Analyst finds growth in company private medical schemes.
The PMI market has grown for the second successive year according to report by Laing & Buisson, an analyst of private healthcare data
The number of people with PMI policies or enrolled in medical insurance schemes self-insured by employers, rose 1.3% from 2007 with 12.3% of the population covered at the start of 2008. according to the latest report from the analyst.
Corporate demand for traditional private medical insurance also continued to grow in 2007, up 2.3%, while the self-insured corporate medical expenses market remained largely static.
Individual PMI demand continued its decline in 2007, down 0.5%. A reported pick up in individual PMI demand by several leading insurers in the first half of 2008, suggests that the falling trend may level off this year.
Overall, private medical insurance revenue grew above the rate of inflation, up 5.2% to reach £3.43bn following steady growth in 2006 (up 3.8%) and 2005 (up 3.6%).
On the current state of the market, author of the report, economist Philip Blackburn said: “Insurers are providing cover to meet the rising expectations of employers, while looking to keep rising medical and healthcare costs in check.
“Despite heavy investment in the NHS in the 00s and concrete improvements to its services, and slowing economic activity in the UK, demand for PMI from individuals remains fairly solid.”
