What is Senior Health Insurance Market Scope?
Senior citizens or elderly people are more prone to health risks be it some ailments, heart, mental issues. Thus, Senior Health Insurance is insurance scheme specifically for people in the age group of 60 to 75. These insurance policies help cover the majority of the medical expenses of senior citizens and are primarily of high coverage- high premium nature.
The Senior Health Insurance market study is being classified by Type (Individual and Group) and major geographies with country level break-up.
The global senior citizen health insurance market is becoming extremely crowded especially because of Covid-19, rising cases of chronic and ailment diseases among old people. A large section of people who were earlier unaware about the insurance is also becoming aware of the benefits of holding insurance policies. The market is diversely split among American, European, and Asian Insurance giants with the likes of UnitedHealth Group, Ping An Insurance Group, AXA S.A., etc. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Senior Health Insurance market throughout the predicted period.
AIG (United States), Chubb (United States), Berkshire Hathaway (United States), Metlife (United States), AXA (France), Japan Post Holdings (Japan), Ping An Insurance (China), Generali (Italy), Allianz (Germany) and Nippon Life Insurance (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Manulife Financial (Canada), Aviva (United Kingdom), Prudential PLC (United Kingdom), Anthem (United States) and CVS Health (United States).
Analyst at AMA have segmented the market study of Global Senior Health Insurance market by Type, Application and Region.
On the basis of geography, the market of Senior Health 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).
Market Influencers and their development strategies
In 2020, New York Life Insurance Co. which is the United States largest mutual insurer completed the acquisition of Cigna Corp.’s arm dealing with life, accident, and disability insurance business it a deal worth USD 6.3 billion in a cash purchase. and In 2020, Bharti AXA General Insurance Co. Ltd and ICICI Lombard General Insurance Co. Ltd announced a merger after approval from Indian insurance regulator IRDAI which will make the joint entity India’s 3rd largest Insurance Firm.
Influencing Market Trend
- Technological developments such as Blockchain, Cloud Computing, and Big Data Analytics
- Increasing Geriatric Population across the Globe
- Health Risk Associated with the Elderly People
- Lesser Penetration in the Developing Economies
- High Premium Cost Due to the Age of Senior Citizen
- Insufficient Coverage
- Pre-existing Conditions
Key Target AudienceSenior Health Insurance Provider, Analysts and Strategic Business Planners, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Banks, Insurance Firms and Others
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