U.K. Health Insurance Market - Industry Trends and Forecast to 2029

Description

List of Tables

U.K. health insurance market is projected to register a CAGR of 4.7% in the forecast period of 2022 to 2029. The new market report contains data for the historic year 2020, the base year of calculation is 2021, and the forecast period is 2022 to 2029.

Market Segmentation:

U.K. Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, and Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, Israel, South Africa, and Rest of Middle East and Africa) Industry Trends and Forecast to 2029.

Some of the major factors contributing to the growth of the market are:

Increasing cost of medical services

Growing number of daycare procedures

Market Players

Some of the major players operating in the U.K. health insurance market are:

Cigna

AVIVA

ALLIANZ CARE

AXA

BUPA

American International Group, Inc.

Vitality

FREEDOM HEALTH INSURANCE

Pru Life UK

SAGA

General and Medical Finance Ltd

Exeter Family Friendly

1 INTRODUCTION 10

1.1 OBJECTIVES OF THE STUDY 10
1.2 MARKET DEFINITION 10
1.3 OVERVIEW OF U.K. HEALTH INSURANCE MARKET 10
1.4 LIMITATIONS 12
1.5 MARKETS COVERED 12

2 MARKET SEGMENTATION 14

2.1 MARKETS COVERED 14
2.2 GEOGRAPHICAL SCOPE 15
2.3 YEARS CONSIDERED FOR THE STUDY 15
2.4 CURRENCY AND PRICING 15
2.5 DBMR TRIPOD DATA VALIDATION MODEL 16
2.6 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 19
2.7 DBMR MARKET POSITION GRID 20
2.8 MARKET END-USER COVERAGE GRID 21
2.9 DBMR MARKET CHALLENGE MATRIX 22
2.10 TYPE LIFE LINE CURVE 23
2.11 MULTIVARIATE MODELING 23
2.12 SECONDARY SOURCES 25
2.13 ASSUMPTIONS 26

3 EXECUTIVE SUMMARY 27

4 PREMIUM INSIGHTS 30

5 MARKET OVERVIEW 31

5.1 DRIVERS 33
- 5.1.1 INCREASING COST OF MEDICAL SERVICES 33
- 5.1.2 GROWING NUMBER OF DAYCARE PROCEDURES 34
- 5.1.3 MANDATORY PROVISION OF HEALTHCARE INSURANCE IN PUBLIC AND PRIVATE SECTORS 35
5.2 RESTRAINTS 36
- 5.2.1 HIGH COST OF INSURANCE PREMIUMS 36
- 5.2.2 STRICT DOCUMENTATION PROCESS FOR CLAIM REIMBURSEMENT 37
5.3 OPPORTUNITIES 38
- 5.3.1 ADVANTAGES OF HEALTH INSURANCE POLICIES 38
- 5.3.2 INCREASING HEALTHCARE EXPENDITURE 39
5.4 CHALLENGE 40
- 5.4.1 LACK OF AWARENESS REGARDING THE BENEFITS OF HEALTH INSURANCE 40

6 U.K. HEALTH INSURANCE MARKET, BY TYPE 41

6.1 OVERVIEW 42
6.2 PRODUCT 43
- 6.2.1 MEDICLAIM INSURANCE 44
- 6.2.2 INDIVIDUAL COVERAGE INSURANCE 44
- 6.2.3 FAMILY FLOATER COVERAGE INSURANCE 44
- 6.2.4 HOSPITALIZATION COVERAGE INSURANCE 44
- 6.2.5 SENIOR CITIZEN COVERAGE INSURANCE 44
- 6.2.6 CRITICAL ILLNESS INSURANCE 44
- 6.2.7 UNIT LINKED HEALTH PLANS 44
- 6.2.8 PERMANENT HEALTH INSURANCE 44
6.3 SOLUTIONS 44
- 6.3.1 LEAD GENERATIONS SOLUTIONS 45
- 6.3.2 REVENUE MANAGEMENT & BILLING SOLUTIONS 45
- 6.3.3 ROBOTIC PROCESS AUTOMATION 45
- 6.3.4 INSURANCE CLOUD SOLUTIONS 45
- 6.3.5 CLAIMS ADMINISTRATION CLOUD SOLUTIONS 45
- 6.3.6 VALUE-BASED PAYMENTS SOLUTIONS 45
- 6.3.7 ARTIFICIAL INTELLIGENCE & BLOCK CHAIN SOLUTIONS 46
- 6.3.8 INTELLIGENT CASE MANAGEMENT SOLUTIONS 46
- 6.3.9 OTHERS 46

