The UK Health Insurance Market, Encompassing Public and Private Hospitals, is Expected To Grow Due To Increased NHS Waiting Times and Private Sector Referrals, Making Healthcare Insurance A Key Public Issue. Despite Economic Instability, the Demand for Affordable Health Policies and Employer-Sponsored Health Plans Has Surged, With A Shift in Consumer Attitudes Towards Private Medical Insurance. However, the Lack of Competition Among Private Hospitals Has Led To Increased Claims Costs and Premium Growth. Key Players Include AXA, BUPA, WPA, Simply Health, and Freedom Health Insurance.

In 2023, about one million people in Great Britain had private health and medical insurance with BUPA, an increase compared to the previous year. Aviva and AXA Health were the next most popular insurance brands.

The Report Covers Dental Insurance Companies and it is segmented by Coverage (Dental Health Maintenance Organizations (DHMO), Dental Preferred Provider Organizations (DPPO), Dental Indemnity Plans (DIP), Dental Exclusive Provider Organizations (DEPO), and Dental Point of Service (DPS)), by Procedure (Preventive, Major, and Basic), By End-users (Individuals and Corporate), by Industries (Chemicals, Refineries, Metal and Mining, Food and Beverages, and Others), and by Demographics (Senior Citizens, Adults, and Minors).

Businesses in this industry underwrite insurance policies relating to accidents and health. The premiums they earn from this are then invested to generate additional income. Underwriting life and disability insurance is not included in this industry, although operators may compete in both insurance markets.

The health insurance market offers a range of products, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point-of-service (POS) plans. HMOs provide comprehensive coverage within a network of healthcare providers, while PPOs offer more flexibility in choosing providers but with higher out-of-pocket costs. POS plans combine features of both HMOs and PPOs, providing some flexibility while maintaining cost control. Recent developments include: June 2022:Allianz (Germany) subsidiary Bajaj Allianz launched the health insurance " Health Care". This insurance includes emergency treatment available for domestic and international usage., October 2021:United Health Group (US) launched the virtual-first health plan. This plan provides people with 24/7 access to a dedicated care team and quality care at a lower cost., April 2019:Aviva plc (UK) launched the private medical insurance service for corporate clients. It enables staff to access open recommendations to clinicians and medical specialists through their GP or the Aviva Digital GP app.. Notable trends are: Automation and digitization in health insurance are boosting market growth.

Among UK health insurance providers, Aviva had the most loyal customers in 2023, with 88 percent of current owners stating that they would like to repurchase in the future. This was followed by Bupa, Benenden, and Health-on-Line in the 2023 survey.

GlobalData’s 'Personal Accident and Health Insurance Market to 2025’ report provides a detailed outlook of the Global Personal Accident and Health Insurance industry. Read More

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Personal Accident and Health Insurance Market Size 2024-2028

The personal accident and health insurance market size is forecast to increase by USD 720.5 billion at a CAGR of 8.81% between 2023 and 2028.

The PA&H insurance market is experiencing significant growth, driven by increasing awareness regarding the benefits of these types of policies. With the advancement of technology, there is an increasing availability of insurance products and services through digital channels. This trend is particularly notable in the US market, where consumers are increasingly turning to online platforms to purchase and manage their insurance coverage. 
However, the PA&H market also faces challenges, including the vulnerability to cybercrime. As more insurers move their operations online, they must prioritize cybersecurity to protect sensitive customer data. Overall, the market is poised for continued growth, driven by consumer demand for comprehensive insurance coverage and the convenience of digital channels.

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How is this Personal Accident and Health Insurance Industry segmented?

The PA&H insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Personal health insurance
  Personal accidental insurance


Age Group

  Adults
  Senior citizens
  Children


Geography

  North America

    Canada
    US


  APAC

    China
    Japan
    India
    Australia


  Europe

    UK
    Germany
    France


  South America

    Brazil


  Middle East and Africa

By Type Insights

The personal health insurance segment is estimated to witness significant growth during the forecast period. The PA&H insurance market encompasses health insurance, which is a crucial component. This type of insurance safeguards individuals from exorbitant medical expenses resulting from unforeseen healthcare needs. Coverage includes doctor consultations, hospitalization, prescription medications, and medical procedures. With escalating healthcare costs and the prevalence of chronic diseases, the need for PA&H insurance is increasingly significant. An aging population further amplifies this demand. Key performance indicators for this market include written premium, claims services, profitability trends, and regulatory developments.

