The Health Cover UK Market Report has revealed that, despite continuing economic pressures, which resulted in the volume of demand for UK health cash plans falling by 1.5 per cent in 2011, Health Shield has bucked the trend and increased its overall turnover by £3m.
Rising from fifth to fourth place, in terms of market share by income, Health Shield’s growth reflects its decision to focus solely on the company-paid market. Total contributors in that sector rose by 13.5 per cent in 2011, following similar strong growth (up 11.2 per cent) in 2010 — more than doubling in the past five years, growing by an estimated 120 per cent between 2007 and 2011 inclusive.
According to the annual report, in 2011 the not-for-profit company bolstered its overall turnover to £26m, strengthening its position in the top five of health cash-plan providers. The majority of other leading providers either remained static or decreased their overall turnover during the year.
Laing & Buisson — which provides information and market intelligence on the independent health, community care and childcare sectors — said that key factors driving very strong growth in company-paid subscribers included increased interest from intermediaries, the widening appeal of workplace health solutions as cash-plan benefits, including add-ons such as occupational health, screening and employee assistance programmes, and an increased focus on flexible tailored policy designed by cash-plan providers.
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