Report Description

Forecast Period

2024-2028

Market Size (2022)

USD7.12 Billion

CAGR (2023-2028)

4.67%

Fastest Growing Segment

Private Insurance Provider

Largest Market

Adults


The United Kingdom health insurance market is expected to be driven by rising private medical insurance premiums and rising daycare procedures, including the cost of everything from the electricity used to light the operating theatre to the meals, which will boost the market demand for health insurance during the forecast period.

Furthermore, improved medical treatment, such as new drugs, operations, and the introduction of new techniques, are constantly increasing the demand for health insurance because of rising costs, which will drive the sustainable growth of the health insurance industry in the United Kingdom during the forecast period.

In 2022, Bupa will collaborate with the online platform JAAQ on a six-month trial to improve online access to personalized expert-led health advice. This is in addition to Bupa's mental health support, which provides continuous, around-the-clock assistance for various mental health conditions, such as anxiety, depression, and addiction.

In 2022, AXA UK&I acquired renewable rights to Ageas UK's commercial business for an initial consideration of USD57.14 million. This acquisition will help AXA's growth strategy and commitment to commercial business customers and broker partnerships, particularly in the SME and Schemes market segments. As part of the deal, approximately 100 Ageas UK employees will be transferred to AXA Commercial to provide ongoing support and service delivery.

Improved Government Insurance Services to Boost the Market.

The National Health Service is a government-sponsored universal healthcare system in the United Kingdom (NHS). The National Health Service was established in 1946 and is in charge of the UK's public healthcare sector. All permanent inhabitants have access to free healthcare through the National Health Services. The cost of healthcare is covered by general taxes and is free at the point of need. In 2021, government healthcare spending was expected to rise by 7.5% (in nominal terms). Approximately 11.9 percent of the UK's GDP (Gross Domestic Product) is spent on healthcare.

However, it is projected that current healthcare spending will reach USD338.90 billion in 2021, an increase in nominal terms of 7.4% compared to 2020. Similarly, non-government healthcare spending is expected to rise by 7.0% in nominal terms by 2021.

Rising Demand for Private Medical Insurance to Boost the Market Demand

The increase in NHS (National Health Services) waiting times and referrals to the private sector gradually increases the market demand for private health insurance. Nowadays, health coverage is an essential aspect among consumers. The Association of British Insurers (ABI) reported that 1.7 million persons in the United Kingdom had private health insurance (PMI). As a result, consumers generally choose private health care for specific or rare conditions not covered by the public health care program. Hence, Private medical insurance will frequently provide access to new and expensive medical treatments, particularly cancer drugs and therapies, that the NHS (National Health Services) deems too costly. As a result, the UK's private health insurance premiums are the most noticeable in the health insurance market, and their demand has risen, which will increase the market demand for the health insurance industry in the United Kingdom..

Providing Health Insurance to their Employees by Various Companies will Boost the Market Demand

As part of their benefits packages, companies provide private health insurance to their employees. When it comes to offering health benefits to their employees, employers' prioritize their employees' health and wellness. In the United Kingdom, up to 45% of employers intend to include employee health and well-being into company goals within three years of the company's formation. With rising income-producing employers and increased awareness of the extensive health coverage available, this segment is expected to boost the market demand for the health insurance sector during the forecast period.


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Market Segmentation

The United Kingdom health insurance market is segmented based on the type of insurance provider, type of coverage, mode of purchase, premium type, end users, region, and competitional landscape. Based on the type of insurance provider, the market is fragmented into public vs. private. Based on the type of coverage, the market is divided into individual vs. family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third parties, etc.)). The market is divided into regular premium and single premium based on premium type. The market is fragmented into minors, adults, and senior citizens based on end users.

Company Profiles

Freedom Healthnet Ltd, Exeter Friendly Society Limited, AXA PPP Healthcare Group Limited, Vitality Group, Saga Group, Western Provident Association Limited (WPA), British United Provident Association Limited (Bupa), Aviva PLC, Admiral Group Plc, Cigna European Services (UK) Limitedare among the major market players in the United Kingdom health insurance market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type of Insurance Provider

Type of Coverage

Mode of Purchase

Premium Type

End Users

Region

Regional Scope

England, Scotland, Wales, and Northern Ireland.