Insurance penetration is higher in urban populations, and insurance brokers play a pivotal role in facilitating sales. Technological advancements are transforming the industry, offering innovative solutions and enhancing customer experience.

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The personal health insurance segment was valued at USD 588.50 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market holds a prominent position In the global personal accident and health insurance industry. Fueled by rising consumer awareness and increasing per capita income, the region has experienced steady growth in its personal accident and health insurance sector. A key driver of this expansion is the heightened focus on health and wellness among individuals. The Centers for Disease Control and Prevention (CDC) in the US, for instance, has spearheaded campaigns to promote the importance of personal accident and health insurance coverage. Chronic diseases and lifestyle diseases are major health concerns, leading to substantial medical expenses, including hospital stays, drugs, and procedures.

Insurance coverage for these expenses is crucial, especially as the population ages. Technological advancements have also influenced the market, enabling insurers to offer more comprehensive and customized policies. Key performance indicators such as written premium, claims, and profitability trends are closely monitored by industry experts. Urban populations, insurance penetration, and regulatory developments are other significant factors shaping the market. Insurance brokers play a vital role in facilitating the purchase of personal accident and health insurance.

Market Dynamics

The PA&H insurance market encompasses policies designed to cover medical expenses and income loss resulting from accidents or illnesses. This market experiences continuous growth due to escalating healthcare costs, a rising aging population, and increasing prevalence of chron

This statistic shows the net written premiums for accident and health insurances of the general business insurance market in the United Kingdom (UK) from 2007 to 2018. In 2018, the net written premiums for accident and health insurances amounted to just under 4.5 billion British pounds (GBP).

Bupa was the most popular health insurance provider among UK consumers in 2023, with 46 percent of respondents liking the insurer. In comparison, WPA was the least popular health insurance provider in that year.

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Insurance Analytics Market 2024-2028

The insurance analytics market size is projected to increase by USD 13.14 billion, at a CAGR of 15.96% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing government regulations on mandatory insurance coverage in developing countries, the increasing availability of big data tools, and the growing need for insurers to make data-driven decisions. Insurance analytics involves the use of data analysis and statistical techniques to gain insights into the insurance industry. It helps insurers make informed decisions, assess risks, detect fraudulent activities, and enhance overall operational efficiency. This technology leverages data from various sources, including customer information, claims data, and market trends, to optimize underwriting, pricing, and claims processing activities.

The report includes a comprehensive outlook on the Insurance Analytics Market, offering forecasts for the industry segmented by Deployment, which comprises cloud and on-premises. Additionally, it categorizes Component into tools and services and covers Regions, including North America, Europe, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.

What will be the size of the Insurance Analytics Market During the Forecast Period?

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Insurance Analytics Market Overview

Insurance Analytics Market Driver

Increasing government regulations on mandatory insurance coverage in developing countries is the key factor driving market growth. Third-party motor insurance is compulsory for vehicles that run on public roads in some countries. For example, anyone who owns or operates a vehicle in the state of Maine in the US must have at least the minimum amount of insurance required by law. Similarly, health insurance is mandatory in most developed countries. Travel insurance is mandatory for a person traveling to a foreign country (in most developed countries).

Furthermore, the travel Insurance industry is expected to grow at a rapid pace due to the increase in cross-country tourism. The health insurance analytics industry is growing slowly in developing countries because of the increased awareness about the importance of having health insurance. As a result, the growth of various types of insurance is resulting in the rapid expansion of the global insurance analytics market.

Insurance Analytics Market Trends

Increasing adoption of insurance in developing countries is the primary trend shaping market growth. The market is currently expanding at a fast pace because of the increasing awareness about the importance of insurance. Emerging markets, mainly China and India, are expected to contribute to the rapid growth of the insurance industry.

In addition, the digital transformation in the insurance industry has resulted in a rapid increase in the demand for upgraded customer-facing insurance analytics solutions. With the increasing demand for insurance in developing countries, the demand for insurance analytics is also growing at a fast pace. Traditional methods of insurance are not favored anymore.

Insurance Analytics Market Restrain

The complexity of integrating diverse data sources is a challenge that affects market growth. Insurers often deal with vast amounts of data generated by various channels, and integrating this data seamlessly can be complex and complicated. Standardizing data formats, ensuring data quality, and establishing interoperability between different systems are crucial aspects. Overcoming these integration challenges is essential for insurers to harness the full potential of analytics and derive meaningful insights from the diverse datasets available to them.

