Daniel owns a publishing company that employs 350 staff. He believes in taking a paternalistic stance towards his employees and is offering them income protection (IP) and critical illness (CI) cover. He now wishes to offer them private medical insurance (PMI) in case they need treatment. He prefers comprehensive cover, but the firm's budget is limited. What options are available to the company?
TOBIN COLES, Jelf Group For Daniel, several factors will determine the initial premium offered by the insurers including: number of employees to be covered, his company location, gender split, age profile of the employees, and industry sector. The insurer will then benchmark these criteria against its existing portfolio to establish an expectation or projected premium required. The average UK single rate for an employee only is currently £350 with annual medical inflation averaging 10% - notably higher than indices such as RPI or AEI. So Daniel needs to consider whether covering 350...
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