Group Health Insurance Market Size, Share, Growth, Regional Analysis, Prominent Players and Forecast 2031 | (CAGR) of 9.4%

The global group health insurance market size was US$ 744.0 billion in 2021. The global group health insurance market size is estimated to reach US$ 1670.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.4% during the forecast period from 2022 to 2030.

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Group health insurance covers the medical expenses of the employees incurred during the treatment of any illness, injury, or other mental and physical impairment. It acts as compensation in lieu of monthly/half-yearly/annual premium or payroll tax for providing health benefits, which is borne by the employer. The insurer is bound to cover the medical expenditures for the policyholder till the term of the policy and the coverage. Relying on the policy, coverage may vary due to a number of factors including age groups, diseases, and government policies.

Factors Affecting Marketing Growth

Hassle-free claim settlement is the primary factor that drives the growth of the global market.
The surge in group health insurance premium costs and invalid liability for retired employees are some of the factors that hinder the growth of the global market.
An increase in awareness among people about group healthcare insurance is anticipated to drive the growth of the global market.

Impact on COVID-19 Analysis

The COVID-19 outbreak affected the lives and businesses of all individuals globally. The pandemic has increased the need for employers to buy group health insurance for their employees to experience better medical facilities and health treatment amid the spread of the coronavirus. In addition, the number of hospitalizations has increased rapidly due to the pandemic. Hence, there has been a tremendous increase in group health insurance claims. Moreover, the spread of this health crisis across the world is one of the major reasons behind the rise in group health insurance premiums as the situation has put immense pressure on organizations to protect their employees. Thus, COVID-19 had a positive impact on the growth of the global market.

Regional Analysis

North America accounted for the highest revenue in 2021. This is attributed to the increased corporate culture and the existence of a large number of multinational companies, which drive the growth of the global market in the region.

The Asia-Pacific segment grows at a significant rate during the forecast period due to the rising need for providing insurance to employees in multinational companies and a rising understanding of group health insurance.

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Leading Competitors
The prominent players in the global group health insurance market are:
United HealthCare Services Inc.
IFFCO-Tokio General Insurance Company
Chubb
Cigna
American International Group
ACKO General Insurance Limited
Aetna Inc.
Allianz Care
Anthem Insurance Companies
Others

Segmentation Analysis
The global group health insurance market segmentation focuses on Plan Type, Enterprise Size, Distribution Channel, and Region.

Segmentation on the basis of Plan Type

Fully Insured Plan
Mixed-insured Plan
Self-insured Plan

Segmentation on the basis of Enterprise Size

Micro, Small, and Medium Enterprises (MSMEs)
Large Enterprises

Segmentation on the basis of Distribution Channel

Banks
Direct Sale
Agents
Others

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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Questions Answered in The Report:

What are the strengths and weaknesses of the key vendors?
Who are the Leading key gamers and what are their Key Business plans in the close to future?
What will be the market increase price and measurement in the coming year?
What are the principal key elements riding the market?
What are the key market tendencies impacting the increase of the world Market?
Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
Who are the key gamers and what are their strategies in the international Market?
What are the market opportunities and threats confronted by using the carriers in the world Market?
What industrial trends, drivers, and challenges are manipulating its growth?
What are the key consequences of the 5 forces evaluation of the world industry?

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