What is Temporary Health Insurance Market?
Temporary health insurance refers to the insurance with limited durations. It ranges from one month to a year. It is provided to the people who need to bridge a gap in longer term plans. In addition, it is used by the people who are ineligible under the parents plan and the ones who are switching the employers. However, temporary health insurance does not cover all the benefits and offers lower premium to the individuals. It provides coverage for preventive care, doctor visits, urgent care, and emergency care. These benefits are increasing the demand among the individuals.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Allianz (Germany), Zurich (Switzerland), BUPA (United Kingdom), United Health group (United States), Anthem (United States), CVS health (United States), Cigna (United States), Humana (United States), Centene (United States) and Wellcare health plans (United States) |
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Temporary Health Insurance market is expected to see steady growth rate.
Allianz (Germany), Zurich (Switzerland), BUPA (United Kingdom), United Health group (United States), Anthem (United States), CVS health (United States), Cigna (United States), Humana (United States), Centene (United States) and Wellcare health plans (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Molina healthcare (United States), Health insurance innovations (United States) and PICC (China).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Temporary Health Insurance market throughout the forecasted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Temporary Health Insurance market by Type, Application and Region.
On the basis of geography, the market of Temporary 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Prevalence of diseases is fueling the market growth
- Lower premiums and a degree of flexibility is fuelling the market growth
Market Trend
- Introduction of advanced technologies such as robotic process automation, and Artificial intelligence
Restraints
- Exclusion of some expensive medical treatments
Opportunities
- Provision for private as well as public sector employees
- Rising medical costs in private sector
Challenges
- Denial of coverage due to health history or current conditions
Market Leaders and some development strategies
On 3rd January 2020, Allianz has completed the acquisition of Liverpool Victoria General Insurance Group Ltd. and the general insurance unit of United Kingdom.
Key Target Audience
Health insurance providers, Government associations, Research organizations, Enterprise software vendors and Others