7 U.K. HEALTH INSURANCE MARKET, BY SERVICES 47

7.1 OVERVIEW 48
7.2 INPATIENT TREATMENT 49
7.3 OUTPATIENT TREATMENT 49
7.4 MEDICAL ASSURANCE 50
7.5 OTHERS 50

8 U.K. HEALTH INSURANCE MARKET, BY LEVEL OF COVERAGE 51

8.1 OVERVIEW 52
8.2 BRONZE 53
8.3 SILVER 53
8.4 GOLD 53
8.5 PLATINUM 54

9 U.K. HEALTH INSURANCE MARKET, BY SERVICE PROVIDERS 55

9.1 OVERVIEW 56
9.2 PUBLIC HEALTH INSURANCE PROVIDERS 57
9.3 PRIVATE HEALTH INSURANCE PROVIDERS 57

10 U.K. HEALTH INSURANCE MARKET, BY HEALTH INSURANCE PLANS 58

10.1 OVERVIEW 59
10.2 POINT OF SERVICE (POS) 60
10.3 EXCLUSIVE PROVIDER ORGANIZATION (EPOS) 60
10.4 PREFERRED PROVIDER ORGANIZATION (PPO) 61
10.5 INDEMNITY HEALTH INSURANCE 61
10.6 HEALTH MAINTENANCE ORGANIZATION (HMO) 61
10.7 HEALTH SAVINGS ACCOUNT (HSA) 61
10.8 QUALIFIED SMALL EMPLOYER HEALTH REIMBURSEMENT ARRANGEMENTS (QSEHRAS) 62
10.9 OTHERS 62

11 U.K. HEALTH INSURANCE MARKET, BY DEMOGRAPHICS 63

11.1 OVERVIEW 64
11.2 ADULTS 65
11.3 MINORS 65
11.4 SENIOR CITIZENS 65

12 U.K. HEALTH INSURANCE MARKET, BY COVERAGE TYPE 66

12.1 OVERVIEW 67
12.2 LIFETIME COVERAGE 68
12.3 TERM COVERAGE 68

13 U.K. HEALTH INSURANCE MARKET, BY END-USER 69

13.1 OVERVIEW 70
13.2 CORPORATES 71
13.3 INDIVIDUALS 71
13.4 OTHERS 72

14 U.K. HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL 73

14.1 OVERVIEW 74
14.2 DIRECT SALES 75
14.3 FINANCIAL INSTITUTIONS 75
14.4 E-COMMERCE 76
14.5 HOSPITALS 76
14.6 CLINICS 76
14.7 OTHERS 76

