The number of people with health insurance has fallen for the first time since 2020, new figures from the Health Insurance Authority show.
The Health Insurance Authority figures reveal that 1,663 fewer people were insured in the second quarter of this year - a drop of 0.1%.
However, the HIA noted that overall membership remains higher than a year ago and the market remains stable, with over 2.5 million people holding inpatient health insurance at the end of June.
Vhi, Laya and Irish Life Health have all announced multiple premium increases this year.
In its latest quarterly report, the HIA said growth in the market has slowed to its weakest level in a decade. But it also noted that the second quarter of the year historically records the weakest growth of the year.
Today's report also sees a decrease in the weighted average premium from €1,960 to €1,950.
The weighted average premium is what people across the market are paying, on average, for their policy.
"This is a development that the HIA will be monitoring closely, particularly as the average cost of policies has increased overall since the start of the year by 2.7%," the HIA said.
The drop in numbers comes ahead of further price increases from Vhi and Laya Healthcare next month.
The watchdog has urged consumers to shop around for better deals.
Brian Lee, the CEO of the Health Insurance Authority, said that health insurance continues to be important to almost half of the population.
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"The latest figures may indicate that the market is entering a period of slower growth. The small decrease in premiums this quarter could be consumers moving to lower priced plans," Mr Lee said.
"I welcome this development, and we would always encourage consumers to look at their plans at renewal - this is the best way of stimulating competition, as overall prices continue to rise," he stated.
He said that consumers should not assume that renewing with their current plan is their only option.
"There is a wide range of plans available on the market and significant price differences can exist for similar levels of cover. Shopping around and reviewing cover regularly is one of the most effective ways for consumers to ensure they are getting value for money and have the best cover for their needs," the CEO added.
