About Health Insurance Carrier
Any organisation, a health maintenance organisation, a nonprofit hospital, or medical service, that contracts or offers to contract to provide, deliver, arrange for, pay for, or reimburse any of the costs of health care services is referred to as a health insurance carrier. In exchange for a premium, a health insurer contracts to cover all or a portion of a person's medical costs. Health insurance explicitly covers a person's medical, surgical, prescription drug, and sporadically dental costs. Health insurance can directly pay the provider of care or reimburse the insured for expenses incurred due to illness or damage.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Global Health Insurance Carriers is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Health Insurance Carrier 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.
AIG (United States), Chubb (Switzerland), Allianz (Germany), Travelers (United States), SBI (India), AXA (France), Assicurazioni Generali (Italy), International Medical Group, Inc. (United States), Bupa Global (United States), GeoBlue (United States) and Aetna Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are William Russell (United Kingdom) and IntegraGlobal (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Health Insurance Carrier market by Type (Floater Health, Critical Illness, Group Health, Overseas Medical and Other) and Region.
On the basis of geography, the market of Health Insurance Carrier has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 Sales Channel, the sub-segment i.e. Agents will boost the Health Insurance Carrier market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Age Group, the sub-segment i.e. Upto 18 Years will boost the Health Insurance Carrier market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by By Plan, the sub-segment i.e. Term Policy will boost the Health Insurance Carrier market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
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. and On 24 March 2022, Allianz Ayudhya Capital PCL will buy Aetna Thailand, expanding its presence in the Thai insurance market. The proposed acquisition will allow AYUD to expand its client base and distribution channels, as well as increase its market share in health insurance, allowing it to offer a broader range of insurance solutions to Thai customers.
On 01-June-2022, SBI General Insurance unveiled its brand-new health insurance division. In order to further entrench health insurance penetration in Tier 3 and Tier 4 markets across India and to provide customers with cost-effective and comprehensive health insurance options, the company stated that it intends to leverage the extensive footprint and network of its parent company State Bank of India (SBI). In order to provide a superior and trouble-free client experience, it will manage all health insurance claim handling internally through the vertical, the firm stated in a statement.
On 1 Jun, 2022, The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general insurance companies to introduce products without seeking prior approval from the regulator, in what is the first major reform by the new IRDA chairman. The IRDAI said it has extended the ‘use and file’ procedure for all the Health Insurance products and almost all the general insurance products in line with the reforms agenda taken up towards having a fully insured India. The new norms are effective immediately.
Market Drivers
- Growing Number of Individuals with High Income
- High Growth in Medical Care Expenses
Opportunities
- The Rise in Consolidation Within the Health Care Industry
- Rising Concern Related to Pandemic is Boosting the Demand of Health Insurance Carrier Market
Restraints
- High Threat of New Entrant
- Difficulties in the Claim Processes of the Health Insurance
Challenges
- Intense Competition among Players
Key Target Audience
Health Insurance Carriers Provider, 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 the 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 purpose to understand companys positioning regarding 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 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.