Global Short Term Insurance Market Overview:
Short term insurance policy covers various types of matters like a job change, health, car, death coverage, and various other things. The short-term insurance plans are typically for the period of 30 to 90 days and have a valid up to 12 months and provide protection for a limited period. This insurance is not costly as it is for the short term and requires a lesser premium amount than the long term insurance plans. It can be used by a group of people or any individual, although short term plan also varies according to the tenure. Some of the players profiled in the study are UnitedHealth Group (United States), OUTsurance Holdings Limited (South Africa), National General Insurance (United States), The IHC Group (United States), Aviva plc (United Kingdom), PSG Konsult Limited Group (South Africa), SBI Holdings (Japan), Pivot Health (United States), Lidwala Insurance (United Kingdom) and Liberty Mutual Group (United States).
On the basis of geography, the market of Short Term Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Insurance Agency will boost the Short Term Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Tax Benefits will boost the Short Term Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Increasing Demand for Low Premium Rates Insurance Plans
- Growing Number of Diseases Over the Last Few Year Requires Health Insurance Plans to Cover the Expenses
- Increasing Consumption of Short Term Health Insurance
- Integration of Telematics and AI in the Short Term Insurance
- Adherence to Stringent Regulatory Guidelines on the Short Term Insurance
- Rising Technological Advancement in the Short Term Insurance
- A large number of Short Term Insurance Providing Companies
Key Market Developments:
On 9th July 2020, Pivot Health, the insuretech coverage division of HealthCare.com, a leader in technology-enabled health insurance solutions, announced it has partnered with The North River Insurance Company, a subsidiary of the Crum & Forster enterprise, to market group short-term health insurance plans that offer financial protections and benefits for consumers.
Short Term Insurance Providers, Short Term Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Short Term Insurance market on the basis of product [Job Change Coverage, Medical Coverage, Life Coverage, Car Coverage and Others] , application [Individual and Group], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Short Term Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Short Term Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Short Term Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.