In an international private medical insurance (IPMI) market that is becoming increasingly heated with premium rises it is increasingly evident that being able to take calm, considered action will be needed to secure long-term stability.
There is pan-industry recognition of the need to instil a more preventative approach throughout the industry, but this will likely take time and co-ordination.
The panel at Health & Protection’s House of Lords roundtable was unanimous in its support of this remit and acknowledged it should be a winning strategy, but there are also hurdles to overcome in pioneering it, meaning a longer-term and bigger-picture vision is required.
Advisers reported the steep premium rises over the last few years are starting to hit home to clients, particularly those in the individual market, where the question ‘should I self-insure?’ is becoming a more common one.
Insurers noted this sector as one of growth through new business for them, so there are also encouraging signs, but warnings should not be ignored.
As evidenced by Health & Protection’s annual IPMI Report, advisers are already feeling less confident about the market in general than insurers.
However, there are steps which the industry can take in the meantime to help turn down some of the heat from premium rises.
Ultimately though, as IPMI costs continue to rise so do customer expectations and meeting their growing demands requires further significant investment, which continues to prove a challenge in an increasingly heated world.
Read and download the roundtable supplement by clicking the front page below or by following this link.
