Latest news with #AnnualMarketReport
Irish Examiner
2 days ago
- Health
- Irish Examiner
Health insurance premiums up €200 as fewer people take out new policies
The cost of private health insurance has risen by €200, with the average policy now costing €1,929. A report from the Health Insurance Authority shows slowing growth in the market, with 2.52 million people in Ireland now having private health insurance. Just 7,318 people took out a new policy in the first quarter, compared to 13,633 in the third quarter of last year. The HIA said there were currently 342 plans on the market from the four providers: VHI, Irish Life Health, Laya Healthcare and Level Health, backed by Aviva, which began operating in November. Four new plans were added in the last quarter. The VHI remains the dominant player, with 48.3% of the market, followed by Laya with 28.1%, Irish Life Health with 20.3%, and Aviva with 0.6%. The findings in the HIA report continues a recent trend of reduced growth in the health insurance market, with the HIA's 2024 Annual Market Report showing an increase in coverage of 1.3% between 2023 and 2024, and a further fall in the number of children insured, at 21.6% (down from over 23% in 2019). Health Insurance Authority chief executive Brian Lee said health insurance continued to be a very popular product, purchased by almost half of the population. However, rising prices could potentially be affecting further growth in the market. "At an average cost of almost €2,000, it may be that many potential consumers no longer choose to buy private health insurance due to financial pressures or other considerations," he said. Read More Almost one in four of Ireland's unemployed aged between 25 and 34
Irish Examiner
4 days ago
- Health
- Irish Examiner
Growth of Ireland's health insurance market slows
The cost of private health insurance has risen by €200, with the average policy now costing €1,929. A report from the Health Insurance Authority shows slowing growth in the market, with 2.52 million people in Ireland now having private health insurance. Just 7,318 people took out a new policy in the first quarter, compared to 13,633 in the third quarter of last year. The HIA said there were currently 342 plans on the market from the four providers: VHI, Irish Life Health, Laya Healthcare and Level Health, backed by Aviva, which began operating in November. Four new plans were added in the last quarter. The VHI remains the dominant player, with 48.3% of the market, followed by Laya with 28.1%, Irish Life Health with 20.3%, and Aviva with 0.6%. The findings in the HIA report continues a recent trend of reduced growth in the health insurance market, with the HIA's 2024 Annual Market Report showing an increase in coverage of 1.3% between 2023 and 2024, and a further fall in the number of children insured, at 21.6% (down from over 23% in 2019). Health Insurance Authority chief executive Brian Lee said health insurance continued to be a very popular product, purchased by almost half of the population. However, rising prices could potentially be affecting further growth in the market. "At an average cost of almost €2,000, it may be that many potential consumers no longer choose to buy private health insurance due to financial pressures or other considerations," he said. Read More Almost one in four of Ireland's unemployed aged between 25 and 34
