Health policy costs on the rise

The average private health insurance premium paid by consumers increased by almost one-third between 2010 and 2015 and the rising cost is expected to continue to outstrip economic growth, according to an actuarial analysis.

Research conducted by the Society of Actuaries in Ireland (SAI) also found that:

• The ageing of the insured population contributed approximately 2.5% per annum to claims inflation between 2009-2015;
• Between 2016-2026, the potential inflationary impact on premiums due to further demographic change will be around 1.3% per year.