Individual Health Insurance Market: Industry Analysis, Trends, Growth, Opportunities, and Forecast to 2022-2028

The global individual health insurance market is anticipated to grow at a considerable CAGR of 9.6% during the forecast period (2022-2028).

Individual health insurances are the insurance policies that provide support to customers in their expenses due to diseases, or hospitalization. The major factor attributing to the growth of the global individual health insurance market includes the high prevalence of diabetes across the globe. According to the World Health Organization (WHO), around 422 million people across the globe are living with different types of diabetes including type-1 and type-2 in 2020. The mortality of around 1.5 million people is caused due to diabetes every year. Thus, increasing the subscription of individual health insurance.

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The application of individual health insurance is also increasing due to the increasing prevalence of cancer across the globe. According to the report published by the WHO in February 2022, cancer is one of the major causes of mortality across the globe with around 10 million mortality registered due to it globally in 2020. Furthermore, the increasing prevalence of high blood pressure across the globe is also increasing the subscription of individual health insurance to manage expenses. According to the report published by the WHO in August 2021, it is estimated that around 1.28 billion adults aged between 30-79 years have high blood pressure across the globe.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, Star Health launched a new Star Health Premier Insurance Policy. This policy is for people aged above 50 years that is designed to cover expenses incurred on hospitalization, diseases, or accident. The insurance will provide 10% of the sum insured up to INR 5 Lakhs.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Disease
o By Age Group
o By Distribution Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- AIA Group Ltd., Aetna Inc., Allianz, Assicurazioni Generali S.P.A., and Aviva Life Insuarance Co. India Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Individual Health Insurance Market Report by Segment

By Disease
• Cancer
• High Blood Pressure
• Cataract
• Diabetes
• Others

By Age Group
• Minors
• Adults
• Senior Citizen

By Distribution Channel
• Direct Sales
• Broker or Agent
• Banks
• Others

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This release was published on openPR.