View more on these topics

Health Shield increases share in UK health cash plan market

Health Shield has strengthened its position in the UK health cash plan market by increasing its market share by income from £27m in 2012 to £29m in 2013, according to the latest Health Cover UK Market Report from Laing & Buisson.

The Health Cover UK Market Report 2014 revealed that the non-profit-making Friendly Society was the only provider in the top four to have increased its market share by income over the past year. Health Shield was also the only cash plan provider in the top four to have increased its market share by income every year for the previous five years.

The past year has been one of strong financial results and innovation for Health Shield. The company paid 436,640 claims in 2013, representing 97.5 per cent of all claims made during the year. In addition:

  • Total membership increased by 15 per cent
  • New company schemes increased by 63 per cent
  • New members increased by 16 per cent
  • Number of claims increased by seven per cent
  • Premium income increased by nine per cent (£6.4m in new business sales)

Laing & Buisson projects that a stronger economy will support growth in health cash plans over the next three years (2014–16 inclusive). Individual-/employee-paid health cash plans accounted for 72 per cent of total market volume demand at the end of 2013, while company-paid health cash plans represented 28 per cent of total market volume.

However, it expects company-paid contributors to rise by more than 30 per cent, from 730,000 in 2013 to 961,000 in 2016, while individual-paid contributors are expected to fall.

The Health Cover UK Market Report is published annually by Laing & Buisson, a provider of information and market intelligence on the independent health, community care and childcare sectors.

Alternatively for more information about our Health Cash Plans call us on 01270 588 555.

Recommended

MS Leader
1

MS Leader: Loan terms divide opinion

It is very rare you will find an issue that gets the mortgage industry singing from the same hymn sheet but Prudential Regulation Authority chief executive Andrew Bailey’s concerns over lengthening mortgage terms has certainly split opinion. According to figures from the FCA, the average mortgage term has increased from 26.2 years in 2009 to […]

Money-Notes-Currency-GBP-Pounds-700.jpg
1

FOS: Mortgage complaints on the up

The Financial Ombudsman Service has reported a 2.2 per cent year-on-year rise in mortgage complaints between April and June. Data published today shows mortgage complaints between April and June this year totalled 3,007, up on the 2,941 recorded during the three-month period last year. Overall, the FOS reported a 46 per cent year-on-year drop in […]

Andrew-Montlake-700.jpg

Marketwatch

With London house prices up by 20.1 per cent, having such London-centric policies is wrong and will lead to social and economic issues 

FCA warning on bridging website

The Financial Conduct Authority last week warned about online bridging loans comparison website www.bridgingloansfinder.co.uk, stating it is operating without authorisation. The regulator says the company has been contacting UK consumers and has warned against using the firm. The FCA says: “This firm is not registered by us but has been targeting people in the UK. […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now