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Published by: Mintel International Group Ltd.
Published: Aug. 1, 2009 - 101 Pages
Table of Contents
- Issues in the Market
- Key issues
- Definitions - the difference between PMI and health cash plans
- Abbreviations
- Market in Brief
- The corporate PMI sector is likely to suffer most in 2009…
- Figure 1: Gross earned premiums (GEP) for PMI, by sector, 2002-09
- ...with the HCP market also seeing a fall in sales
- Figure 2: Number of healthcare cash plan subscribers, people covered and contribution income earned, 2003-09
- NHS concerns influence the PMI market
- The NHS is the main competitor against PMI
- Bupa is the leading PMI provider…
- Figure 3: Subscription income of the top ten PMI providers, 2005-08
- …while Simplyhealth dominates the HCP market
- Figure 4: HCP provider market shares, by contribution income, 2008
- The PMI market is more intermediated than that of HCPs
- One in five people own a healthcare cover product
- Figure 5: Ownership of healthcare products, by gender, age and socio-economic group, April 2009
- PMI and HCP holders are reluctant to cancel their cover
- Internal Market Environment
- Key points
- Infection fears at NHS hospitals boost demand for PMI
- Figure 6: Top ten reasons for taking out PMI, 2008
- A shortage of investment may also be an issue
- Figure 7: Total public spending on the NHS, 2003/04-2010/11
- Access to cancer drugs may tempt some people to go private
- The NHS has slashed waiting times
- Figure 8: Inpatient and outpatient waiting times (England), 2005-09
- A new approach for the NHS
- Consumers are still confused about PMI
- The impact of swine flu
- Growth in sales outpacing growth in claim costs
- Figure 9: Value of total PMI claims, and as a proportion of gross earned premiums (GEP), 2002-08
- Providers trying to retain their corporate customers
- Figure 10: Average PMI premiums, by sector, 2002-08
- Broader Market Environment
- Key points
- Reduced consumer expenditure presents a challenge…
- Figure 11: PDI and consumer expenditure, 2004-14
- …but over the longer term affluence is increasing
- Figure 12: Size of the AB population and the proportion of ABs out of the total population, 2004-14
- PMI is a popular benefit to offer…
- Figure 13: Proportion of employers offering particular benefits as core*, top 15 benefits, January 2009
- …and is highly valued by employees
- Figure 14: Top ten benefits most highly valued by employees*, February 2008
- Don’t forget small businesses - there’s a lot out there
- Figure 15: Number of private sector enterprises, employees and turnover - UK, start 2007
- The rising number of cancer cases benefits PMI providers
- Unhealthy lifestyles may also impact the market
- Competitive Context
- Key points
- A variety of options exist in healthcare options
- Figure 16: The main methods of obtaining healthcare treatment in the UK, 2009
- Self-insurance is an option for large companies
- Figure 17: Number of subscribers and people covered by healthcare trust schemes, 2003-08
- Personal savings and self-pay are also an option
- SWOT Analysis
- Figure 18: Healthcare cover market SWOT analysis, 2009
- Market Size and Forecast
- Key points
- The total number of PMI subscribers increased by 4% in 2008…
- Figure 19: Number of subscribers and people covered by PMI, by sector, 2002-09
- …and many think the industry will hold up relatively well this year
- The corporate sector is expected to suffer the brunt of any fall
- Figure 20: Gross earned premiums (GEP) for PMI, by sector, 2002-09
- Demand for health cash plans fell slightly in 2008…
- Figure 21: Number of healthcare cash plan subscribers, people covered and contribution income earned, 2003-09
- …although contribution income held up relatively well
- Market forecast
- The number of people covered by PMI will fall this year…
- Figure 22: Number of subscribers and people covered by PMI, by sector, 2002-14
- …but the market should pick up in 2010
- Figure 23: Gross earned premiums (GEP) for PMI, by sector, 2002-14
- Low growth expected in the health cash plan market
- Figure 24: Number of healthcare cash plan subscribers, people covered and contribution income earned, 2003-14
- Market Share
- Key points
- Bupa is the market leader by some way
- Figure 25: Subscription income of the top ten PMI providers, 2005-08
- The top four providers account for 85% of the market
