Providers and advisers operating in the international private medical insurance (IPMI) market are increasingly positive in the sector despite significant challenges over the last year, according to Health & Protection’s IPMI Report.
Responses to Health & Protection’s research were overwhelmingly positive about market activity over the last 12 months and for prospects over the next few years.
Intermediaries are even more confident than last year with more than three-quarters saying they were positive about the sector.
The upswell in positivity continued into the outlook for the next two years with advisers being even more optimistic in the short-to-medium term position for the sector.
Overall, 81.5% of respondents expected the IPMI market to be either fairly strong or very strong in two years’ time. This was up slightly from 80.7% a year ago.
Two thirds of advisers said they had seen their business income rise over the last year with one in four seeing it rise significantly.
Expectations from providers were for the market to grow by at least 10% in the next three years as expatriate workers and global mobility continue increasing.
However, providers expected premium rates to continue growing steeply at more than 10% over the next three years.
This was reflected in market challenges, with increasing premiums and medical inflation the top concern for intermediaries and providers, with the sustainability of the market being questioned.
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