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Soaring Demand Set to Propel Insurance For Against Covid-19 Market to $62.35 Billion by 2029
Insurance For Against Covid 19 Market
What Is the Expected CAGR for the Insurance For Against Covid-19 Market Through 2025?
The market size of insurance for COVID-19 protection has experienced significant expansion in the past years. The growth is projected to continue, escalating from $45.37 billion in 2024 to $48.48 billion in 2025 with a compound annual growth rate (CAGR) of 6.9%. Factors such as increasing rates of COVID-19 infections, government orders for health insurance coverage, escalating hospitalization expenses, expanding recognition of insurance advantages, and the need for financial safety have all contributed to the historic growth period.
What's the Projected Size of the Global Insurance For Against Covid-19 Market by 2029?
It is anticipated that the market size for insurance against COVID-19 is poised for robust expansion in the following years, with projections reaching $62.35 billion by 2029 at a compound annual growth rate (CAGR) of 6.5%. The expected development in the forecast span is largely due to the increased adoption of virtual insurance platforms, growth in telehealth services, the advent of combined insurance schemes, escalating corporate health initiatives, and heightened health risk awareness post-pandemic. Key breakthroughs to watch out for during this period consist of the utilization of artificial intelligence in claims processing, use of blockchain in policy administration, digital enrolment resources, mobile insurance applications, and internet of things facilitated health tracking mechanisms.
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Top Growth Drivers in the Insurance For Against Covid-19 Industry: What's Accelerating the Market?
Anticipated growth in the insurance for against COVID-19 market is predicted to be fuelled by an increase in international travel. Traveling overseas for various purposes, such as tourism, business, education, visiting relatives, or other individual motives, is defined as international travel. The growth in cross-border travel is attributable to a rise in disposable incomes worldwide, which allows more individuals to spend on abroad leisure activities. Insurance for against COVID-19 aids globalization by providing medical coverage for illnesses related to the pandemic, ensuring that travelers get timely care while they're overseas. The insurance minimizes financial risks by covering expenses such as quarantine, hospitalization, and trip disruptions, thereby boosting travel reliability and safety. To illustrate, FREETOUR.com, a Switzerland-based travel services firm, reported in June 2025, that UK residents made over 90 million outbound trips in 2024, and it's anticipated that they will make over 92 million outbound trips and welcome 43.4 million international visitors in 2025. Consequently, the growing demand for traveling abroad is powering the expansion of the insurance for against COVID-19 market.
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What Trends Will Shape the Insurance For Against Covid-19 Market Through 2029 and Beyond?
Leading companies in the COVID-19 insurance market are prioritizing the creation of innovative insurance solutions such as term insurance plans. These plans aim to improve policy accessibility, optimize underwriting processes, and enhance customer experience. Term insurance plans are life insurance policies that provide coverage for a defined period and offer death benefits to beneficiaries if the insured dies within the coverage period. For example, in January 2023, Edelweiss Tokio Life Insurance Company Limited, an Indian life insurance company, introduced Covid Shield+, a term insurance plan built to give financial protection against COVID-19-related risks. It offers features like a lump-sum death benefit due to COVID-19, hospitalization expense coverage, and additional advantages like waiving future premiums if the policyholder contracts COVID-19. The goal of this initiative is to ensure financial stability and mental tranquility to individuals and families during the pandemic, protecting them against unexpected health and financial obstacles. The plan is open to individuals between the ages of 18 and 65, who could be eligible for tax benefits under the relevant laws.
What Are the Main Segments in the Insurance For Against Covid-19 Market?
The insurance for against covid-19 market covered in this report is segmented -
1) By Type: Health Insurance, Life Insurance, Travel Insurance, Business Interruption Insurance, Other Types
2) By Coverage: Individual, Family, Corporate
3) By Distribution Channel: Online, Insurance Brokers, Direct Sales, Other Distribution Channels
4) By End-User: Individuals, Businesses, Governments, Other End-Users
Subsegments:
1) By Health Insurance: Individual Health Coverage, Family Floater Health Plans, Critical Illness Insurance, Group Health Insurance, Senior Citizen Health Plans
2) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Policies, Unit Linked Insurance Plans, Guaranteed Issue Life Insurance
3) By Travel Insurance: Single Trip Travel Insurance, Multi Trip Travel Insurance, Student Travel Insurance, Senior Citizen Travel Insurance, Medical Travel Insurance
4) By Business Interruption Insurance: Contingent Business Interruption, Extra Expense Coverage, Civil Authority Coverage, Service Interruption Insurance, Leader Property Coverage
5) By Other Types: Disability Income Insurance, Hospital Cash Insurance, Home Quarantine Insurance, Telehealth Coverage Insurance, Post Hospitalization Coverage
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Which Top Companies are Driving Growth in the Insurance For Against Covid-19 Market?
Major companies operating in the insurance for against covid-19 market are UnitedHealth Group Incorporated, Ping An Insurance (Group) Company of China Ltd., Cigna Corporation, Allianz SE, Kaiser Foundation Health Plan Inc., AXA S.A., Humana Inc., People's Insurance Company of China (PICC), MetLife Inc., Munich Re Group, Prudential plc, Zurich Insurance Group Ltd, Chubb Limited, Aetna Inc., Aviva plc, The Manufacturers Life Insurance Company (Manulife), Legal & General Group plc, China Life Insurance (Singapore) Pte Ltd., Tata AIA Life Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Edelweiss Tokio Life Insurance Company Limited, Star Health and Allied Insurance Company Limited, HDFC ERGO General Insurance Company Limited
Which Regions Will Dominate the Insurance For Against Covid-19 Market Through 2029?
North America was the largest region in the insurance for against COVID-19 market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance for against covid-19 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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