Estimating the Overall Opportunity and Market Size of the International Private Medical Insurance (IPMI) Market in the UK and Europe

In this iPMI Global Insights article, iPMI Global CEO Christopher Knight, speaks with leaders from the international private medical insurance space, and explores the UK and European markets. We ask about the importance of the region for international private medical insurance, the opportunities and the estimated size.

Joe Thomas, APRIL International: The European market is one of APRIL’s 3 main markets, along with Asia and, more recently, the Middle East. We have offices in France, UK, Switzerland and Germany, the main markets in the area, and rely on numerous broker partners throughout Europe.

Most of the studies estimate the IPMI market size for Europe is around 7billion.

Andy Seale, Cigna Healthcare: European and UK markets are exceptionally important to us here at Cigna Healthcare.  Both markets have been at the core of our business for many years now which has allowed us to build a relationship with our valued partners across multiple territories through trust and companionship.

Following the Covid-19 pandemic, we are seeing a real change in the demographic of expats looking to travel to different locations around Europe. UK and European expats now seem to be looking further afield for their expat journeys. In the past, a regular travel corridor would see someone move from one European country to another or to the UK. However, we are now beginning to regularly see Europeans looking to move to destinations such as South Africa.

There are multiple reasons for this, such as higher levels of inflation around Europe. The opportunity for growth is still very much there within Europe, there is just a change in dynamics in nationalities wanting cover and the locations that they are travelling to.

Jens Hohnwald, Foyer Global Health: The European IPMI markets are Foyer Global Health’s home markets. Our dedicated sales team for the region, based in Luxembourg, covers those markets in 5 local languages. Foyer Group’s recent acquisition of Globality Health from the Munich Re group underlines our focus and commitment to key European markets. The UK is a market that we currently refocus on. It is certainly a complex and highly competitive one. But we are ambitious, and we see its importance as a marketplace for global IPMI and employee benefits tenders. Hence, we are developing relationships with brokers and employee benefits consultants.

We see growth in the region for both, inbound and outbound business. That growth is driven by accelerating global mobility of employees, increasing expatriation trends and the search for best-in-class medical cover and services by expatriates, digital nomads and more generally globally mobile people. It is difficult to get accurate data on market size and growth rates, because there is still a big difference between the people who are in theory eligible for an IPMI insurance and the people who are buying or going to buy one. 

Janette Hiscock, UnitedHealthcare Global: Europe and the UK play a vital role in our International Private Medical Insurance business. These markets offer a wide customer base, favourable economic conditions, and significant revenue potential. Establishing a strong foothold in these regions not only enables us to serve a diverse clientele but also enhances our credibility and reputation on a global scale. By offering a wide range of coverage options, flexible policies, and a vast suite of wellness capabilities, we are able to attract and retain customers in these markets.

Europe offers an extensive customer base, comprising countries with diverse healthcare systems and requirements. By meeting the needs of this market, we can access a large pool of potential clients seeking comprehensive medical coverage beyond their national borders. The European market’s emphasis on quality healthcare and its citizens’ inclination towards international travel create a favourable environment for International Private Medical Insurance providers.

The UK is of significant importance due to its influential position in global trade and finance. Many of the large broker houses still have their Centres of Excellence (CoEs) based in the UK and therefore much of the broking activity and client advisory work is conducted there.

By establishing a strong presence in both Europe and the UK, we enhance our credibility and reputation on a global scale. These regions uphold stringent regulatory standards and consumer protection measures, and act as a benchmark for global healthcare, notably driven and supported by the specialist IPMI intermediaries in the UK. 

We believe the IPMI market size in the region to be 5.6B Euro, which represents 35% of the total IPMI market. Compound annual growth of approximately 6% is expected through 2025, but with changing market dynamics impacting which regions and subsectors drive this expansion.

Related Reading: UK & European International Private Medical Insurance Strategies Round Table

Editors Note: The above answers are published alphabetically, by company name.