Health insurance refers to the insurance coverage that pays for surgical, medical, and sometimes dental expenditures incurred by the insured person. Greater penetration of health insurance supported the rise in healthcare spending. This is due to easier access to high-quality healthcare facilities, rising disposable incomes, and growing awareness about personal health and hygiene. The market has high growth prospects owing to the growing prevalence of chronic diseases. For instance, According to the data published by the Centers for Disease Control and Prevention 30 million individuals in the United States have diabetes. In addition, According to the World Health Organization (WHO) 2018 report, cardiovascular diseases accounted for nearly 836,546 deaths in the United States. Moreover, the government focus on medical and health insurance expected to drive market demand during the forecasted period.This growth is primarily driven by Growing in the Prevalence of Chronic Diseases, Compulsory Provision of Healthcare Insurance for Private and Public Sectors and Government Focus On Medical and Health Insurance.
Globally, a noticeable market trend is evident Development of New Offers and Schemes by Insurance Companies
. Major Players, such as Allianz Group Germany), Assicurazioni Generali S.p.A (Italy), AIA Group Limited (Hongkong), Anthem, Inc. (United States), AXA Equitable Life Insurance Company (United States), China Life Insurance Company Limited (China), Ping An Insurance (China), State Farm Group (United States) and Zurich Insurance Group (Switzerland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
January 2020, HDFC acquired a majority stake in Apollo Munich Health Insurance with the approval of CCI, the RBI, and the IRDAI. After this acquisition, Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health). The company will operate as a subsidiary of HDFC Ltd.
IRDAI (Health Insurance) Regulations, 2016 were notified on 18-07-2016. As specified in Schedule III of the Regulations; the Authority has to specify certain Guidelines, Regulatory Returns, and Formats, etc., for compliance by all Insurers and TPAs, as may be applicable. The objective of this circular is to set out the said regulatory requirements that every Insurer and TPA shall comply with. This circular is applicable to all Insurers and TPAs, wherever applicable. This circular is issued under the provisions of Section 34 (1) of Insurance Act, 1938 and under the powers vested with Regulation 2 (i) (o) of IRDAI (Health Insurance) Regulations, 2016.
- Growing in the Prevalence of Chronic Diseases
- Compulsory Provision of Healthcare Insurance for Private and Public Sectors
- Government Focus On Medical and Health Insurance
- Development of New Offers and Schemes by Insurance Companies
- Rising Demand for Group Plans from Various Industry
- Innovation in Healthcare Insurance Products
- Concerns Regarding Fraud Issues
The fastest-growing regional market overall is APAC, mainly fueled by the efforts of companies in India and China to increase health insurance penetration, with India on its rural population and China on its aging population. Moreover, the Government of India is increasing healthcare spending. For instance, the government expenditure on the health sector has grown to 1.4 percent of GDP in the financial year 2018E from 1.2 percent of GDP in 2014.
Lack of Awareness among the Customers and Longer Time for Claim Reimbursement
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Health Insurance Study Sheds Light on
The Health Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Health Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Health Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.