Market Share of UK Health And Medical Insurance Industry
Despite being a concentrated market, the lack of competition among private hospitals has constrained insurers' bargaining power, thereby resulting in inflated claims costs. Coupled with the reduction in customer numbers, this has been the biggest driver for premium growth, as insurers responded to the burden on profitability by raising prices for customers.
AA, Aviva, BUPA, Direct Line, RAC, Admiral, AXA, and Sainsbury's bank were among the leading insurance companies in the United Kingdom in Q2-2022 by brand awareness. With this, NHS reforms are expected to advance the role of private healthcare in the insurance sector creating an opportunity for these firms to increase market share in Health and Medical insurance.
UK Health Insurance Market Leaders
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AXA
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BUPA
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WPA
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Simply Health
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Freedom Health Insurance
*Disclaimer: Major Players sorted in no particular order
