A record 4.7m employees were covered by corporate private medical insurance last year, according to latest data from the Association of British Insurers (ABI).
This is the highest figure since this data started being collated, more than 30 years ago. These figures come as the NHS continues to face pressures, with delays for treatment increasing over this period.
Overall the ABI said there were 6.2m people covered on individual and workplace PMI policies in 2023 — a 7 per cent increase when compared to the previous year.
The ABI figures also show a significant jump in the number of claims, particularly on workplace polices. Data shows a 21 per cent increase overall, with workplace claims up by 26 per cent — to 1.3m claims in the year.
Insurers paid out a record total of £3.57 billion for private medical insurance claims, up 21 per cent compared to 2022 figures. Again this was higher in the corporate sector, with payouts for workplace PMI policies up by 26 per cent to £2.27bn.
ABI assistant director and head of health and protection Rebecca Ward says: “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.”