Impact of COVID-19: Health Insurance Market is Thriving Worldwide | Cigna, Prudential Financial, Kaiser Permanente, Allianz Group, Aetna and New York Life Insurance Company

ReportCrux Market Research has published a new report titled "Health Insurance Market by Provider (Public Providers, and Private Providers); by Insurance Type (Medical Insurance, Income Protection Insurance, and Disease Insurance); by Coverage Type (Term Coverage, and Lifetime Coverage); by Network (Point of Service (POS), Exclusive Provider Organizations (EPOs), Preferred Provider Organizations (PPOs), and Health Maintenance Organizations), by Demographics (Adult, Minor, and Senior Citizens); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027".

According to the report, global demand for health insurance market was valued at approximately USD 2,095.0 Billion in 2019 and is expected to generate revenue of around USD 2,934.0 Billion by end of 2027, growing at a CAGR of around 4.3% between 2020 and 2027.

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Major players in health insurance market are Cigna, Prudential Financial, Kaiser Permanente, Allianz Group, Aetna and New York Life Insurance Company

Health insurance provides financial protection on medical costs to the policyholders while they are hospitalized. Healthcare costs are incurred due to any type of sickness, accident, and other mental & physical disability due to medical referral fees and care. The health plan provides coverage for these medical costs in return for a monthly fee. The insurer is obligated to cover the policyholder's medical costs before the policy's term. The coverage can vary depending on the policy for numerous factors including age groups, illnesses, government policies and others. Rising GDP and increasing healthcare spending are beneficial for the growth of this business as people are investing enough on their healthcare spending.

The global market for the health insurance is segmented into provider, insurance type, coverage type, network, demographics, and region. Based on provider, the market is segmented into public providers, and private providers. The private providers segment held almost 60% share of the market in 2019 as these measures shield families from unforeseen medical problems. In addition, private insurance also provides choice to the patients to opt for services and doctors through private insurance.

Based on insurance type, the market is categorized into on medical insurance, disease insurance, and income protection insurance. The market for medical insurance held almost 53% share of the market in 2019; however, the market for income protection insurance is likely to grow at high CAGR in the forecast period. Income security insurance offers benefits such as support overseas, childcare coverage, compensation on permanent illness and elective and accident surgery. In addition, income security insurance also covers costs related to recovery thus driving its adoption globally.

Based on the coverage type, the global market for health insurance is segmented into term coverage, and lifetime coverage. From this, lifetime coverage market accounted for almost 65% share of the market in 2019. The life insurance schemes benefits include lifetime coverage and assured benefit after death. Investing in life insurance also helps working people save some amount of income tax along with these advantages.
Based on network, the market is categorized into exclusive provider organizations (EPOs), preferred provider organizations (PPOs), point of service (POS), and health maintenance organizations (HMO). The market in health maintenance organizations (HMO) is likely to grow at high CAGR in the forecast period. Patients should have a primary care doctor who will help them deal with minor health related problems. It decreases hospital visits, which ultimately lowers hospitalization costs, which are expected to stimulate growth of this sector in the market. PPOs provide well-managed healthcare plans and provide patients with greater flexibility.

Based on demographics, the market is categorized into adult, minor, and senior citizens. The market in minor sector is likely to grow at high CAGR in the forecast period. The minor section comprises population in the 0-18 year group. Health insurance companies are creating child specific plans. Some of these child health insurance plans are available at lower premium rates and provide additional benefits such as cashless hospitalization that is elevating their adoption and fostering growth in the forecast period.

Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. North America held almost 36% share of the overall market. This regional growth can be attributed to increased awareness of health insurance plans in combination with high GDP. In addition, the availability in the U.S. of leading policy providers like Medicare is helping businesses grow. Asia Pacific is likely to grow at high CAGR of almost 4.8% in the forecast period due to growing prevalence of chronic illnesses. This scenario is good for the growth of industry as it raises demand for healthcare policy makers to properly reimburse healthcare services.

Top Key Players Analysis: Cigna, Prudential Financial, Kaiser Permanente, Allianz Group, Aetna and New York Life Insurance Company

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Report Highlights
Comprehensive pricing analysis on the basis of product, application, and regional segments
The detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the global HEALTH INSURANCE market

Deep insights about regulatory and investment scenarios of the global HEALTH INSURANCE market
Analysis of market effect factors and their impact on the forecast and outlook of the global HEALTH INSURANCE market

A roadmap of growth opportunities available in the global HEALTH INSURANCE market with the identification of key factors

The exhaustive analysis of various trends of the global HEALTH INSURANCE market to help identify market developments

Table of Contents (TOC)
1. Global HEALTH INSURANCE Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global HEALTH INSURANCE Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global HEALTH INSURANCE Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Rest of North America
7.2. Europe
7.2.1. Europe Regional Market Size and Trend Analysis
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Italy
7.2.1.5. Spain
7.2.1.6. Russia
7.2.1.7. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
7.3.1.1. China
7.3.1.2. Japan
7.3.1.3. India
7.3.1.4. Australia
7.3.1.5. Southeast Asia
7.3.1.6. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
7.5.1.1. Saudi Arabia
7.5.1.2. South Africa
7.5.1.3. UAE
7.5.1.4. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments

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