Private medical insurance (PMI) providers have predicted premiums could rise by as much as 10% a year in the short term, according to exclusive research conducted by Health & Protection.
The figures came from anonymous responses to questions posed by Health & Protection for the first Individual PMI Report.
Predictions for premium increases next year were more measured – five of the seven insurers surveyed expected premiums to increase by between 5% and 10% from 2022 to 2023.
Two of these said 5% and one provider predicted between 6-8%. Another provider said between 5%-10% due to an underlying increase in medical inflation, while another suggested the increase would be 10%.
However, when it came to how much providers expected, on average, PMI premiums to increase cumulatively over the next three years, the figures were higher and more varied.
One provider expected prices to increase by 12% and two said 15%-20%.
Another provider expected premiums to go up 5%-10% per year over the next three years with another suggesting they could rise by around 10% each year.
Two insurers declined to comment.
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.
