Insurance giant Aviva said it is seeing a boom in health policy sales, and hopes to expand more in the sector, as those looking for treatment look for alternatives to long NHS waiting lists.
The insurer saw a 58% jump in health insurance sales, though this still makes up only a small part of its business with £84 million in premiums.
“What we’re seeing is customers worried that they won’t be able to get treatment when they need it, that they don’t want to wait too long,” CEO Amanda Blanc said. “But also mental health and GP appointments. So we are definitely seeing the impact of that coming through.”
She said the growth was coming across all types of customer, including large corporates, small businesses and individuals. Aviva hopes to take advantage of the surge in demand by expanding its health insurance arm.
As of the end of April, the number of NHS patients waiting to start treatment was a record 7.4 million
Operating profit rose by 8% to £715 million.
Blanc said: “Aviva’s performance and prospects have been transformed from just a few years ago. Today’s Aviva is about delivery and momentum, and these results show that Aviva is consistently meeting its promises.
“We expect to exceed our financial targets and we are making progress each quarter, as we said we would. I remain confident and excited that there is so much more Aviva can and will achieve.”
Blanc also addressed the recent rises in insurance prices that many customers are facing, dismissing any claims of profiteering.
“On general insurance and pricing, I think you have to see the price rises in the context obviously of the inflationary environment we are operating in,” she said/ “We’re experiencing significant inflation in repair costs, having to pay the people who do the repairs.
“We are not passing excess costs onto our customers and you can see that in our profitability ratios. I can reasssure you that we are very focused on customer outcomes.”
