Executive Summary
Market Performance
The Global Health Insurance market is expected to grow at a CAGR of 9.3% as people across the world, have realised that the only way to be monetarily protected while also covering their healthcare expenses is to purchase a health insurance plan. The pandemic has enhanced the market in such a way that its impact will be felt for several years.
The government is also taking number of initiatives, such as investing in the market or educating the public about the importance of purchasing health insurance through television commercials or newspapers. The market's increasing adoption has resulted in various developments in the market by various market key players in order to maintain competitive advantage, thus further accelerating market demand.
COVID-19 an Upward trend: The pandemic is extremely challenging in many ways, but it also gives people reason to be concerned about their health. However, in 2020, the demand for health insurance has skyrocketed. People are becoming concerned about the pandemic's impact on their health and finances. As a result of COVID-19, they are adjusting their healthcare spending. Health insurance acts as a safety net in the event of a medical emergency. As a result of the impact of the coronavirus, health insurance has become the new normal.
Post-Covid millennials are becoming more conscious of their health concerns. They recognise that pandemic increased pollution, sedentary lifestyle, poor eating habits, and other factors can all have a negative impact on their health at a certain time.
Changing Consumer Preferences: The positive impact of the COVID-19 outbreak on the health insurance market is ascribed to the fact that consumer tendency towards health insurance is fluctuating and the prime competitors in the market are embracing the technologies like intelligent based solutions for claim processing and observative mechanism for real time interaction with the clients.
The US-based health insurance company, Humana, for example, has partnered with Oracle to sanction the usage of artificial intelligence for delivering a mechanical, transparent and real time processing experience to the consumers. Moreover, new wellness initiatives and programs to upgrade consumer's physical and mental health by boosting healthy lifestyle options have been set in motion by the health insurance providers during the pandemic.
Increasing Awareness among Rural areas: Globally health insurance market in rural areas is growing at a rapid pace The health insurance market is accelerating at a faster rate in rural areas because it provides multiple benefits such as refunding the covered by insurance person's illness treatment costs and paying a lump sum payment in a long-term case. Furthermore, customers in rural areas are much more aware of comprehensive health insurance coverages including in hospitalisation expenditures, pre-hospitalization and post-hospitalization expenditure, ambulance expenditures, and domiciliary hospitalisation costs, are some of the factors which are drives market growth in rural areas.
Scope of the Study
The following synopsis is based on the report " Global Health Insurance Market- COVID-19 Impact and Outlook to 2027" published by Makreo Research and Consulting Firm. The report delves deeply into various parameters such as market size, segmentation, value chain analysis, and industry cause and effect analysis. The study includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalise on untapped business potential in the specific geography.
The report helps readers to gain information on following areas:
Table of Content
Key Highlights
Report Synopsis
1. Research Methodology
Objective of the Study
Research Process
Data Collection Methods
Analytical Framework
2. Macro-economic Factors
Macro-economic Performance
Macro-economic Factors: Population Facts
Macro-economic Factors – Urban Population
Macro-economic Factors - Global Health Care Expenditure
Macro-economic Factors – North America Health Care Expenditure
Macro-economic Factors – Europe Health Care Expenditure
Macro-economic Factors – Asia Pacific Health Care Expenditure
Macro-economic Factors – Inflation
3. Market Dynamics
Global Health Insurance Market – Driving Forces
Global Health Insurance Market – Challenges
4. COVID-19 Cases and Impact over Health Insurance Market
Worldwide COVID-19 Spread
Impact of Covid-19 over Health Insurance
5. Global Health Insurance Market Analysis
Global Health Insurance Market Structure
Global Health Insurance Market Performance
Global Health Insurance Market Revenue and Forecast
6. Global Health Insurance Market: By Segmentation
Global Health Insurance Market Segmentation : By Distribution Channel
Global Health Insurance Market Segmentation : By Type of Insurance
7. Global Health Insurance Market: By Geography
Global Health Insurance Market Analysis By Geography
Global Health Insurance Market by Regional Distribution
Global Health Insurance Market by Geography – North America
Global Health Insurance Market by Geography – Europe
Global Health Insurance Market by Geography – Asia Pacific
8. Mergers & Acquisitions
Mergers & Acquisitions
9. Global Health Insurance Market: Company Profile
Company Profile – Allianz Group
Company Profile – Axa Group
Company Profile – China Life Insurance
Company Profile – Ping An Insurance
Company Profile – Aviva Ltd
Company Profile – Assicurazioni Generali
Company Profile – UnitedHealth Group
10. Global Health Insurance Market: Opportunities
Market Opportunity in Medical Treatment and Innovation in Healthcare
Market Opportunity – Growing Chronic Diseases
Limitations of the Study
List of Figures & Tables
List of Figures
World Population, 2021
Developed Regions Population
Developing Regions Population
Population ages 65 and above (% of total population) 2011-2020
Urban Population (% of Total Population) (1960-2019) 5 Yrs Interval
Total Urban Population in World, (1960-2019) 10 years Interval
North America Healthcare Expenditure by Key Economies as (% of GDP) 2015-2018
Europe Healthcare Expenditure by Key Economies (as % of GDP), 2015-2018
Asia Pacific Healthcare Expenditure by Key Economies (as % of GDP) , 2015-2018
Worldwide Inflation, Consumer Prices (annual %), 2016-2020
Number of Active cases of coronavirus (COVID-19) Worldwide, (22nd January 20– 30th Oct 21)
Global Health Insurance Market Revenue, 2017-2026F
Global Health Insurance Market by Distribution Channel, 2020
Global Healthcare Insurance Market by Type of Insurance, 2020
Global Health Insurance Market Revenue by Regions, 2020
Global Healthcare Insurance Market by Geography, 2020
Global Healthcare Insurance Market by Geography, 2026F
North America Health Insurance Market Revenue, 2017-2026F
Europe Health Insurance Market Revenue, 2017-2026F
EU-27 Healthcare Expenditures, 2015-2018
Asia Pacific Health Insurance Market Revenue, 2017-2026F
China Health Insurance Total Premium, 2015-2020
India share of Health Insurance Premiums by Major Players During April-September 2020 (%)
Malaysia Gross Written Premium in Ringgit Million, 2015-2020
Singapore Health Insurance Share in General Insurance by Gross Written Premium, FY 2019
Singapore Health Insurance Market Underwriting Performance , FY 2019 and FY 2020
ALLIANZ Group Consolidated Revenue, 2020 (Euro Million)
ALLIANZ Group Revenue by Region 2020(%)
ALLIANZ Group Revenue by Segments 2020(%)
Axa Group Consolidated Net Income 2020 (Euro Million)
Axa Group Consolidated Revenue, 2020
AXA Group Revenue by Segments, 2020 (%)
AXA Group Revenue by Region, 2020(%)
China Life Insurance Revenue, 2016-2020
Ping An Insurance Consolidated Revenue, 2018 -2020
Aviva Ltd Revenue, 2016-2020
UnitedHealth Group Consolidated Revenue, 2019-2020
Global New Cases of Cancer in 2020, Female of all Age Group
Global New Cases of Cancer in 2020, Male of all Age Group
List of Tables
ALLIANZ Group Life/Health Insurance Performance 2019-2020 (Euro Million)
Assicurazioni Generali Consolidated Performance, 2019-2020
Growing Chronic Diseases : Global HIV Epidemic 2020