Membership of private medical insurance (PMI) has grown by more than 11% for a third consecutive year, according to data from providers.
Health & Protection’s third Individual PMI report found providers were continuing to see significant demand in the underwritten PMI market with lives covered estimated to exceed 1.5 million by the end of 2023.
When including members of Benenden Health, which operates a different non-underwritten model of health insurance, the total number of lives covered reaches almost 2.4 million.
Illustrating the scale of the market’s growth over the last three years, five providers have seen their membership numbers collectively rise from 459,249 in 2020 to 651,810 in 2023.
This is an additional 192,000 customers in three years and growth of 42% in that time.
The full results and market analysis can be found in the Health & Protection Individual PMI Report which is available for all advisers, intermediaries and brokers to download for free from this link or by clicking on the front cover below.
