French Consumers are Shifting from Public to Private Health Insurance, Suggests Timetric
07 Aug 2012 • by Natalie Aster
The French personal accident and health insurance segment recorded a strong growth rate during the report’s 2007–2011 review period, driven by rising levels of healthcare expenditure, growing consumer awareness with regards to the benefits of personal accident coverage, and an increasing volume of outbound tourists. The personal accident and health insurance segment grew at a CAGR of 4% during the review period, but accounted for the lowest premium share in the French insurance industry in 2011. This is primarily due to the comprehensive national health insurance (NHI) system which covers the majority of the country’s population, limiting the scope for private health insurance companies.
Although the French NHI system covers the majority of the population, consumers are shifting from public to private health insurance. Many consumers are purchasing voluntary private health insurance (VHI) and out-of-pocket policies to obtain extra coverage which is not catered for under NHI. Of France’s total healthcare expenditure, NHI accounted for 77.8% while VHI represented 13.4%. The remaining 8.8% comprises out-of-pocket insurance premiums.
According to the report “Personal Accident and Health Insurance in France, Key Trends and Opportunities to 2016” by Timetric, changing lifestyle patterns and improving levels of awareness regarding health resulted in an increase in French healthcare expenditure during the review period. The country’s total healthcare expenditure recorded a CAGR of 2.7% during the review period. Healthcare expenditure as a percentage of GDP grew from 10.5% in 2007 to 11.8% in 2016. This is expected to improve the country’s private healthcare services and encourage people to invest in private health insurance products. In France, around 9 million people, 15.5% of the population covered by the NHI, are said to suffer from a long-term illness or chronic disease.
Personal Accident and Health Insurance in France, Key Trends and Opportunities to 2016
Published: July, 2012
Price: US$ 1.950,00
The French travel insurance category has been gaining positive momentum owing to the rising volume of outbound tourists. The total number of international departures reached 25.7 million in 2011, and is expected to record a CAGR of 3.9% over the forecast period. The rising number of outbound tourists will support the growth of travel insurance products and help the category to record a CAGR of 1.3% over the forecast period.
More information can be found in the report “Personal Accident and Health Insurance in France, Key Trends and Opportunities to 2016” by Timetric.
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