Furthermore, the insurance sector is a heavily regulated industry, and data use and integration must comply with various regional and industry-specific regulations. Ensuring adherence to compliance standards adds complexity to the overall integration process. In addition, inaccuracies or inconsistencies can lead to flawed insights and decisions.

Insurance Analytics Market Segmentation By Deployment

The market share growth by the cloud segment will be significant during the forecast period. Cloud-based insurance analytics refers to the use of cloud computing services to store, analyze, and process insurance-related data. By leveraging cloud platforms, insurers can benefit from enhanced scalability, flexibility, and accessibility. This enables the efficient handling of large datasets, faster analytics processing, and the ability to access insights from virtually anywhere.

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As of November 2024, Allianz was the leading life and health insurer in Europe, with a market value of about 124.4 billion U.S. dollars. The second largest European life and health insurance company, with market value of approximately 111.3 billion U.S. dollars, was Swiss insurer Chubb. Allianz and AXA were the largest European insurance companies by total assets. Market capitalization Market capitalization, also known as stock market value, is the total value of issued shares of a publicly traded company. It is equal to the share price multiplied by the number of shares outstanding. It applies only to publicly traded companies or companies that have made their stock market debut, also known as the initial public offering, or an IPO. Due to the practice of buying and selling stock in public markets, market capitalization can be used as a proxy for the wider public’s opinion of a company’s net worth. The insurance industry in the United Kingdom (UK) Although the largest insurers hailed from Germany and France, the UK was still the largest insurance market. The UK is the largest insurance industry in Europe by premiums written. In the same year, the ratio of premiums to GDP, also referred to as insurance penetration, was 10.4 percent.

Report Scope:

Report Attribute/Metric	Details
Market Size 2021	USD 62.95 Billion
Market Size 2022	USD 69.23 Billion
Market Size 2030	USD 178.06 Billion
Compound Annual Growth Rate (CAGR)	9.8% (2023-2032)
Base Year	2021
Forecast Period	2023-2032
Historical Data	2018 & 2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Demographic, Type, Period, Service Provider, and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of the World
Countries Covered	The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	International Medical Group, Inc. (IMG), AIA Group Limited (China), Allianz SE (Germany), Aviva Plc (UK), Berkshire Hathaway Inc. (US), Cigna (US), United Health Group (US), Humana (US), Bupa (UK), Kaiser Foundation (US), and among others
Key Market Opportunities	Growing healthcare expenditure
Key Market Dynamics	Cost-sharing requirements imposed by insurers Increasing prevalence of chronic diseases such as diabetes and hypertension

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Digital Insurance Market Size 2024-2028

The digital insurance market size is forecast to increase by USD 67.23 billion at a CAGR of 12.8% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing number of insurance policies and the emergence of cloud-based solutions in the sector. The healthcare IT industry is also playing a pivotal role in this evolution, as insurers seek to leverage Low Code/No Code platforms, Machine Learning (ML), and digital transformation strategies to improve efficiency and customer experience. The digital insurance ecosystem is becoming increasingly complex, with insurers, intermediaries, and third-party service providers all collaborating to deliver innovative solutions. Private equity investment is fueling the growth of digital insurance, with firms providing capital to support the development of new technologies and business models. Microsoft Cloud, for instance, is a popular platform for insurers looking to modernize their IT infrastructure and streamline operations. Regulatory compliance is another key trend, as insurers seek to navigate the complex regulatory landscape and ensure they are meeting the evolving needs of their customers.

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The insurance industry is undergoing a significant digital transformation, driven by the need to address macroeconomic factors, customer expectations, and advanced technology. This shift is crucial for companies to provide effective financial safety nets and mitigate protection gaps in an increasingly complex risk landscape. Company culture plays a pivotal role in embracing digital transformation. Insurance organizations must foster a purpose-driven environment that encourages innovation and technology adoption. This mindset is essential for insurers to respond effectively to catastrophic events and provide timely customer service.

Furthermore, advanced technology, such as Artificial Intelligence (AI), is revolutionizing underwriting and claims management processes. AI-driven models can analyze vast amounts of data, enabling insurers to make informed decisions and personalize policies based on individual risk profiles. However, the digital transformation journey is not without challenges. Insurers must navigate the complexities of core system modernization, workforce transformation, and technology adoption. Moreover, the integration of AI and other advanced technologies requires a significant investment in digital capabilities. Customer experience is a key focus area for insurers in the digital age. By adopting a customer-centric business model, insurers can provide personalized offerings, streamline processes, and enhance communication channels.

