The Association of British Insurers (ABI) has renewed its call for a cut in Insurance Premium Tax (IPT) on health insurance as the number of people covered by health insurance hits 5.8 million – the highest number since the great financial crash of 2008.
The total number of people covered by health insurance – both individual and workplace policies – has increased by 7% to 5.8 million in 2022 – the highest number since 2008. And pay outs for health insurance claims also hit a record high, reaching almost £3bn overall.
The ABI has not confirmed which insurers are included in these figures. Health & Protection understands Aviva, Axa Health, Bupa, The Exeter, Vitality and WPA are ABI members.
ABI data shows a record 4.4 million people are now covered by health insurance through their employer, while one million claims have been made over the past year.
The data shows the number of employees benefitting from health insurance grew from four million in 2021 to 4.4 million in 2022.
Workplace policies also witnessed a 15% increase in claims, with one million made in 2022 compared to 873,000 in 2021.
Just before the chancellor’s Spring Budget, the ABI joined a chorus of calls on government to cut the rate of IPT. And ahead of government’s Autumn Statement later this month, the body reiterated this call.
Rebecca Deegan, head of health and protection policy at the ABI, said: “The value health and protection insurance can provide in keeping people fit, well and in work can’t be overstated.
“These record figures speak for themselves. By overlooking its potential to boost the health of the nation, the government is missing an opportunity to better support workers and keep people healthy and in employment.”