Positives and pitfalls in PMI
Brian Walters warns brokers not to underestimate the challenges of breaking into and growing in the PMI market.
Insurance Age’s March edition investigated the benefits for general insurance brokers of getting involved in the arcane world of private medical insurance (PMI).
It’s no secret that the PMI market has been in gradual decline for some years.
The company-paid sector has flat-lined, while the number of individual-paid policies has fallen from 1,115,200 at the market peak in 2008 to 928,000 in 2017 – a contraction of 16.8% in less than a decade.
The main challenge facing the market is rampant
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