The private medical insurance market saw encouraging news this week with the year on year subscriber figures for one of the industry's biggest players showing a very respectable increase.
PMI provider AXA PPP healthcare saw an 11% increase in member numbers for 2012 for UK and international PMI combined, which is likely to be encouraging news for the industry as a whole - especially given that we're not yet hearing much talk of the recession lifting once and for all.
It's interesting to note that the company's international PMI is seeing an increase in subsriber numbers, since this area is one that's been on the increase for a while now. part of the reason for this is that - even despite the effects of the downturn on many companies - more and more people are emnbarking on international assignments through their employer.
The number of expat employees is expected to continue to grow for at least the next 5 years, and expat insurance will be an area to watch as this continues.
The value of private health and healthcare services in the UK is £40 billion (source: laing and Buisson) and this is likely to grow due to a number of factors including
- ageing population more of whom as time goes on will be likely to insure health
- changes to the structure of the healthcare market as a whole
- increasing amount of people travelling to the UK for elective procedures
- new drugs and treatments offered under private medicine may not be available elsewhere, attracting more subscribers to PMI
Of course, there's always the possibility that the economy could find its upturn sooner than expected too, which would also provide a fillip for the market.