Additionally, insurers can leverage digital capabilities to offer innovative financial health and employee benefits solutions, catering to the evolving needs of their customers. Diversity and inclusion are essential components of a successful digital transformation strategy. Insurance companies must foster a workforce that reflects the diversity of their customer base, ensuring that they can effectively address the unique needs and expectations of various communities. In conclusion, the insurance industry's digital transformation is essential for companies to remain competitive and provide effective financial safety nets amidst macroeconomic factors and advanced technology. By focusing on customer experience, technology adoption, and workforce transformation, insurers can navigate the complexities of the digital age and thrive in an ever-evolving risk landscape.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Distribution Channel

  Direct sales
  Brokers/agents
  Affiliated partners


End-user

  Individuals
  Businesses


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By Distribution Channel Insights

The direct sales segment is estimated to witness significant growth during the forecast period. The market in the United States has experienced a transformative shift with the rise of InsurTech and the Direct-to-Consumer (DTC) model. This model eliminates the need for intermediaries like brokers and agents, allowing insurers to sell policies directly to consumers through digital channels. The DTC model's advantages are manifold. First, it offers significant cost savings. By cutting out intermediaries, insurers can reduce commission fees, leading to lower premiums for consumers and increased profitability for insurers. Moreover, the use of advanced technologies such as AI and Parametric insurance en

In 2024, the largest insurance company traded on the London Stock Exchange (LSE) was Old Mutual Ltd. That year, the African financial services group employed almost 27,300 people worldwide. The second- and third-place rankings were completed by Aviva PLC and Prudential PLC, with around 26,380 and 15,000 employees, respectively. Who leads the insurance industry in the UK? Prudential had the largest market cap of LSE-traded insurers in 2023, beating Legal & General Group PLC by almost 10 billion British pounds. When viewed on a global scale, Prudential was among the largest 25 insurance companies in the world. Non-life insurance in the UK Also referred to as “general insurance,” non-life insurance includes insurance policies that provide a guarantee of compensation for loss, damage or illness. With the United Kingdom having one of the largest insurance markets globally, gross written premiums are always increasing.

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What is the Personal Travel Accident Insurance Market Size?

The personal travel accident insurance market size is forecast to increase by USD 45.3 billion and a CAGR of 7.4% between 2024 and 2029. The market is experiencing significant growth due to several key factors. The increasing number of travel accidents has led to a higher demand for insurance coverage. Additionally, the availability of insurance products and services through digital channels has made it more convenient for consumers to purchase policies. However, concerns related to cyberattacks in the insurance industry pose a challenge to market growth. As the industry continues to digitalize, insurers must prioritize cybersecurity to protect sensitive customer information and maintain trust. Moreover, leveraging data analytics and artificial intelligence, insurers offer customized policies at competitive prices, attracting a substantial customer base. Overall, the market is expected to witness steady growth in the coming years as consumers seek peace of mind while traveling.

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Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments.

Age Group

  Adults
  Senior citizens
  Children


Type

  General personal travel accident insurance
  Premium personal travel accident insurance


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

    Brazil

Which is the largest segment driving market growth?

The adults segment is estimated to witness significant growth during the forecast period. Personal travel accident insurance caters to adults aged 18 and above, offering protection against unforeseen injuries during travel. The market's expansion is fueled by the increasing popularity of adventure activities and the rising number of travel accidents. One common type of coverage is accidental death or dismemberment (AD and D) insurance.

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The adults segment was the largest segment and valued at USD 55.70 billion in 2019. This policy provides financial compensation in the event of fatalities or severe injuries resulting in the loss of limbs, sight, or hearing. Professionals in high-risk industries, such as construction or sports, particularly benefit from this coverage. The economic growth in North America and the increasing demand for enhanced security during travel contribute to the market's expansion. Direct sales channels and improved customer experience are also key factors driving the market's growth. Seek professional assistance for comprehensive travel accident insurance solutions. Hence, such factors are fuelling the growth of this segment during the forecast period.

Which region is leading the market?