- Figure 26: PMI provider market shares, by subscription income, 2008
- Simplyhealth dominates the health cash plan market…
- Figure 27: Contribution income of the main HCP providers, 2005-08
- Companies and Products
- Company profiles
- Aviva (formerly Norwich Union Healthcare)
- AXA PPP healthcare
- Bupa
- Standard Life Healthcare
- Simplyhealth
- Westfield Health
- Brand Communication and Promotion
- Key points
- PMI adspend fell by 13% in 2008
- Figure 28: Top ten categories of general insurance advertising, by expenditure, 2006-08
- Bupa is the biggest advertiser of PMI
- Figure 29: Top 15 PMI advertisers, by expenditure, 2006-08
- TV adspend fell significantly last year
- Figure 30: PMI advertising expenditure, by media type, 2006-08
- CHANNELS TO MARKET
- Key points
- The corporate PMI sector is heavily intermediated…
- Figure 31: Proportional distribution of PMI sales, by channel, 2005-08
- …whereas in the personal sector, direct sales dominate
- Most HCPs are sold direct, but intermediation could grow
- Figure 32: Sales of HCPs, by distribution channel, 2008
- THE CONSUMER - PRODUCT OWNERSHIP
- Key points
- Ownership of healthcare cover increased slightly in 2008
- Figure 33: Healthcare cover ownership, 2004-08
- PMI makes up the majority of the healthcare cover market…
- Figure 34: Types of healthcare cover owned, 2008
- …with two thirds of owners having cover for all conditions
- Figure 35: Conditions/treatments included in healthcare cover, 2008
- Most people with healthcare cover arrange it independently
- Figure 36: Healthcare cover ownership, by method of arrangement (ie who pays for the insurance), 2008
- ABs are a lot more likely to have healthcare cover…
- Figure 37: Healthcare cover ownership, by demographics, 2008
- …especially where PMI is concerned, though less so for HCPs
- Figure 38: Ownership of healthcare products, by demographics, April 2009
- Unlike PMI, cash plans are popular amongst older people
- THE CONSUMER - THE IMPACT OF THE RECESSION ON HEALTHCARE COVER
- Key points
- The recession is a threat to health cover providers…
- Figure 39: Attitudes towards healthcare cover in light of the recession, April 2009
- …but not everyone is suffering
- 35-44-year-olds are most likely to cancel health cover in bad times
- Figure 40: Attitudes towards healthcare cover in light of the recession, by demographics, April 2009
- High earners are clearly the best target
- Larger households may be a better target
- Independent PMI and HCP owners really value their policy…
- Figure 41: Ownership of healthcare products, by attitudes towards healthcare cover in light of the recession, April 2009
- …and are reluctant to cut their cover
- THE CONSUMER - HEALTH CASH PLAN BENEFITS
- Key points
- Dental cover is the most desirable benefit of HCPs
- Figure 42: Benefits most desired in health cash plans, April 2009
- Women value health screening and maternity benefits
- Figure 43: Benefits most desired in health cash plans, by demographics, April 2009
- For young people, information and accessibility are important
- ABs are more appreciative of the benefits offered by HCPs
- Health cash plan owners really value their benefits
- Figure 45: Ownership of healthcare products, by benefits most desired in health cash plans, April 2009
- PMI holders are still worth targeting
- APPENDIX - PRODUCT OWNERSHIP
- Figure 46: Ownership of healthcare products, April 2009
- Figure 47: Healthcare cover ownership, by demographics, 2008
- Figure 48: Ownership of healthcare products, by demographics, April 2009
- APPENDIX - HEALTH CASH PLAN BENEFITS
- Figure 49: Benefits most desired in health cash plans, by demographics, April 2009 (Table 1 of 2)
- Figure 50: Benefits most desired in health cash plans, by demographics, April 2009 (Table 2 of 2)
- APPENDIX: RESEARCH METHODOLOGY
AbstractTaking up the slack from the NHS with Health Cash Plans and Private Medical Insurance
In spite of the economic downturn, the total number of PMI subscribers increased by 4% in 2008, with the corporate sector rising by 6% rise and the personal sector remaining flat.
Contribution income from health cash plans increased by 4% in 2008, although the number of subscribers fell by 2% from 2.99 million to 2.94 million.
2009 is likely to be a much more challenging year, however, particularly in the corporate PMI sector due to business collapses and budgetary cutbacks.
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