The Health Insurance Authority (HIA) has said that the average adult private health insurance premium is down 3% for the second quarter of this year.

The HIA said the trends indicate that the reduction in stamp duty recommended by the HIA, which was passed to insurers, has been passed to customers.

Health insurance cover continues to grow and now stands at 2.4 million people, representing an increase of 17,264 on the first quarter of the year.

Laya was the only insurer to continue to increase their market share in the second quarter to reach 27.5%, while Vhi and Irish Life retain their share of the market at 48.5% and 20.5%.

In spite of the impact of Covid-19 on the economy and employment levels, there was an increase in the number of customers who availed of health insurance last year.

The HIA has urged all health insurance customers to review their policies before they renew and to use the HIA's comparison tool.

It said that feedback from customers last year showed that many customers still find it difficult to understand their health insurance plans and compare options, especially with over 320 plans on the market.

The HIA is the independent regulator of the market.