Individual membership of private medical insurance (PMI) broke the 1.6 million figure in 2024 but continued growing at a much slower rate, according to data from providers for Health & Protection’s annual Individual PMI Report.
The fourth edition of Health & Protection’s Individual PMI report found an estimated 1,601,701 lives covered by the eight traditional underwritten insurers at the end of 2024.
When including Benenden Health, which operates a different model of offering private healthcare, that takes the number of lives covered to more than 2,391,000.
However, the rate of growth within the market has clearly eased as on a like-for-like basis; those underwritten insurers to report figures for 2024 and 2023 saw a 6.5% growth rate last year.
This was down from the 11.5%, 13% and 12.1% over the previous three years respectively, but maintained the post-Covid rise.
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.
