Advisers expect there to be increased demand for group PMI products in 2022, with this being the product employers are most likely to buy in the year ahead, according to Corporate Advisers’s latest Workplace Protection and Wellbeing report.
This report shows advisers think increased demand will be driven by longer NHS waiting lists in the wake of the Covid pandemic. A year ago advisers rated group PMI as the product employers were least likely to buy.
Providers do not appear to be as confident of market growth though. Almost half of providers contributing to this report expect 2021 business levels to be higher than in 2020, but others are predicting business will flatline or contract slightly.
This new report, which covers the group risk, PMI and cash plan markets, shows that there are now 3.3m employees covered by corporate healthcare, which includes healthcare trusts.
Despite the widespread disruption caused by Covid-19, the number of employees covered by group PMI grew very slightly in 2020, increasing by 0.9 per cent amongst providers supplying consecutive years’ comparable data for this report.
The report also details the different ways in which private healthcare providers are offered rebates to customers, following a significant drop in claims in 2020, when many private healthcare facilities were handed over to the NHS to help combat the pandemic.