Small businesses are facing higher premiums for providing their staff with private medical insurance (PMI) in 2011, research finds. According to data released by HR consultant Mercer of 136 companies, premiums for small and medium-sized enterprises (SMEs) have increased by 10 per cent since 2010. By contrast, large companies in the
SMEs are now paying average annual PMI premiums per member of £1,532, up from £1,499 in 2010. Per employee annual premiums have increased by an average of £78.
The increase in PMI premiums for SMEs is driven partly by insurers looking to regain margins that were eroded in the recession, when premiums were dropped in order to retain business, say Mercer. However, the firm adds that SMEs can mitigate these increases by putting pressure on their adviser to get them the best deal.
Gareth Osborne of APA said: ‘Companies should look at their broker and challenge them to see if they are capturing the best deals on the market. APA members should consult our own partners WPA (see the Members area of the website for details) if they want the best deals around for small businesses.’
APA
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