The number of private medical insurance (PMI) policyholders rose by 12% last year, according to exclusive research conducted by Health & Protection.
Providers are also optimistic about future growth in the market in the short and medium term.
The figures were revealed in Health & Protection’s first Individual PMI Report which analysed the state of the market, provider expectations and propositions.
Last month Health & Protection revealed that the FCA does not have a record of the number of active protection and health insurance policies under its jurisdiction.
Five of the seven leading insurers responding to Health & Protection reported an average increase in policyholder numbers of 12% from 2020 to 2021, with a market total of 514,677.
Freedom Health Insurance saw the largest increase of all those responding – growing its business by more than 19% to 15,687, albeit from a smaller starting level than other insurers.
Aviva reported the largest customer base of the insurers to respond with 225,830 lives covered, up by more than 17% from the previous year.
The Exeter was the only insurer to record a fall with customer numbers down 6% to 21,860.
Axa Health and Bupa did not report their figures.
Providers were optimistic about growth in customer numbers over the coming years.
When it came to the next three years, five out of the seven insurers said they expected numbers to increase by up to 10%, one provider expected a 10% or more increase while just one provider expected numbers to stay the same.
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.
