health insurance market Size, Post | Growth Trends, Key Players and Competitive Strategies – Outlook to 2028
Global Health Insurance Market: global size, trends, competitive and historical analysis, forecast to 2021-2027, awareness regarding benefits of health insurance in rural areas and increasing prevalence of chronic diseases globally are some of the key factors driving the growth of global health insurance market.
The health insurance market is worth $2,456.7 billion in 2020 and is expected to reach $4,237.7 billion by 2027 at a compound annual growth rate of 8.1% over the forecast period.
Scope of the Global Health Insurance Market Report
The term “health insurance” relates to a type of insurance that primarily covers medical expenses. Healthcare insurance protects the insured individual from financial losses arising from a medical emergency. A healthcare insurance policy like other policies may be a contract between an insurance company and a group/private in which the insurer agrees to provide specific insurance cover at a certain “premium” as per the terms and conditions set out in the policy. There are four different types of health insurance plans, such as a Preferred Provider Organization (PPO) plan, an eligible Health Savings Account (HSA) plan, a Health Maintenance Organization (HMO) plan, and indemnity plans. Covers medical treatment expenses, such as ambulance fees, doctor’s consultation fees, hospitalization fees, medications, and the costs of daycare procedures. Payment is usually made either on the basis of the actual fees incurred at the clinic using the original medical bills or the resolution of the terms without billing. The health care policy offers a cumulative bonus and also contains a provision to reimburse the cost of medical examinations. The first health care insurance in Texas began in 1929. Blue Cross helped cover the costs of a hospital stay. Dallas-area teachers were among the first to take advantage of hospital expenses coverage for a monthly premium of 50 cents.
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Major Players in the Global Health Insurance Market Report:
The major players in the health insurance market are:
- Aetna Inc. (CVS Health Corporation)
- AIA Group Ltd.
- Allianz SE
- Aviva plc.
- Berkshire Hathaway Inc.
- Cigna company
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential Plc.
- United Health Group Inc.
- Zurich Insurance Group AG.
- Bajaj Allianz General Insurance Company
- Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia and the rest of Asia Pacific
- Mexico, Colombia, Brazil, Argentina, Peru and the rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of the Middle East and Africa
Health Insurance Market Segmentation:
The global health insurance market is segmented on the basis of service provider, type, network provider, age group, period, and regional and country level. Based on the service provider, the global health insurance market is categorized into private and public. Based on type, the market is categorized into hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance. Based on the network provider, the market is categorized into a health maintenance organization [HMO]Preferred Provider Organization [PPO]the exclusive provider organization [EPO]. Based on the age group, the global health insurance market is categorized into minors, adults and senior citizens. Based on the period, the market is categorized into life and term insurance.
As per provider:
- private provider
- public provider
- hospitalization insurance
- Critical illness insurance
- Income Protection Insurance
- medical insurance
As per network provider:
- health maintenance organization [HMO]
- Preferred Provider Organization [PPO]
- Exclusive provider organization [EPO]
According to age group:
- grown ups
- Senior citizens
- life insurance
- insurance term
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Increased awareness of the benefits of health insurance in rural areas and the increasing prevalence of chronic diseases globally are driving market growth
Increasing awareness regarding the benefits of health insurance in rural areas and the increasing cost of health care services are driving the growth of the global health insurance market. Approximately 68% of India’s population resides in rural areas and among these around 36% of people purchase health insurance. The health insurance market is accelerating in rural areas as it offers many advantages such as reimbursement of the cost of treatment of illness to the insured and payment of a lump sum in protracted cases. Additionally, clients in rural areas are more aware of comprehensive health insurance coverage, such as ambulance expenses, in-home hospitalization, in-hospital costs, and pre-hospital and post-hospital expenses. Supportive government initiatives also complement market growth. for example; In India, the government has launched an insurance policy named Aam Aadmi Bima Yojana under this insurance scheme the buyer’s family earns about Rs 30,000 and on the accident or disability insurance holder gets Rs 75,000.
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