Rise in healthcare expenses and chronic diseases driving the sales for Health Insurance Market at Global Level
According to the report, the global health insurance industry was pegged at $3.15 trillion in 2018 and is projected to reach $4.47 trillion by 2026, registering a CAGR of 4.4% during the forecast period.
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Public service providers segment dominated the market
The public service providers segment held the largest share in 2018, accounting for more than half of the global health insurance market, as these providers incur lower administrative costs as compared to private health insurance. However, the private service providers segment is projected to register the fastest CAGR of 4.5% during the forecast period, as private providers offer prompt referral to a consultant, advanced treatment option, and quick & flexible treatment time in private hospitals to subscribers.
Medical insurance segment held largest share
The medical insurance segment dominated the market in 2018, contributing more than two-fifths of the global health insurance market, owing to high costs incurred for expensive surgeries and increase in a number of road accidents. However, the income protection segment is estimated to manifest the fastest CAGR of 4.9% during the study period, owing to mandatory provision of income protection insurance implemented in developed countries.
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North America held lion's share
The market across North America held the largest share in 2018, contributing nearly one-third of the market, owing to high adoption of private insurance among the population, increase in population suffering chronic illness, and availability of high disposable income. However, the global health insurance market across Asia-Pacific is expected to portray the fastest CAGR of 4.9% through 2026, due to increase in awareness regarding benefits of using healthcare insurance.
Frontrunners of the market
Berkshire Hathaway Inc.
Nippon Life Insurance Company
Dai-ichi Life Holdings, Inc.
Kaiser Foundation Group of Health Plans
Berkshire Hathaway Inc.
New York Life Insurance Company
Life Insurance Corporation of India
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