Health Cover UK Market Report
The sixteenth edition of LaingBuisson’s Health Cover UK market report is vital reading for all professionals working in or with providers of medical insurance, health cash plans, dental plans, and also wellbeing. Others with a professional interest in the sector, including hospital executives, specialist care providers, private dentistry groups, risk managers, investors, banks, lawyers, management consultants, think tanks and government, should also read this much respected industry-standard report.
The new edition of this report depicts a sector which is largely static. Private medical insurance saw a marginal increase in subscribers in 2018 based on a rise in demand from SMEs. Growth in health cash plans and dental plans has been driven by demand from corporate schemes.
Avenues for growth and diversification in recent years have focused on wellbeing products and services where remote technology has energised provision. LaingBuisson has identified an emerging trend for standalone wellbeing cover which offers quick access to GPs, mental health counselling, therapists, and other experts, and self-help initiatives, which offer consumers immediate value. This trend has been advanced by coronavirus. The report finds that during lockdown there was a notable rise in the use of remote wellbeing services.
LaingBuisson’s report identifies the key drivers for the health cover sector in 2020 and 2021 and provides some initial demand projections. But how will the crisis affect cover decisions by employers and personal consumers in the near term and will market conditions recover and offer growth in the long-term?
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