
  • Investors and Private Equity
  • Banks
  • Central Government
  • Think Tanks
  • Lawyers
  • Management Consultants
Note: Product cover images may vary from those shown
  • FOREWORD
  • LIST OF TABLES
  • LIST OF FIGURES
  • EXECUTIVE SUMMARY
  • INTRODUCTION

1. PRIVATE MEDICAL COVER
1.1 Private Medical Cover – Headline Statistics
1.1.1 Market Demand
1.1.2 Type of Cover
1.1.3 Sector Split
1.1.4 Spending and Premiums
1.1.5 Claims Paid and Margins
1.2 Volume Demand for Private Medical Cover
1.2.1 Recent Trends in Subscribers
1.2.1.1 Total Subscribers
1.2.1.2 Company Paid Subscribers
1.2.1.3 Company Paid Subscribers – SME and Large Corporate
1.2.1.4 Individual Paid Subscribers
1.2.2 New Business and Lapses for Private Medical Cover
1.2.3 Historical Trends in Private Medical Cover Volume Demand
1.2.4 Penetration of Private Medical Cover – People Covered
1.2.5 Regional Penetration of Private Medical Cover
1.2.6 Penetration of Private Medical Cover by Age
1.3 Private Medical Cover Spending and Average Prices
1.3.1 Company Paid Spending (Insured and Self-Insured)
1.3.2 Company Paid Spending (SME and Large Corporate)
1.3.3 Individual Paid Spending (Insured and Self-Insured)
1.3.4 Price Elasticity of Demand for Private Medical Insurance
1.3.5 Private Medical Cover Spending by Region
1.3.6 Private Medical Cover Spending by Age
1.4 Private Medical Cover Claims Paid, Cost Inflation, and Gross Margins
1.4.1 Recent Trends in Claims Paid, Cost Inflation and Gross Margins
1.4.2 Historical Trends in Private Medical Cover Claims Paid, Cost Inflation and Margins
1.4.3 Management of Claims Costs

2. HEALTH CASH PLANS
2.1 Health Cash Plans – Headline Statistics
2.1.1 Market Demand
2.1.2 Sector Split
2.1.3 Market Spending
2.1.4 Price
2.1.5 Benefits Paid
2.1.6 Margins
2.2 Volume Demand for Health Cash Plans
2.2.1 Recent Trends in Volume Demand
2.2.1.1 Total Contributors and People Covered
2.2.1.2 Individual/Employee Paid Contributors
2.2.1.3 Company Paid Contributors
2.2.1.4 Group Market Contributors
2.2.2 New Business and Lapses for Health Cash Plans
2.2.3 Historical Trends in Health Cash Plan Volume Demand
2.3 Health Cash Plan Spending and Average Price Paid
2.3.1 Recent Trends in Spending and Average Price Paid
2.3.1.1 Individual Paid Spending and Average Price Paid
2.3.1.2 Company Paid Spending and Average Price Paid
2.3.1.3 Group Market Contributions
2.3.2 Historical Trends in Health Cash Plan Spending and Average Price Paid
2,3,2,1 Price Elasticity
2.4 Health Cash Plan Benefits Paid, Cost Inflation and Gross Margins
2.4.1 Recent Trends in Benefits Paid, Cost Inflation and Gross Margins
2.4.1.1 Group Market Benefits Paid
2.4.2 Historical Trends in Cash Plan Benefits Paid, Cost Inflation and Margins
2.5 Breakdown of Health Cash Plan Benefits

3. DENTAL BENEFIT PLANS
3.1 Dental Benefit Plans – Headline Statistics
3.1.1 Market Demand
3.1.2 Market Income
3.1.3 Benefits and Margins
3.2 Dental Capitation/Maintenance Plan Trends
3.3 Dental Insurance Trends
3.3.1 People Covered by Dental Insurance
3.3.2 New Business
3.3.3 Spending on Dental Insurance (Premium Income) and Average Price (Premium)
3.3.4 Benefits Paid on Dental Insurance
3.4 Historical Trends in Demand for Dental Benefit Plans

4. WELLBEING COVER – INCORPORATING PRIVATE PRIMARY MEDICAL CARE (GP) COVER
4.1 Wellbeing Cover (Incorporating Private Primary Medical Care (GP) Cover) - Headline Statistics
4.2 Wellbeing /Private GP Consultations as an Addition to Cover
4.2.1 Stand Alone Wellbeing Cover
4.2.2 Private Primary Medical Care (GP) Subscriptions
4.2.2.1 Stand Alone Remote Access Subscriptions
4.2.2.2 Practice/Clinic Based Subscriptions
4.2.3 Historical Trends in Private Primary Medical Care (GP) Cover