Key Companies Profiled

Freedom Healthnet Ltd, Exeter Friendly Society Limited, AXA PPP Healthcare Group Limited, Vitality Group, Saga Group, Western Provident Association Limited (WPA), British United Provident Association Limited (Bupa), Aviva PLC, Admiral Group Plc, Cigna European Services (UK) Limited

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the United Kingdom health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • United Kingdom Health Insurance Market, By Type of Insurance Provider:
    • Public
    • Private
  • United Kingdom Health Insurance Market, By Type of Coverage:
    • Individual
    • Family
  • United Kingdom Health Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • United Kingdom Health Insurance Market, By Premium Type:
    •  Regular Premium
    • Single Premium
  • United Kingdom Health Insurance Market, By End Users:
    • Minors
    • Adults
    • Senior Citizens
  • United Kingdom Health Insurance Market, By Region:
    • England
    • Scotland
    • Wales
    • Northern Ireland.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United Kingdom health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

United Kingdom health insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary      

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.    By Gender

4.2.2.    By Age

4.2.3.    By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    United Kingdom Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type of Insurance Provider Market Share Analysis (Public, Private)

5.2.2.    By Type of Coverage Market Share Analysis (Individual, Family)

5.2.3.    By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)).

5.2.4.    By Premium Type Market Share Analysis (Regular Premium, Single Premium)

5.2.5.    By End Users Market Share Analysis (Minors, Adults, Senior Citizens)

5.2.6.    By Regional Market Share Analysis

5.2.6.1.        England Market Analysis

5.2.6.2.        Scotland Market Analysis

5.2.6.3.        Wales Market Analysis

5.2.6.4.        Northern Ireland Market Analysis

5.2.7.    By Top 5 Companies Market Share Analysis, Others (2022)

5.3.  United Kingdom Health Insurance Market Mapping & Opportunity Assessment

5.3.1.    By Type of Insurance Provider Market Mapping & Opportunity Assessment

5.3.2.    By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.    By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.4.    By Premium Type Market Mapping & Opportunity Assessment

5.3.5.    By End Users Market Mapping & Opportunity Assessment

5.3.6.    By Region Market Mapping & Opportunity Assessment

6.    United Kingdom Public Health insurance Market Outlook

6.1.  Market Size & Forecast        

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type of Coverage Market Share Analysis

6.2.2.    By Mode of Purchase Market Share Analysis

6.2.3.    By Premium Type Market Share Analysis

6.2.4.    By End Users Market Share Analysis

7.    United Kingdom Private Health insurance Outlook

7.1.  Market Size & Forecast        

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type of Coverage Market Share Analysis

