About this report
In spite of the economic downturn, the total number of PMI subscribers increased by 4% in 2008, with the corporate sector rising by 6% rise and the personal sector remaining flat.
Contribution income from health cash plans increased by 4% in 2008, although the number of subscribers fell by 2% from 2.99 million to 2.94 million.
2009 is likely to be a much more challenging year, however, particularly in the corporate PMI sector due to business collapses and budgetary cutbacks.
Unlike health cash plans, The PMI market is heavily intermediated. However, intermediary interest in the health cash plan market is picking up– in 2002, just 3% of sales were intermediated, compared to 17% in 2008.
Mintel’s consumer research shows that 19% of people in the UK are covered by PMI (around 9.3 million people) and 6% have a health cash plan (around 2.9 million people).
Retention in the personal sector may not be too bad this year as policyholders really value their cover– 44% of people with individual PMI said if things got tight they’d do whatever they could to make savings elsewhere before cutting health insurance.
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