A record 4.7 million people were covered by private medical insurance (PMI) through their employer in 2023, and employee PMI claims were also up, according to data from the Association of British Insurers (ABI).
The insurer body said that this is the highest number in more than 30 years of data collection. It confirmed that there has been a 7 percent increase in the overall uptake of both individual and workplace policies.
In total, 6.2 million people now have access to faster diagnoses, treatment for acute health conditions and preventative services. This means 411,000 more people were covered in 2023 compared to 2022.
PMI claims up
ABI found that the number of policyholders that made use of their PMI was also up in 2023. Data shows a 21 percent increase in the number of claims made across individual policies and workplace schemes to 1.7 million. Workplace claims, which account for the majority of this total, had increased by 26 percent to 1.3 million.
Insurers paid out a record total of £3.57 billion for PMI claims, representing a 21 percent increase compared to 2022. ABI said this equals £9.8 million a day across the year. Payouts for workplace policies also increased by 26 percent to £2.27 billion.
Rebecca Ward, assistant director and head of health and protection at the ABI, said: “With record coverage, claims and payouts in 2023, our new data highlights the importance of private medical insurance for maintaining a healthy population, complementing the care provided by the NHS.
“The government is rightly focussed on tackling economic inactivity due to ill-health as a barrier to growth. Health and protection insurance is already stemming the flow of people into economic inactivity, preventing 14 million sickness days a year, equivalent to 12,500 full-time workers. We want to work with government to play an even greater role in supporting and delivering a healthier and more productive workforce.”