15 U.K. HEALTH INSURANCE MARKET, COMPANY LANDSCAPE 77

15.1 COMPANY SHARE ANALYSIS: U.K. 77

16 SWOT ANALYSIS 78

17 COMPANY PROFILE 79

17.1 CIGNA 79
- 17.1.1 COMPANY SNAPSHOT 79
- 17.1.2 REVENUE ANALYSIS 80
- 17.1.3 PRODUCT PORTFOLIO 80
- 17.1.4 RECENT UPDATE 81
17.2 AVIVA 82
- 17.2.1 COMPANY SNAPSHOT 82
- 17.2.2 REVENUE ANALYSIS 82
- 17.2.3 PRODUCT PORTFOLIO 83
- 17.2.4 RECENT UPDATES 83
17.3 ALLIANZ CARE (A SUBSIDIARY OF ALLIANZ) 84
- 17.3.1 COMPANY SNAPSHOT 84
- 17.3.2 REVENUE ANALYSIS 84
- 17.3.3 PRODUCT PORTFOLIO 85
- 17.3.4 RECENT UPDATE 85
17.4 AXA 87
- 17.4.1 COMPANY SNAPSHOT 87
- 17.4.2 REVENUE ANALYSIS 87
- 17.4.3 PRODUCT PORTFOLIO 88
- 17.4.4 RECENT UPDATES 88
17.5 BUPA 89
- 17.5.1 COMPANY SNAPSHOT 89
- 17.5.2 REVENUE ANALYSIS 89
- 17.5.3 PRODUCT PORTFOLIO 90
- 17.5.4 RECENT UPDATES 90
17.6 AMERICAN INTERNATIONAL GROUP, INC. (2021) 92
- 17.6.1 COMPANY SNAPSHOT 92
- 17.6.2 REVENUE ANALYSIS 92
- 17.6.3 PRODUCT PORTFOLIO 93
- 17.6.4 RECENT DEVELOPMENTS 93
17.7 EXETER FRIENDLY SOCIETY LIMITED 94
- 17.7.1 COMPANY SNAPSHOT 94
- 17.7.2 PRODUCT PORTFOLIO 94
- 17.7.3 RECENT DEVELOPMENTS 94
17.8 FREEDOM HEALTH INSURANCE 95
- 17.8.1 COMPANY SNAPSHOT 95
- 17.8.2 PRODUCT PORTFOLIO 95
- 17.8.3 RECENT DEVELOPMENTS 95
17.9 GENERAL AND MEDICAL FINANCE LTD 96
- 17.9.1 COMPANY SNAPSHOT 96
- 17.9.2 PRODUCT PORTFOLIO 96
- 17.9.3 RECENT DEVELOPMENTS 96
17.10 PRU LIFE UK 97
- 17.10.1 COMPANY SNAPSHOT 97
- 17.10.2 PRODUCT PORTFOLIO 97
- 17.10.3 RECENT DEVELOPMENTS 97
17.11 SAGA (2021) 99
- 17.11.1 COMPANY SNAPSHOT 99
- 17.11.2 REVENUE ANALYSIS 99
- 17.11.3 PRODUCT PORTFOLIO 100
- 17.11.4 RECENT DEVELOPMENTS 100
17.12 VITALITY (A SUBSIDIARY OF DISCOVERY LTD) 101
- 17.12.1 COMPANY SNAPSHOT 101
- 17.12.2 REVENUE ANALYSIS 101
- 17.12.3 PRODUCT PORTFOLIO 102
- 17.12.4 RECENT UPDATES 102

18 QUESTIONNAIRE 103

19 RELATED REPORTS 108

LIST OF TABLES

TABLE 1 AVERAGE COSTS FOR COMMON SURGERIES 33
TABLE 2 LIST OF DAYCARE PROCEDURES 34
TABLE 3 AVERAGE EMPLOYEE PREMIUMS IN U.S. (2020) 36
TABLE 4 U.K. HEALTH INSURANCE MARKET, BY TYPE, 2020-2029 (USD MILLION) 43
TABLE 5 U.K. PRODUCT IN HEALTH INSURANCE MARKET, BY TYPE, 2020-2029 (USD MILLION) 43
TABLE 6 U.K. SOLUTIONS IN HEALTH INSURANCE MARKET, BY TYPE, 2020-2029 (USD MILLION) 45
TABLE 7 U.K. HEALTH INSURANCE MARKET, BY SERVICES, 2020-2029 (USD MILLION) 49
TABLE 8 U.K. HEALTH INSURANCE MARKET, BY LEVEL OF COVERAGE, 2020-2029 (USD MILLION) 53
TABLE 9 U.K. HEALTH INSURANCE MARKET, BY SERVICE PROVIDERS, 2020-2029 (USD MILLION) 57
TABLE 10 U.K. HEALTH INSURANCE MARKET, BY HEALTH INSURANCE PLANS, 2020-2029 (USD MILLION) 60
TABLE 11 U.K. HEALTH INSURANCE MARKET, BY DEMOGRAPHICS, 2020-2029 (USD MILLION) 65
TABLE 12 U.K. HEALTH INSURANCE MARKET, BY COVERAGE TYPE, 2020-2029 (USD MILLION) 68
TABLE 13 U.K. HEALTH INSURANCE MARKET, BY END-USER, 2020-2029 (USD MILLION) 71
TABLE 14 U.K. HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2020-2029 (USD MILLION) 75

