Health insurance is a type of insurance that covers medical expenses of the insured due to an illness or accident in exchange for a premium amount. It reimburses medical bills and/or pays the medical care provider directly on behalf of patients.
Rise in global disease burden, rise in patient pool, growing geriatric population, rise in awareness among people about health insurance and associated benefits, and the outbreak of COVID-19 are major factors expected to propel growth of the global health insurance market.
For instance, in March 2023, Go Digit General Insurance announced the launch of three new plan under Digit Health Insurance policy, such as Digit Double Wallet plan, Digit Infinity Wallet plan, and Digit Worldwide Treatment plan, to cater to the newly evolved health insurance needs post the pandemic. The plan will help take care of the rising medical costs with an option of unlimited back-up sum insured (SI) being offered to customers.
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Health Insurance Market Drivers:
Rise in patient pool to underpin market growth
One of the key factors expected to augment the growth of the global health insurance market during the forecast period is the rise in global disease burden and rise in patient pool around the world. Health insurance is a type of insurance that covers medical expenses of the insured due to an illness or accident in exchange for a premium amount. Therefore, with the rise in patient pool, number of health insurance policies is also increasing. In March 2023, Go Digit General Insurance announced the launch of three new plan under the Digit Health Insurance Policy to cater to the newly evolved health insurance needs post the pandemic.
Growing geriatric population to drive market growth
Another factor which is driving the growth of the global health insurance market is the growing geriatric population around the world. For instance, growing geriatric population is responsible for the increasing disease burden worldwide, with a wide patient pool suffering from chronic diseases. Thus, players in the market are launching policies to cater to the geriatrics. The National Insurance Company (India) has launched Varistha Mediclaim Policy for senior citizens who are more prone to suffer from ailments and age-related illnesses. Moreover, the National Programme for the Health Care of Elderly is launched to address and improve the medical issues faced by elderlies.
Health Insurance Market Opportunities:
The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the global health insurance market. For instance, the world population has realized the value of health insurance due to the pandemic. People have also timely realized the fact that health policy is the only way to be financially secure during the pandemic. The Insurance Regulatory and Development Authority of India (IRDAI) mandated/instructed health insurers to include COVID-19 coverage in all policyholders’ regular health insurance plans. Thus, several insurers have been offering COVID-19 Health Insurance cover in their base plans.
Rise in awareness among people about health insurance and associated benefits is expected to offer lucrative growth opportunities for players in the health insurance market. For instance, customers in rural areas are becoming aware of health insurance comprehensive coverages. In April 2023, Royal Sundaram launched a new campaign called ‘#Don’tBeAClown’ to promote the importance of general insurance, encouraging people to protect themselves and their assets by getting insured, highlighting the need for various types of insurance. A campaign aims to educate the public about the risks associated with not having adequate insurance coverage.
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Health Insurance Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Health Insurance Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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