Private Medical Insurance in the UK, Key Trends and Opportunities to 2017

Transcription

1 Brochure More information from Private Medical Insurance in the UK, Key Trends and Opportunities to 2017 Description: - 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 ( ). 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 ( ). 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 Reasons 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 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

2 - Premium growth will be sustained, despite opposing forces - Private medical insurance is under threat from lower-cost alternatives Contents: 1 Executive Summary 2 Introduction 2.1 What is this Report About? 2.2 Definitions 2.3 Methodology 3 Market Analysis 3.1 Market Size Penetration and density 3.2 Claims Claims review Claims outlook 3.3 Market Drivers 3.4 Market Outlook 3.5 Distribution Channels Distribution outlook 4 Competitive Landscape 4.1 Profitability Investment returns Profitability outlook 4.2 Review The Best Performers of Product Innovation 4.4 Private Medical Insurance SWOT Analysis 5 Porter s Five Forces Analysis 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 Inaugural Advisory Board for PruHealth Scheme 8 Regulation and Compliance 8.1 Recent Changes Health and Social Care Act Upcoming Regulations 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 Aviva Plc key facts Aviva Plc main products Aviva Plc main competitors Aviva Plc key employees

3 10.2 Axa UK Plc Company Overview Axa UK Plc key facts Axa UK Plc main products Axa UK Plc main competitors Axa UK Plc key employees 10.3 Bupa Insurance Ltd Company Overview Bupa Insurance Ltd key facts Bupa Insurance Ltd main products Bupa Insurance Ltd main competitors Bupa Insurance Ltd key employees 10.4 Chubb Insurance Company of Europe SE Company Overview Chubb Insurance Company of Europe SE key facts Chubb Insurance Company of Europe SE main products Chubb Insurance Company of Europe SE main competitors Chubb Insurance Company of Europe SE key employees 10.5 Cigna Life Insurance Company of Europe SA-NV Company Overview Cigna Life Insurance Company of Europe SA-NV key facts Cigna Life Insurance Company of Europe SA-NV main products Cigna Life Insurance Company of Europe SA-NV main competitors Cigna Life Insurance Company of Europe SA-NV key employees 10.6 Exeter Friendly Society Ltd Company Overview Exeter Friendly Society Ltd key facts Exeter Friendly Society Ltd main products Exeter Friendly Society Ltd main competitors Exeter Friendly Society Ltd key employees 10.7 Great Lakes Reinsurance (UK) Plc Company Overview Great Lakes Reinsurance (UK) Plc key facts Great Lakes Reinsurance (UK) Plc main products Great Lakes Reinsurance (UK) Plc main competitors Great Lakes Reinsurance (UK) Plc key employees 10.8 Prudential Plc Company Overview Prudential Plc key facts Prudential Plc main products Prudential Plc main competitors Prudential Plc key employees 10.9 Simplyhealth Group Ltd Company Overview Simplyhealth Group Ltd key facts Simplyhealth Group Ltd main products Simplyhealth Group Ltd main competitors Simplyhealth Group Ltd key employees Western Provident Association Company Overview Western Provident Association key facts Western Provident Association main products Western Provident Association main competitors Western Provident Association key employees 11 Statistics 11.1 Review Period: Forecast Period: 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), Table 3: UK Private Medical Insurance Market SWOT Analysis 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

4 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: Cigna Life Insurance Company of Europe SA-NV, Key Facts Table 18: Cigna Life Insurance Company of Europe SA-NV, Main Products Table 19: Cigna 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), Table 36: Private Medical Insurance (GBP Thousand), List of Figures Figure 1: UK Private Medical Insurance Gross Written Premiums (GBP), Figure 2: UK Private Medical Insurance Penetration Rate (%) and Density (GBP), Figure 3: UK Private Medical Insurance Number of Policyholders (Millions), Figure 4: UK Consumer Price Inflation Healthcare (%), Figure 5: UK Demographics, Figure 6: UK GDP Growth and Labor Market Conditions, Figure 7: UK Public and Private Healthcare Expenditure, Figure 8: NHS Performance Measures, Figure 9: UK Public Satisfaction With the NHS, Figure 10: UK Private Medical Insurance Gross Written Premiums Forecast (GBP Millions) Figure 11: Market Shares of the 10 Leading UK Private Medical Insurers (%) in 2012 Figure 12: UK Private Medical Insurance Five Forces Analysis Figure 13: The UK s Insurance Regulatory Framework Figure 14: Real GDP Growth (%), Figure 15: UK Unemployment and Redundancy Rates (%), Figure 16: UK Average Weekly Earnings, Figure 17: UK Bank of England Rate (%), Figure 18: UK Population Growth and Median Age, Figure 19: UK Standards of Living (GBP), Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8,

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