According to the Association of British Insurers, the number of UK citizens covered by Private Medical Insurance through their employer reached a new record of 4.7 million people in 2023.
The ABI has been collecting data for over 30 years and this is the highest number of employers providing PMI coverage. The overall uptake of both private medical policies and workplace policies has also increased. ABI data shows a 7 percent increase in the number of policyholders in the UK. This will bring the total to 6.2 millions in 2023.
In 2023, the number of claims and policy usage will increase.
As a result of the increasing number of policyholders, 2023 will see a significant increase in claims. The data shows that claims for both employer and individual policies have increased by 21 percent, totaling 1.7 million. This increase was primarily due to workplace policies, which saw claims rise by 26 percent.
ABI reported that private medical insurance payouts have also increased significantly. Insurers paid a record PS3.57billion, a 21 percent increase from 2022. The average payout per day was PS9.8 Million over the course the year. The total amount of payments related to workplace policies increased by 26 percent.
Supporting Workforce Health
Rebecca Ward, Assistant director and head of Health and Protection for the ABI said: “With records in coverage, claims and payments in 2023 our new data highlights how important private medical insurance is to maintaining a healthy populace, and complements the care provided by NHS.
“The government has a right to focus on economic inactivity as an obstacle to growth. Health and protection insurance has already stopped the flow of people who are inactive, by preventing 14 millions sickness days per year, which is equivalent to 12,500 workers working full-time. We want to collaborate with the government to take on a greater role to support and deliver a healthier, more productive workforce.”
The Royal Society for Public Health released a report last month that revealed nearly half of UK workers lack access to essential health care at work. 47 percent of employees, especially those in lower-paid industries such as agriculture and the hospitality sector, do not receive flu vaccinations or other health benefits.