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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Personal travel accident insurance is a crucial financial safety net for North Americans embarking on domestic or international journeys, particularly for those engaging in adventure sports. Vendors cater to this demand by providing customized policies, integrating telematics to assess risks, and ensuring comprehensive coverage for medical expenses overseas, trip cancellations, and disability or death benefits. The market's expansion is driven by several factors, including the increasing number of road accidents resulting in fatalities, the growing need for air ambulance services, and the aging population. Employers also play a significant role by offering insurance coverage as part of their corporate commitment to employee welfare. Insurance intermediaries facilitate the process by providing valuable insights and guidance to consumers, ensuring they make informed decisions when selecting the most suitable policy for their travel needs.

How do company ranking index and market positioning come to your aid?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Allianz SE: The company offers personal travel accident insurance such as Bajaj Allianz individual travel insurance, which cover medical costs related to medical evaluation and repatriation, detaining or losing checked baggage entirely, missing connection

The majority of healthcare expenditure in the United Kingdom is publicly funded through the NHS, though private household out-of-pocket and voluntary health insurance spending amounted to 46.4 billion British pounds in 2022. This statistic shows the private sector (including out-of-pocket and voluntary health insurance schemes) healthcare expenditure in the United Kingdom from 1997 to 2022.

The Pet Insurance Market size was valued at USD 13.53 billion in 2023 and is projected to reach USD 34.17 billion by 2032, exhibiting a CAGR of 14.15 % during the forecasts period. Key factors driving this growth include the increasing pet ownership, rising awareness of pet healthcare, and growing disposable incomes. Innovations in pet insurance, such as telemedicine and mobile apps, are also contributing to market expansion. Pet insurance provides the pet owner with financial reimbursement for above average veterinary care which is comforting. They include emergencies such as accidents and illnesses, as well as normal check-ups depending on the policy type. For this reason, pet insurance guarantees that all the needed treatments are available without putting pressure on the pocket. Policies for example may require monthly premiums and deductibles to enable them to design the right policy for a given individual or firm. Pet insurance can ease the financial pressure arising from costly pet bills so that the pet owner can address the health of the pet without undue burden. It works for the animals’ welfare, responsible ownership, and appropriate treatment of pets in case of illness or injury. Recent developments include: In January 2024, Five Sigma, a leader in cloud-based claims management solutions, formed a strategic alliance with Odie Pet Insurance, a company dedicated to making pet insurance more accessible and affordable. This partnership aims to revolutionize pet insurance claims processes and improve industry operations , In November 2023, Fetch formed a partnership with Best Friends Animal Society, a national organization committed to ending the euthanasia of dogs and cats in American shelters by 2025. As part of this collaboration, Fetch will make substantial donations to support Best Friends' efforts to rehome shelter pets and achieve their goal of making the country a no-kill nation , In September 2023, Independence Pet Group (IPG), a prominent pet insurance platform offering comprehensive services, acquired Felix, the sole pet insurance brand exclusively catering to cats in the U.S. , In August 2023, Global Risk Partners (GRP) entered the pet insurance market in the UK by acquiring Petsmedicover, a pet insurance broker trading as VetsMediCover. Following the acquisition, VetsMediCover will become part of Insync Insurance, a digital broker that GRP acquired in December 2020 , In August 2023, Go Digit General Insurance collaborated with Vetina Healthcare LLP to offer extensive insurance coverage for dogs to Vetina Family members .

Abstract copyright UK Data Service and data collection copyright owner.

This project developed a test for asymmetric information in the UK private health insurance (PHI) market. In contrast to earlier research that considered either a purely private system or one where private insurance is complementary to public insurance, PHI is substitutive of the public system in the UK. Using a theoretical model of competition among insurers incorporating this characteristic, the project linked the type of selection (adverse or propitious) with the existence of risk-related information asymmetries. Using the British Household Panel Survey (BHPS) (held at the UK Data Archive under SN 5151), evidence was found that adverse selection is present in the PHI market, which led to the conclusion that such information asymmetries exist.

Further information may be found in the journal article that uses these data:
Olivella, P. and Vera-Hernandez, M. (2012) 'Testing for asymmetric information in private health insurance', Economic Journal, retrieved September 3, 2012 from http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0297.2012.02520.x/full (may require subscription).


Main Topics:

The file includes a subset of data from Waves 6-18 of the BHPS (residents in England, Wales, and Scotland only), covering male employees aged 23-59. See documentation for further details.

This report analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, and pet ownership. It discusses competitors in the market, explores how the market is likely to change due to rising costs and emerging technology, identifies opportunities in the pet insurance space, and provides future forecasts of market size up to 2023. Read More