About Juvenile Health Insurance
Juvenile Health Insurance is insurance written on the lives of children, usually those under age 15.Because the insured under a juvenile policy is a minor, the applicant is an adult and usually a parent in whom control of the policy is vested.it provides a cover in times of any health related contingency. The conditions, however, may vary with different plans. The coverage can be availed as per the sum insured chosen and the premium paid.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Juvenile Health Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Llianz (Germany), AIG (United States), Assicurazioni Generali (Italy), China Life Insurance (China), MetLife (United States), PingAn (China), AXA (France), Sumitomo Life Insurance (Japan), Aegon (Netherlands), Aviva (United Kingdom) and Munich Re Group (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Zurich Financial Services (Switzerland), Nippon Life Insurance (Japan), Gerber Life Insurance (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Juvenile Health Insurance market by Type (Term Child Life Insurance and Permanent Child Life Insurance), Application (<10 Years Old and 10~18 Years Old) and Region.
On the basis of geography, the market of Juvenile 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). If we see Market by Service Provider, the sub-segment i.e. Private company will boost the Juvenile Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by State, the sub-segment i.e. Ill will boost the Juvenile Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Innovative startups in the insurance industry
Market Growth Drivers:
Low cost of juvenile policies and Increasing prevalence of chronic diseases
Challenges:
Rise in cost of healthcare insurance
Restraints:
Slow and inconvenient claim settlement
Opportunities:
Government favorable incentives and Rising popularity of financial planners and insurance professionals
Market Leaders and their expansionary development strategies
In March 2023, ACKO Technology and Services, the parent company of ACKO General Insurance, has acquired digital health platform Parentlane which operates in the maternity and child health space.
In December 2023, Niva Bupa Health Insurance Company, previously known as Max Bupa Health Insurance Company, has launched its latest product, "Aspire," targeting the health insurance needs of the younger generation, specifically Gen Z and millennials.
Key Target Audience
New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
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, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.