Medicash income tops £24m
Liverpool-based cash plan provider Medicash has announced increased sales in its annual results published today.
Premium income hit £24.3m – an increase of £1.3m on the previous year. Sales of company paid plans continued to rise as did the total number of policyholders.
The total number of Medicash policy holders totals 199,409 – up 5.9% from 188,314 in 2015.
The value of claims paid is £19.3m, up 5% while company paid plans now account for more than 55% of all policies.
Finance Director Andy Roberts said: “This is a strong set of results in what was a very challenging environment in 2016.
“Insurance Premium Tax (IPT) has doubled since the end of 2015 and this, inevitably had a negative impact on all cash plan providers. Despite these significant cost pressures Medicash has increased premium income whilst maintaining low operating costs, ensuring that a high proportion of premiums are returned to our policyholders through claims.
“We continue to focus heavily on product innovation and service whilst maintaining a strong emphasis on relationships with all our customers.”
The firm says technology has continued to play a key role in the market with the 100,000th claim recently being submitted via the Medicash App.
Medicash employs 89 staff based at its head office in Liverpool and throughout the UK.