5. HEALTH COVER PRODUCT INNOVATION
5.1 Budget Plans
5.1.1 General Exclusions
5.1.2 Directional
5.1.3 High Excess
5.1.4 Co-insurance
5.2 Enhanced Benefit Plans
5.2.1 General
5.2.2 Self-help
5.2.3 Wellness Benefits and Discounts
5.3 Flexible Corporate Plans/Menu-Based Schemes
5.4 Target Group Plans
5.4.1 Over 50s
5.4.2 Healthy Individuals
5.4.3 Professions
5.4.4 Children and Families
5.4.5 Treatment
5.5 Back to Work Policies and Sickness Absence Management
5.6 Fixed Price Products
5.7 Individual Underwriting and Other Underwriting
5.8 High-Value Medical Cash Plans
5.9 Combined Healthcare Insurance Plans
5.10 Stand Alone Benefit Plans
5.11 Medical Savings
5.12 NHS ‘Top Ups’

6. DISTRIBUTION
6.1 Private Medical Cover Distribution Trends
6.2 Health Cash Plan Distribution Trends
6.3 Dental Insurance Distribution Trends
6.4 Online Sales

7. HEALTH COVER INDUSTRY STRUCTURE
7.1 Private Medical Cover – Insurers and Administrators
7.1.1 Market Structure and Latest Developments
7.1.1.1 Entrants
7.1.1.2 Exits
7.1.2 Market Shares
7.1.2.1 Insured (Premium Income) Market Shares
7.1.2.2 Market Shares for Total Private Medical Cover Market: Insured Premium Income Plus Self-Insured (Healthcare Trusts) Spending
7.1.3 Private Medical Cover Industry Events in the 1990s, 2000s and 2010s
7.1.4 Future Developments in the Private Medical Cover Industry
7.2 Health Cash Plan Providers
7.2.1 Market Structure - Entrants, Exits and Consolidation
7.2.2 Market Shares
7.2.3 Cash Plan Industry Events in the 2000s and 2010s
7.2.4 Future Developments in the Cash Plan Industry
7.3 Dental Benefit Plan Providers
7.3.1 Dental Plan Industry Events in the 1990s, 2000s and 2010s
7.4 Private Primary Medical Care (GP) Cover Providers

8. MARKET DRIVERS, POTENTIAL AND PROJECTIONS
8.1 Private Medical Cover Drivers
8.2 Health Cash Plan Drivers
8.3 Dental Cover Drivers
8.4 Wellbeing Cover (Incorporating Private Primary Medical Care (GP) Cover) Drivers
8.5 Projections
8.5.1 2019 Drivers
8.5.2 2020 Drivers
8.5.3 2021 Drivers
8.5.4 Coronavirus Issues for Private Medical Cover, Health Cash Plans, and Dental Cover
8.5.5 Post Coronavirus Trends for Private Medical Cover, Health Cash Plans, and Dental Cover 
8.5.6 Private Medical Cover Projection Estimates
8.5.7 Health Cash Plan Projection Estimates
8.5.8 Dental Benefit Plans Projection Estimates

Appendices
APPENDIX 1. GLOSSARY
APPENDIX 2. NEW ESTIMATES AND REVISIONS
APPENDIX 3. DEFINITIONS
APPENDIX 4. REFERENCES
APPENDIX 5. MAJOR PROVIDERS
APPENDIX 6. TRADE ASSOCIATIONS

