UK B2B Health and Protection Insurance Market Report 2022

The UK B2B Health and Protection Insurance report identifies consumer attitudes towards the impact of COVID-19 and Brexit, new market conditions, and the value of the market in 2022 in the UK. This market report covers the market size, market forecast, market segmentation and trends for the B2B Health and Protection Insurance industry in the UK.

Current Market Landscape

Before COVID-19, growing concerns about NHS waiting times had clearly played a considerable role in driving people to purchase private medical insurance policies. Yet, the increased strain that the pandemic has placed on the NHS has the potential to increase the uptake of private medical insurance policies further – particularly given the intensified mainstream media attention on delays to treatment.

• The commercial health insurance market to rise by 1.4% in 2022, before increasing by an average of 1.9% per year until 2026.
• The liability insurance market is expected to rise by a cumulative 15%.
• The miscellaneous & pecuniary loss market is expected to rise by a cumulative 14%.

However, the increased interest in health insurance will not convert fully into sales due to the current economic climate in the UK. With inflation rising by a three-decade high, adding an additional expense to already rising costs will not be an easy choice for some companies or individuals to make. Therefore, insurers will have to innovate in order to demonstrate the benefits of having PMI during the pandemic.

Future Market Trends in B2B Health and Protection Insurance 

The UK has a very disparate protection distribution landscape and accessing the business protection opportunity is not as straightforward as it sounds.

The COVID-19 pandemic has hit UK businesses hard over the last two years, especially in certain sectors such as leisure and travel, bringing disruption to normal operations and reducing revenues.

Cost-sensitivity and price rises have ensured that businesses remain focused on creating efficiencies in their commercial insurance arrangements. However, perhaps with focus now turning to recovery rather than survival, attention has shifted to finding efficiencies and not the outright cancellations that can leave firms exposed and under-insured.

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Quickly understand

• The impact of COVID-19 and Brexit on the B2B health and protection insurance markets, and how insurers and policyholders alike reacted to the new market conditions.
• How the market will adapt to the post-COVID-19 and Brexit environment.
• The value of the markets in 2022 and beyond.

Covered in this report

Brands: Bupa, AXA Health, Aviva, VitalityHealth, Zurich, WPA, AIG, Direct Line, Hiscox, RSA Group.

Expert analysis from a specialist in the field

This report, written by Lewis Cone, a leading analyst in the B2B sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The next few years could see a rise in health insurance claims costs, perhaps substantially, due to a rise in illnesses and diseases that have gone undiagnosed or unchecked during the pandemic. Such delays will increase the need for more invasive and costly treatment further down the line, which will put pressure on margins.
The COVID-19 pandemic and Brexit have been major stress tests of confidence for businesses and will continue to present challenges going forward. These challenges, however, will provide opportunities for insurers to boost their own propositions as long as they highlight the cost-effectiveness of businesses being covered and launch new, relevant protection products into the market.

Lewis Cone
Senior B2B Analyst