XM tillhandahåller inte tjänster till personer bosatta i USA.

UK health insurance rates to soar on surging claims-industry experts



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 1-UK health insurance rates to soar on surging claims-industry experts</title></head><body>

Adds more detail para 19

By Carolyn Cohn

LONDON, Nov 30 (Reuters) -Health insurance rates in Britain are likely to soar by at least 20% next year due to the surging number and cost of claims, industry advisers say.

British employers have expanded the use of company health schemes as the country's National Health Service struggles to meet patient demand in the aftermath of the COVID-19 pandemic.

A record 4.4 million people are now covered by health insurance through their employer, according to the Association of British Insurers, as waiting lists for hospital treatment in England hit record highs in September. A target for treatment within 18 weeks has not been met since 2016.

"Where in the past, PMI (private medical insurance) used to be considered a back-up, it is now becoming the primary point of access into the healthcare system," said Luke James, a senior consultant at Mercer Marsh Benefits.

Major UK health insurer AXA AXAF.PA said earlier this month it expected "headwinds" from higher numbers of health claims in Britain. AXA declined to comment further.

Aviva AV.L declined to comment and Bupa did not respond to request for comment.

British individual and workplace health insurers paid out a record of nearly three billion pounds ($3.74 billion) for claims in 2022, an ABI spokesperson said.

Employers are enthusiastic about offering health cover, as delayed treatment can lead to sickness and productivity losses, industry advisers say.

Premiums - which typically take inflation into account - for individual and workplace policies combined rose by less than 2% between 2019 and 2022, a spokesperson for the ABI said.

But with costs of medical staff and services rising faster than general inflation, higher take-up of online doctors and more expensive care including new cancer treatments, premiums are rising, the advisers say.

Some workplace health insurance schemes are posting rate rises of more than 40%, James said.

"The market is nervous, we are in a very unknown phase and insurers don't like unknowns," said Rachel Western, a principal at consultants Aon.

"It's a difficult risk to predict."

Tim Cowan, senior partner at insurance broker Anderson Health, is among those seeing increased post-pandemic demand for private mental health services, including costly psychiatric hospital care.

In addition, the enduring popularity of remote work may lead to more claims for back problems, said Juan Serey, private medical insurance advisor at broker Secure Mortgages and Protection.

For 2024, Mercer Marsh Benefits forecasts the medical trend rate in Britain at 11%, versus 3% for general inflation. This rate reflects medical inflation together with changes in treatment, usage and regulation.

But insurers are experiencing even higher inflation, some consultants say.

Employers are starting to question how they can tackle the rising insurance costs, said Brett Hill, head of health and protection at consultants Broadstone.

This could lead to employees paying a flat fee such as 100 or 250 pounds to see a specialist followinginitial consultations with a private online doctor, or companies offering health screening to identify medical issues before they get worse, he added.

($1 = 0.8025 pounds)



Reporting by Carolyn Cohn, editing by Sinead Cruise, Alexandra Hudson

</body></html>

Ansvarsfriskrivning: XM Group-enheter tillhandahåller sin tjänst enbart för exekvering och tillgången till vår onlinehandelsplattform, som innebär att en person kan se och/eller använda tillgängligt innehåll på eller via webbplatsen, påverkar eller utökar inte detta, vilket inte heller varit avsikten. Denna tillgång och användning omfattas alltid av i) villkor, ii) riskvarningar och iii) fullständig ansvarsfriskrivning. Detta innehåll tillhandahålls därför uteslutande som allmän information. Var framför allt medveten om att innehållet på vår onlinehandelsplattform varken utgör en uppmaning eller ett erbjudande om att ingå några transaktioner på de finansiella marknaderna. Handel på alla finansiella marknader involverar en betydande risk för ditt kapital.

Allt material som publiceras på denna sida är enbart avsett för utbildnings- eller informationssyften och innehåller inte – och ska inte heller anses innehålla – rådgivning och rekommendationer om finansiella frågor, investeringsskatt eller handel, dokumentation av våra handelskurser eller ett erbjudande om, eller en uppmaning till, en transaktion i finansiella instrument eller oönskade finansiella erbjudanden som är riktade till dig.

Tredjepartsinnehåll, liksom innehåll framtaget av XM såsom synpunkter, nyheter, forskningsrön, analyser, kurser, andra uppgifter eller länkar till tredjepartssajter som återfinns på denna webbplats, tillhandahålls i befintligt skick, som allmän marknadskommentar, och utgör ingen investeringsrådgivning. I den mån som något innehåll tolkas som investeringsforskning måste det noteras och accepteras att innehållet varken har varit avsett som oberoende investeringsforskning eller har utarbetats i enlighet med de rättsliga kraven för att främja ett sådant syfte, och därför är att betrakta som marknadskommunikation enligt tillämpliga lagar och föreskrifter. Se till så att du har läst och förstått vårt meddelande om icke-oberoende investeringsforskning och riskvarning om ovannämnda information, som finns här.

Riskvarning: Ditt kapital riskeras. Hävstångsprodukter passar kanske inte alla. Se vår riskinformation.