Medical and health-related insurances extend across the general and long-term insurance markets, but form minor components of both.
April 14, 2007 (Press Release) --
Medical & Health Insurance
Executive Summary
STRATEGIC OVERVIEW
Medical and health-related insurances extend across the general and long-term insurance markets, but form minor components of both. The leading medical insurers are BUPA, AXA PPP, Norwich Union and Standard Life. The keenest buyers of protection insurances are managers and professionals — ABs — whose employers often pay the premiums. Full-time workers with young families and mortgages are also core customers.
LONG-TERM INSURANCE CATEGORIES OF PROTECTION COVER
Income protection insurance enjoyed annual growth between 1999 and 2002, but slipped back in 2003. In 2004, income protection insurance, including critical illness and mortgage payment protection cover, is worth an estimated £2bn to £2.1bn in net premiums in the UK. A lack of advertising promotion suggests that insurers do not expect the market to expand. As yet, few adults insure against redundancy, although penetration doubled in 2002/2003, albeit to 2% of households. Premiums for redundancy cover in 2004 are fairly low because employment rates are high. Cover costs for illness are rising because of both negative factors (e.g. stress and obesity) and positive factors (e.g. improved treatments that keep people alive for longer).
Mortgage payment protection insurance, covering policyholders against the inability to make repayments due to accident, sickness or unemployment, expanded from 1.7 million policies in force at the end of 1998, to 2.7 million at 30th June 2003. Mortgage protection, or mortgage-related term assurance, repays the mortgage if the policyholder dies. The number of new contracts, 1.2 million in 2003 against 510,000 in 1999, indicates the huge churn in the mortgage market as borrowers remortgage to release cash.
Standalone critical illness insurance sold to individuals is not a lively market. Critical illness cover is far more popular as an add-on to another form of policy than as a separate product. A fall in average premium value suggests a degree of under insurance — a factor also pertaining to private medical insurance (PMI) policies sold to individual customers.
The long-term care insurance market is tiny and did not increase in 2003. The long-term care market highlights two negative factors afflicting insurers: consumers' reluctance to think ahead and to trust other people with their money.
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You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
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Medical & Health Insurance
Executive Summary
STRATEGIC OVERVIEW
Medical and health-related insurances extend across the general and long-term insurance markets, but form minor components of both. The leading medical insurers are BUPA, AXA PPP, Norwich Union and Standard Life. The keenest buyers of protection insurances are managers and professionals — ABs — whose employers often pay the premiums. Full-time workers with young families and mortgages are also core customers.
LONG-TERM INSURANCE CATEGORIES OF PROTECTION COVER
Income protection insurance enjoyed annual growth between 1999 and 2002, but slipped back in 2003. In 2004, income protection insurance, including critical illness and mortgage payment protection cover, is worth an estimated £2bn to £2.1bn in net premiums in the UK. A lack of advertising promotion suggests that insurers do not expect the market to expand. As yet, few adults insure against redundancy, although penetration doubled in 2002/2003, albeit to 2% of households. Premiums for redundancy cover in 2004 are fairly low because employment rates are high. Cover costs for illness are rising because of both negative factors (e.g. stress and obesity) and positive factors (e.g. improved treatments that keep people alive for longer).
Mortgage payment protection insurance, covering policyholders against the inability to make repayments due to accident, sickness or unemployment, expanded from 1.7 million policies in force at the end of 1998, to 2.7 million at 30th June 2003. Mortgage protection, or mortgage-related term assurance, repays the mortgage if the policyholder dies. The number of new contracts, 1.2 million in 2003 against 510,000 in 1999, indicates the huge churn in the mortgage market as borrowers remortgage to release cash.
Standalone critical illness insurance sold to individuals is not a lively market. Critical illness cover is far more popular as an add-on to another form of policy than as a separate product. A fall in average premium value suggests a degree of under insurance — a factor also pertaining to private medical insurance (PMI) policies sold to individual customers.
The long-term care insurance market is tiny and did not increase in 2003. The long-term care market highlights two negative factors afflicting insurers: consumers' reluctance to think ahead and to trust other people with their money.
For more information, Please visit : http://www.bharatbook.com/detail.asp?id=9796
or email us at : info@bharatbook.com
You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
For searching our huge collection of reports, Please visit :
http://www.bharatbook.com/general/customresearch.asp
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