Vhi premiums increased by a massive 109% over the past 10 years, according to data from the Department of Health. The statistics, in a Departmental briefing document, also show that premiums for Quinn Healthcare (formerly Bupa) have increased by a cumulative 92.5% over the same period.
The briefing document also shows that the proportion of the Irish population with health insurance dropped from 50.6% in December 2009 to 49.8% in December 2010. Quinn's share of the market dropped from 23.6% to 21.6% between the end of 2009 and the end of 2010. In same period, Aviva's share rose from 10.6% to 14.2%, while Vhi's dropped from 65.8% to 64.1%. The figures also show that Vhi has 92% of the health insurance market in customers over 80 years of age and 82% of the over 60s insurance market.
The government’s healthcare strategy is the most radical and ambitious in the history of the State. Successful implementation of universal health insurance will take time and money.
Jimmy Tolan of Vhi Healthcare says, “Given the very significant healthcare funding and delivery challenges that Ireland faces Vhi Healthcare believes that we can play an important role in the funding and delivery of healthcare services for its customers. We believe that a break up of Vhi Healthcare would increase healthcare costs for our customers. It is our profound wish that we will finally see a proper community rated market place in 2012.”
International health insurance news: 22 April 2011