Health insurance providers
4 main players dominate the private health insurance market in Ireland.
The Voluntary Health Insurance Board (which today trades as Vhi Healthcare) was founded in 1957 under the Voluntary Health Insurance Act, 1957by the Minister for Health. This remains the primary legislation under which Vhi Healthcare operates.
The company held a monopoly in the health insurance market in Ireland until 1996 whenBUPAentered the market. The company re-branded from “VHI – Voluntary Health Insurance” to “Vhi Healthcare” about 10 years ago.
Vhi Healthcare currently enjoys a market share of approx. 57% of private health insurance subscribers.
Originally established over 15 years ago as BUPA Ireland Ltd, Laya Healthcare was formed in 2012 following a management led buy-out of QUINN Healthcare. Laya Healthcare is underwritten by Elips Insurance Ltd (trading as laya healthcare), a wholly owned subsidiary of Swiss Re, providing strength, global experience and potential to the company.
The Cork-based senior management team is composed of longstanding experts in the healthcare industry. The combined experience of the Laya Healthcare management team and Swiss Re means Laya Healthcare is well positioned to drive even further competition in the Irish market and bring increased innovation and value to its customers.
Founded in Zurich, Switzerland in 1863, the Swiss Re Group is rated “AA-” by Standard & Poor’s, “A1” by Moody’s and “A+” by A.M. Best.
Laya Healthcare currently enjoys a market share of approx. 21% of private health insurance subscribers.
Irish Life Health has been established as a new force in the Irish health insurance market following the completion of Irish Life Group’s transactions to acquire Aviva Health.
Irish Life Health brings fresh options, energy and innovation to the health insurance market.
Their approach to innovation is reinforced by the strength and expertise of Irish Life, a name trusted across Ireland for over 75 years.
While the brand is new, customers will have access to their energy, innovation and expertise.
GloHealth was established in 2012 and has become Ireland’s fourth provider of private health insurance in Ireland. The business was established by a team who formally founded and managed Vivas Health (which became Aviva Health) and it is partially owned by Irish Life.
GloHealth policies are underwritten by Great Lakes Reinsurance (UK) PLC, a subsidiary of Munich Re, one of the world’s leading reinsurers with a premium income of around €50 billion.