The UK has seen increased consumer interest in private healthcare insurance in recent years as more people become dissatisfied with NHS waiting times and experience increasing restrictions on treatment.
The private healthcare market is expected to grow by 2.8% per annum to 2025 according to Persistence Market Research. This growth opportunity is attracting new healthcare insurance entrants to the market.
It has been suggested that Amazon could soon target the UK in its efforts to disrupt the healthcare insurance market. Amazon, JP Morgan and Warren Buffett’s Berkshire Hathaway are launching an independent healthcare company for US employees and hope to roll the model out across the entire country and potentially, eventually overseas.
Once market disruption is underway then other alternative providers will follow suit. Existing healthcare insurance providers are responding to the growth opportunity and the threat of new entrants by offering a wide choice of policy options with a range of different prices in order to retain existing customers and attract new customers to increase market share.