According to study, “Global Health insurance Market Size study, by Type (term coverage and lifetime coverage), Product (income protection insurance, medical insurance and disease insurance), Provider (public providers and private providers), Demographics (minors, adults and senior citizens), Provider network (Point of service (POS), preferred provider organizations, exclusive provider organizations and health Maintenance Organizations (HMOs) and Regional Forecasts 2018-2025” the key companies operating in the global health insurance market are Prudential Financial, Inc., China Life Insurance (Group) Company, Apollo Munich Health Insurance Company Ltd., Kaiser Foundation Health Plan, Inc., AIA Group Limited, Zurich Insurance Group Ltd., Munich Re Group, Blue Cross Blue Shield, UnitedHealth Group, Anthem, Inc.
Health insurance is defined as an insurance product which covers surgical and medical expenses of an insured individual. It is also known as medical insurance. It is one of the most secured and safest way to offer financial coverage of insured family. It reimburses the expenses incurred due to injury or illness or pays the care provider of the insured individual directly. It is included in employer benefit packages as a means of tempting quality employees. Its premium cost is deductible to payer and the benefits received are tax-free. It offers affordable health services such as hospitalization, office visits, preventive care, immunizations, and others.
Based on coverage type,health insurance market is segmented into lifetime coverage and term coverage. Based on insurance type, market is segmented into medical insurance, income protection insurance and disease insurance. Based on provider, market is segmented into private providers and public providers. Public providers are further sub-segmented into Medicaid and Medicare. Medicare provides medical health insurance to individuals under the age of 65 with certain disabilities and for an individual of any age with end-stage renal disease. The private health insurance providers are further sub-segmented into duplicate private health insurance, primary private health insurance, complimentary private health insurance and supplementary private health insurance. Based on distribution channel, market is segmented into agents/brokers, bancassurance and direct marketing.Based on demographics, market is segmented into adults, minors and senior citizen. In addition, based on provider network, market is segmented into Preferred Provider Organizations (PPOs), Health Maintenance Organization (HMOs), Point of Services (POS), and Exclusive Provider Organizations (EPOs).
The health insurance market is driven by mandatory provision of healthcare insurance for public & private sectors, followed by increase in healthcare expenses and rise in prevalence of chronic diseases. However, lack of awareness of healthcare insurance in rural region and strict regulations & longer time for claim reimbursement may impact the market. Moreover, growth in innovation in healthcare insurance products is a key opportunity for market.
Based on geography, the North-American region holds the leading position in health insurance market owing to rise in healthcare expenditure in the region. The Asian-Pacific and European regions are likely to witness higher growth rate due to favorable government policies regarding health insurance and growth in awareness about health insurance over the forecast period. In upcoming years, it is estimated that future of the market will be optimistic as a result of high prevalence of life-threatening diseases during the forecast period. It is anticipated that the market will be reached at US $1,856.2 billion by 2025.
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Ankur Gupta, Head Marketing & Communications