LIST OF FIGURES

FIGURE 1 U.K. HEALTH INSURANCE MARKET: SEGMENTATION 14
FIGURE 2 U.K. HEALTH INSURANCE MARKET: DATA TRIANGULATION 16
FIGURE 3 U.K. HEALTH INSURANCE MARKET: DROC ANALYSIS 17
FIGURE 4 U.K. HEALTH INSURANCE MARKET: REGIONAL VS COUNTRY MARKET ANALYSIS 18
FIGURE 5 U.K. HEALTH INSURANCE MARKET: COMPANY RESEARCH ANALYSIS 18
FIGURE 6 U.K. HEALTH INSURANCE MARKET: INTERVIEW DEMOGRAPHICS 19
FIGURE 7 U.K. HEALTH INSURANCE MARKET: DBMR MARKET POSITION GRID 20
FIGURE 8 U.K. HEALTH INSURANCE MARKET: END-USER COVERAGE GRID 21
FIGURE 9 U.K. HEALTH INSURANCE MARKET: CHALLENGE MATRIX 22
FIGURE 10 U.K. HEALTH INSURANCE MARKET: TYPE LIFE LINE CURVE 23
FIGURE 11 U.K. HEALTH INSURANCE MARKET: MULTIVARIATE MODELLING 23
FIGURE 12 U.K. HEALTH INSURANCE MARKET: SEGMENTATION 29
FIGURE 13 INCREASING COST OF MEDICAL SERVICES IS EXPECTED TO DRIVE THE U.K. HEALTH INSURANCE MARKET GROWTH IN THE FORECAST PERIOD OF 2022 TO 2029 30
FIGURE 14 PRODUCT SEGMENT IS EXPECTED TO ACCOUNT FOR THE LARGEST SHARE OF THE U.K. HEALTH INSURANCE MARKET IN 2022 & 2029 30
FIGURE 15 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF THE U.K. HEALTH INSURANCE MARKET 32
FIGURE 16 HEALTH INSURANCE COVERAGE 40
FIGURE 17 U.K. HEALTH INSURANCE MARKET: BY TYPE, 2021 42
FIGURE 18 U.K. HEALTH INSURANCE MARKET: BY SERVICES, 2021 48
FIGURE 19 U.K. HEALTH INSURANCE MARKET: BY LEVEL OF COVERAGE, 2021 52
FIGURE 20 U.K. HEALTH INSURANCE MARKET: BY SERVICE PROVIDERS, 2021 56
FIGURE 21 U.K. HEALTH INSURANCE MARKET: BY HEALTH INSURANCE PLANS, 2021 59
FIGURE 22 U.K. HEALTH INSURANCE MARKET: BY DEMOGRAPHICS, 2021 64
FIGURE 23 U.K. HEALTH INSURANCE MARKET: BY COVERAGE TYPE, 2021 67
FIGURE 24 U.K. HEALTH INSURANCE MARKET: BY END-USER, 2021 70
FIGURE 25 U.K. HEALTH INSURANCE MARKET: BY DISTRIBUTION CHANNEL, 2021 74
FIGURE 26 U.K. HEALTH INSURANCE MARKET: COMPANY SHARE 2021 (%) 77