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Personal Accident and Health Insurance in the United Kingdom, Key Trends and Opportunities to 2017

United Kingdom health insurance market: Largest category in insurance during 2012

The UK's personal accident and health insurance segment is the smallest segment in terms of gross written premium in the country's insurance industry. During the review period, the country's increasing overall healthcare expenditure and deficiencies related to the provision of care by the National Health Service (NHS) stimulated growth in the health insurance category.

As a result of initiatives by the UK Competition Commission, private healthcare companies in the country are expected to be forced to provide comparable quality and cost information to ensure fair competition. Over the forecast period, personal accident and health insurance growth is expected to be driven by the health insurance category which accounted for the largest market share of 66.7% in 2012. Overall, the value of the segment is expected to increase at a CAGR of 2.4%.

During the review period, the country's increasing overall healthcare expenditure and deficiencies related to the provision of care by the National Health Service (NHS) stimulated growth in the health insurance category.

There is a high reliance on insurance brokers and, despite the UK having a highly developed banking industry and a high percentage of the country's population banking online, the bancassurance channel only accounted for the third-highest proportion of personal accident and health insurance policies distributed in the UK.

Approximately 85% of the UK's healthcare expenses are government-funded and 15% is covered by private insurers.

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