The high inflation environment for the UK retail private medical insurance (PMI) market is set to continue for the next couple of years, providers have told Health & Protection.
Health & Protection’s annual Individual PMI Report found insurers are already seeing annual premiums increase by as much as 40% and are expecting further large rises next year and beyond.
However, there was high variation among respondents and providers are aiming to moderate rises as much as possible through adaptations.
One provider gave a cash amount suggesting annual premiums could rise by £1,500 to £2,000 between 2025 and 2026. For those citing percentages, figures ranged from 10% to potentially as much as 40%.
Similar figures were positioned for annual increases over the medium term as well meaning the infationary environment is expected to stay.
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.
