Confidence in the international private medical insurance (IPMI) market is soaring as the sector is making a strong recovery following the Covid-19 pandemic, according to Health & Protection research out today.
Both providers and advisers believe the market is buoyant at the moment and expect good growth over the short-to-medium term.
Health & Protection’s second IPMI Report found confidence among intermediaries had grown significantly since last year with 77% saying they felt positive about the market at present – up from 66% a year ago.
This included more than half of all respondents saying they were fairly positive about the sector, up from 42.3% last year.
Almost one in five were feeling very positive, but this had dropped slightly from 23.7% in the previous research.
Notably, no advisers felt very negative and only 1% felt fairly negative.
Similar responses came from providers with some expecting growth of more than 10% in policyholders over the next two years.
And providers added the market was “undoubtedly very buoyant” with no sign of an end to the post-Covid rebound.
Income boosted
There were also improvements in income generated by IPMI advice businesses over the last year.
In all, almost two thirds of the 200 intermediaries who responded said they had seen business income rise in the last 12 months.
Two fifths (42.7%) said their income had increased slightly with a further one in five (21%) saying their income had increased significantly.
The figures were even more comprehensive for the next two years with more than 80% expecting to see an increase of some form.
Download the report by following this link or clicking on the front cover image below.
