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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
CAGR | 20.3% |
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 estimates that United States Players 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 that are part of study coverage. 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).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Senior Health Insurance market by Type and Region with country level break-up.
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).
region held largest market share in the year 2023.
Market Leaders and their expansionary 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 Trend:
Technological developments such as Blockchain, Cloud Computing, and Big Data Analytics
Market Growth Drivers:
Increasing Geriatric Population across the Globe and Health Risk Associated with the Elderly People
Challenges:
Insufficient Coverage and Pre-existing Conditions
Restraints:
High Premium Cost Due to the Age of Senior Citizen
Opportunities:
Lesser Penetration in the Developing Economies
Key Target Audience
Senior Health Insurance Provider, Analysts and Strategic Business Planners, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Banks, Insurance Firms and Others