7.2.2.    By Mode of Purchase Market Share Analysis

7.2.3.    By Premium Type Market Share Analysis

7.2.4.    By End Users Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.    Increasing private insurance premium

8.1.2.    Employee sponsored health coverage

8.1.3.    Increased demand due to pandemic

8.2.  Challenge

8.2.1.    High cost of insurance premiums

8.2.2.    Rising medical inflation

9.    Impact of COVID-19 on United Kingdom Health Insurance Market

9.1.  Impact Assessment Model   

9.1.1.    Key Segments Impacted

9.1.2.    Key Regions Impacted

10.  Market Trends & Developments

10.1.             Increasing healthcare expenditure

10.2.             Increasing visibility of health insurance benefits

10.3.             Increasing online purchase

10.4.             Increasing spending power

10.5.             Greater availability of healthcare treatment.

11.  SWOT Analysis

11.1.             Strengths

11.2.             Weaknesses

11.3.             Opportunities

11.4.             Threats

12.  Competitive Landscape

12.1.             Company Profiles

12.1.1. Freedom Healthnet Ltd

12.1.1.1.     Company Details

12.1.1.2.     Product & Services

12.1.1.3.     Financials (As Reported)

12.1.1.4.     Key Market Focus & Geographical Presence

12.1.1.5.     Recent Developments

12.1.1.6.     Key Management Personnel

12.1.2. Exeter Friendly Society Limited

12.1.2.1.     Company Details

12.1.2.2.     Product & Services

12.1.2.3.     Financials (As Reported)

12.1.2.4.     Key Market Focus & Geographical Presence

12.1.2.5.     Recent Developments

12.1.2.6.     Key Management Personnel

12.1.3. AXA PPP Healthcare Group Limited

12.1.3.1.     Company Details

12.1.3.2.     Product & Services

12.1.3.3.     Financials (As Reported)

12.1.3.4.     Key Market Focus & Geographical Presence

12.1.3.5.     Recent Developments

12.1.3.6.     Key Management Personnel

12.1.4. Vitality Group

12.1.4.1.     Company Details

12.1.4.2.     Product & Services

12.1.4.3.     Financials (As Reported)

12.1.4.4.     Key Market Focus & Geographical Presence

12.1.4.5.     Recent Developments

12.1.4.6.     Key Management Personnel

12.1.5. Saga Group

12.1.5.1.     Company Details

12.1.5.2.     Product & Services

12.1.5.3.     Financials (As Reported)

12.1.5.4.     Key Market Focus & Geographical Presence

12.1.5.5.     Recent Developments

12.1.5.6.     Key Management Personnel

12.1.6. Western Provident Association Limited (WPA)

12.1.6.1.     Company Details

12.1.6.2.     Product & Services

12.1.6.3.     Financials (As Reported)

12.1.6.4.     Key Market Focus & Geographical Presence

12.1.6.5.     Recent Developments

12.1.6.6.     Key Management Personnel

12.1.7. British United Provident Association Limited (Bupa)

12.1.7.1.     Company Details

12.1.7.2.     Product & Services

12.1.7.3.     Financials (As Reported)

12.1.7.4.     Key Market Focus & Geographical Presence

12.1.7.5.     Recent Developments

12.1.7.6.     Key Management Personnel

12.1.8. Aviva PLC

12.1.8.1.     Company Details

12.1.8.2.     Product & Services

12.1.8.3.     Financials (As Reported)

12.1.8.4.     Key Market Focus & Geographical Presence

12.1.8.5.     Recent Developments

12.1.8.6.     Key Management Personnel

12.1.9. Admiral Group Plc

12.1.9.1.     Company Details

12.1.9.2.     Product & Services

12.1.9.3.     Financials (As Reported)

12.1.9.4.     Key Market Focus & Geographical Presence

12.1.9.5.     Recent Developments

12.1.9.6.     Key Management Personnel

12.1.10.               Cigna European Services (UK) Limited

12.1.10.1.   Company Details

12.1.10.2.   Product & Services

12.1.10.3.   Financials (As Reported)

12.1.10.4.   Key Market Focus & Geographical Presence

12.1.10.5.   Recent Developments

12.1.10.6.   Key Management Personnel

13.  Strategic Recommendations/Action Plan

13.1.             Key Focus Areas

13.2.             Target Type of Coverage

13.3.             Target Mode of Purchase

14.  About Us & Disclaimer

 

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Freedom Healthnet Ltd, Exeter Friendly Society Limited, AXA PPP Healthcare Group Limited, Saga Group, Western Provident Association Limited (WPA), British United Provident Association Limited (Bupa), Aviva PLC, Admiral Group Plc, Cigna European Services (UK) Limited are some of the major players operating in the industry.

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Approximately 8 million people in the UK have active private health insurance policies, about 13% of the British population.

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Healthcare in the United Kingdom is generally funded through taxation. However, the United Kingdom has a private healthcare sector in which healthcare is obtained through private health insurance. This is typically covered by an employer-sponsored healthcare plan or paid directly by the customer.

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Several factors boost the market demand for health insurance, such as increasing demand for healthcare, greater visibility of health insurance benefits, and rising medical costs.

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Srishti Verma

Business Consultant
Press Release

United Kingdom Health Insurance Market is Fueled by Private Insurance Providers in the Forecast Period

Jan, 2023

Increasing-sponsored health coverage is one of the leading factors driving the United Kingdom health insurance market during the forecast period.