LIST OF TABLES
Table E1 People covered by health cover products in the UK at the start of 2009 and 2019
Table 1.1 Private medical cover subscribers (insured and self-insured (Healthcare Trusts)), subscriber growth, and growth index, 1995–2018
Table 1.2 Company paid and individual paid medical cover subscribers (insured and self-insured (Healthcare Trusts)), subscriber growth, and growth index, 1995–2018
Table 1.3 SME company paid and large corporate company paid medical cover subscribers (insured and self-insured (Healthcare Trusts)), 2012–2018
Table 1.4 New business and lapses rates for private medical insurance by sector, 2000–2018
Table 1.5 New business and lapses rates for corporate private medical cover, 2018 (Experimental statistics)
Table 1.6 People covered by private medical cover, and penetration of UK population by sector, 1995–2018
Table 1.7 Market penetration of private medical cover (insured and self-insured (Healthcare Trusts)) by region – estimates by GORs (United Kingdom) for 2006
Table 1.8 Private medical cover penetration by age group – 1982, 1987 and 1995 Great Britain, 2004/2005 UK
Table 1.9 Private medical cover spending (insured premium income and derived spending on self insured schemes (Healthcare Trusts)), and real growth, calendar 1995–2018
Table 1.10 Company paid and individual paid private medical cover spending (insured premium income and derived spending on self-insured schemes (Healthcare Trusts)), and real annual growth, calendar 1995–2018
Table 1.11 Average price for private medical cover (insured+self-insured), and real annual growth in average price (price inflation) – All cover, company paid, and individual paid, 1996–2018
Table 1.12 SME, large corporate and total company-paid private medical cover spending (insured and derived self-insured (Healthcare Trusts)), and real annual growth, calendar 1995–2018
Table 1.13 Proportion of UK spending on private medical insurance premiums by region, and annual spend per household by region, 2015/16–2017/18
Table 1.14 Proportion of UK spending on private medical insurance premiums by age group and annual spend per household by age group, 2017/18
Table 1.15 Private medical cover claims paid, and real growth (insured and self-insured (Healthcare Trusts)), 1995–2018
Table 1.16 Private medical cover claims paid per subscriber, real growth (cost inflation), real growth index, and gross margins (insured and private medical cover), 1996–2018
Table 2.1 Health cash plan contributors, contributor growth rates, and growth index – all plans, individual paid and company paid, and cash plan people covered, 1995–2018
Table 2.2 Corporate group health cash plan contributors (company/employer paid and employee paid), and (non-corporate) personal health cash plan contributors, 2013–2018
Table 2.3 Health cash plan spending, real growth, and growth index by – all plans, individual paid and company paid, 1995–2018
Table 2.4 Average price paid for health cash plans, real growth in average price (price inflation), and real growth index – all plans, individual paid, and company paid, 1995–2018
Table 2.5 Corporate group health cash plan contributions (company/employer paid and employee paid), and (non-corporate) personal health cash plan contributions, 2013–2018
Table 2.6 Health cash plan benefits paid, real growth, and growth index by – all plans, individual paid and company paid, 1995–2018
Table 2.7 Corporate group health cash plan benefits paid (company/employer paid and employee paid), and (non-corporate) personal health cash plan benefits paid, 2018
Table 2.8 Health cash plan benefits paid per contributor, real growth (cost inflation), real growth index, and gross margins, 1995–2018
Table 2.9 Breakdown of health cash plan benefits paid by value and number of claims in 2018
Table 3.1 Number of people covered by dental capitation/maintenance plans, spending on dental capitation/maintenance, and average spend per person covered, UK 2007–2018
Table 3.2 Number of people covered by dental insurance at 31 December, UK 2007–2018
Table 3.3 New business and lapse rates for dental insurance policies by customer segment, UK, 2018
Table 3.4 Spending on dental insurance (premium income), UK 2007–2018
Table 3.5 Average premium paid per person covered by dental insurance, UK 2008–2018
Table 3.6 Benefits paid out on dental insurance, UK 2007–2018
Table 6.1 Breakdown of ‘new business’ private medical insurance sales (number of new subscribers) by distribution, 2018
Table 6.2 Breakdown of ‘new business’ health cash plan sales (number of new contributors) by distribution in 2018
Table 6.3 Breakdown of ‘new business’ dental insurance sales (number of subscribers/policies) by distribution in 2018
Table 7.1 Private medical cover insurers and administrators in the UK, April 2020
Table 7.2 Private medical insurance (PMI) market share by premium income, UK 1997–2018, £ million
Table 7.3 Health cash plan providers in the UK, April 2020
Table 7.4 Health cash plan (HCP) market share by income, UK 2005–2018
Table 7.5 Dental benefit plan providers in the UK, April 2020
Table 7.6 Group providers of stand-alone private primary medical care subscriptions in the UK, April 2020
Table 8.1 Projections of NET CHANGE PER 1% GDP CONTRACTION IN 2020 for private medical cover subscribers (policies) and people covered in UK (company paid and individual/employee paid subscriber)
Table 8.2 Projections of NET CHANGE PER 1% GDP CONTRACTION IN 2020 for health cash plan contributors (policies) and people covered in UK (company paid, employee paid, and personal paid)
Table 8.3 Projections of NET CHANGE PER 1% GDP CONTRACTION IN 2020 for people covered by dental benefit plans in UK (covering total dental capitation/maintenance people covered, and dental insurance people covered (company paid, employee paid and personal paid)

Note: Product cover images may vary from those shown

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