United Kingdom Health Insurance Market By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, Competition Forecast & Opportunities, 2018-2028

Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format

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United Kingdom Health Insurance Market By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, Competition Forecast & Opportunities, 2018-2028

Forecast Period 2024-2028
Market Size (2022) USD7.12 Billion
CAGR (2023-2028) 4.67%
Fastest Growing Segment Private Insurance Provider
Largest Market Adults

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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 found at, this segment is expected to boost the market demand for the health insurance sector during the forecast period.

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.

MIR Segment1

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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

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

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Delivery Format

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Table of Content

Table of Contents

Chapter 1. Methodology and Scope
                   1.1. Market Segmentation & Scope
                       1.1.1. Type
                       1.1.2. Demographics
                       1.1.3. Estimates and forecast timeline
                   1.2. Research Methodology
                   1.3. Information Procurement
                       1.3.1. Purchased database
                       1.3.2. GVR’s internal database
                       1.3.3. Secondary sources
                       1.3.4. Primary research
                       1.3.5. Details of primary research
                   1.4. Information or Data Analysis
                       1.4.1. Data analysis models
                   1.5. Market Formulation & Validation
                   1.6. Model Details
                       1.6.1. Commodity flow analysis (Model 1)
                           1.6.1.1. Approach 1: Commodity flow approach
                       1.6.2. Volume price analysis (Model 2)
                           1.6.2.1. Approach 2: Volume price analysis
                   1.7. List of Secondary Sources
                   1.8. List of Primary Sources
                   1.9. Objectives
                       1.9.1. Objective 1
                       1.9.2. Objective 2
Chapter 2. Executive Summary
                   2.1. Market Outlook
                   2.2. Segment Outlook
                       2.2.1. Type outlook
                       2.2.2. Demographic outlook
                   2.3. Competitive Insights
Chapter 3. UK Health Insurance Market Variables, Trends & Scope
                   3.1. Market Lineage Outlook
                       3.1.1. Parent market outlook
                       3.1.2. Related/ancillary market outlook
                   3.2. Penetration & Growth Prospect Mapping
                   3.3. Industry Value Chain Analysis
                       3.3.1. Reimbursement framework
                   3.4. Market Dynamics
                       3.4.1. Market driver analysis
                           3.4.1.1. Increasing awareness about the need for health insurance
                           3.4.1.2. Rise in the out-of-pocket expenses for medical treatments
                           3.4.1.3. Growing prevalence of chronic disorders
                       3.4.2. Market restraint analysis
                           3.4.2.1. Increase in health insurance premium
                   3.5. UK Health Insurance Market Analysis Tools
                       3.5.1. Industry Analysis - Porter’s Five Forces
                           3.5.1.1. Supplier power
                           3.5.1.2. Buyer power
                           3.5.1.3. Substitution threat
                           3.5.1.4. Threat of new entrant
                           3.5.1.5. Competitive rivalry
                       3.5.2. PESTEL Analysis
                           3.5.2.1. Political landscape
                           3.5.2.2. Technological landscape
                           3.5.2.3. Economic landscape
                       3.5.3. Major Deals & Strategic Alliances Analysis
                       3.5.4. Market Entry Strategies
Chapter 4. UK Health Insurance Market: Type Estimates & Trend Analysis
                   4.1. Definitions and Scope
                       4.1.1. Public
                       4.1.2. Private
                   4.2. Type Market Share, 2022 & 2030
                   4.3. Segment Dashboard
                   4.4. UK Health Insurance Market by Type Outlook
                   4.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
                       4.5.1. Public
                           4.5.1.1. Public market estimates and forecast 2018 to 2030 (USD Billion)
                       4.5.2. Private
                           4.5.2.1. Private market estimates and forecast 2018 to 2030 (USD Billion)
                           4.5.2.2. Company paid PMI
                               4.5.2.2.1. Company paid PMI market estimates and forecast 2018 to 2030 (USD Billion)
                               4.5.2.2.2. Small firm
                                   4.5.2.2.2.1. Small firm market estimates and forecast 2018 to 2030 (USD Billion)
                               4.5.2.2.3. Large firm
                                   4.5.2.2.3.1. Large firm market estimates and forecast 2018 to 2030 (USD Billion)
                           4.5.2.3. Company paid self-insured
                               4.5.2.3.1. Company paid self-insured market estimates and forecast 2018 to 2030 (USD Billion)
                               4.5.2.3.2. Small firm
                                   4.5.2.3.2.1. Small firm market estimates and forecast 2018 to 2030 (USD Billion)
                               4.5.2.3.3. Large firm
                                   4.5.2.3.3.1. Large firm market estimates and forecast 2018 to 2030 (USD Billion)
                           4.5.2.4. Individual
                               4.5.2.4.1. Individual paid PMI market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 5. UK Health Insurance Market: Demographics Estimates & Trend Analysis
                   5.1. Definitions and Scope
                       5.1.1. Minor
                       5.1.2. Adult
                       5.1.3. Senior
                   5.2. Demographic Market Share, 2022 & 2030
                   5.3. Segment Dashboard
                   5.4. UK Health Insurance Market by Demographic Outlook
                   5.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
                       5.5.1. Minor
                           5.5.1.1. Minor market estimates and forecast 2018 to 2030 (USD Billion)
                       5.5.2. Adult
                           5.5.2.1. Adult market estimates and forecast 2018 to 2030 (USD Billion)
                       5.5.3. Senior
                           5.5.3.1. Senior market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 6. Competitive Landscape
                   6.1. Recent Developments & Impact Analysis, By Key Market Participants
                   6.2. Company/Competition Categorization
                       6.2.1. Innovators
                   6.3. Vendor Landscape
                       6.3.1. List of key distributors and channel partners
                       6.3.2. Key customers
                       6.3.3. Key company market share analysis, 2022
                       6.3.4. Cigna
                           6.3.4.1. Company overview
                           6.3.4.2. Financial performance
                           6.3.4.3. Product benchmarking
                           6.3.4.4. Strategic initiatives
                       6.3.5. Bupa
                           6.3.5.1. Company overview
                           6.3.5.2. Financial performance
                           6.3.5.3. Product benchmarking
                           6.3.5.4. Strategic initiatives
                       6.3.6. AXA Health
                           6.3.6.1. Company overview
                           6.3.6.2. Financial performance
                           6.3.6.3. Product benchmarking
                           6.3.6.4. Strategic initiatives
                       6.3.7. Aviva Plc
                           6.3.7.1. Company overview
                           6.3.7.2. Financial performance
                           6.3.7.3. Product benchmarking
                           6.3.7.4. Strategic initiatives
                       6.3.8. Vitality Health
                           6.3.8.1. Company overview
                           6.3.8.2. Financial performance
                           6.3.8.3. Product benchmarking
                           6.3.8.4. Strategic initiatives
                       6.3.9. Freedom Health Insurance
                           6.3.9.1. Company overview
                           6.3.9.2. Financial performance
                           6.3.9.3. Product benchmarking
                           6.3.9.4. Strategic initiatives
                       6.3.10. Western Provident Association
                           6.3.10.1. Company overview
                           6.3.10.2. Financial performance
                           6.3.10.3. Product benchmarking
                           6.3.10.4. Strategic initiatives

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