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.

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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.