Accidents are unforeseen and severely impact life and well-being. Accidents happen in just a few seconds and turn life upside down on emotional and financial grounds. The personal accident policy provides cover against accidental death, permanent or partial disability caused due to an accident. In the recent years, quality medical treatment is quite expensive. Therefore, a health cover for an individual can offer a financial guard against medical expenses caused by any illnesses, injuries and other medical conditions. Therefore, if a personal accident policy is purchased then it would cover all the medical expenses due to accidental injuries. Comparatively, a health insurance policy provides a comprehensive cover for all sorts of injuries & illnesses.
Pre hospitalization expenses include medical expenses due to illness for 30 days before the insured person is hospitalized and post hospitalization covers medical expenses for illness 60 days after the insured person is discharged. All the health policies cover pre and post hospitalization expenses for a specific number of days. Few health plans cover hospital expenses up to a certain percentage of insured amounts and a personal accident policy does not provide any such cover.
Death is inevitable and unpredicted. Every family goes into deep shock and financial adversity after a death. A personal accident policy covers an individual’s accidental death and the beneficiary receives the 100% of the sum assured compared to the health policy that does not provide any coverage. Few sever accidents cause permanent or total or partial or temporary disabilities. However, a personal accident insurance policy is also covered for disabilities caused by accidents and unfortunately the health policy does not provide any coverage. A personal accident insurance covers medical expenses towards accidental injuries, pre and post hospitalization expenses, death due to an accident, disabilities sustained due to an accident, riders such as with broken bones, hospital daily cash, and ambulance allowance. The health insurance covers medical expenses towards illness or injuries, pre and post hospitalization expenses, death cover unavailable, disabilities are not covered, riders such as with critical illness cover, hospital cash cover, room rent waiver, personal accident cover & top up/super top cover are available.
The Personal Accident and Health Insurance in the UK is highly concentrated, with the presence of both domestic and foreign insurers. The leading competitors in the personal accident and health insurance in the UK are Bupa (British United Provident Association) Insurance Ltd, Axa UK plc, Aviva plc, SimplyHealth, Cigna Life Insurance Company of Europe SA NV, Discovery Holdings Ltd, AIG Europe Ltd, Direct Line Group, Ageas Insurance Ltd, National Farmers Union Mutual Insurance Society Ltd, Prudential Health, Great Lakes Reinsurance (UK) Plc and Western.
According to the research report “Personal Accident and Health Insurance in the UK, Key Trends and Opportunities to 2020”, it was observed that the market is growing steadily despite low investments and less consumer confidence levels resulting in financial and debt crises. Growth in this sector is affected by the rise in consumer annual disposable income and the aging population, the rising healthcare expenditure, economic improvements, perceived inadequacies in the government-funded universal healthcare scheme, and growing awareness of the benefits of personal accident and health insurance. UK has both public health services and private health system which cater the needs of the country’s population. The emerging trends in the UK Health insurance industry gross written premium will witness a continuing growth over the coming years.
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