About Individual Health Insurance
The individual health insurance plan offers benefits to the individuals its doesn't cover family members. Among the employers, individual health insurance is becoming much popular due to its low cost and availability of discounts on the premium. The individual health insurance plan comes with great flexibility as users can change policy coverage according to their requirements and also allows controls over co-pays and deductibles. Increasing health expenses and outburst of coronavirus around the world has created significant opportunities for the individual health insurance market. Another reason for buying individual health insurance is that it offers the maximum sum insured to the policyholder compared to the group insurance.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
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 United States Players will contribute the maximum growth to Global Individual 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.
HDFC Ergo (India), Niva Bupa (India), Kotak General Insurance (India), IFFCO-Tokio (India), Bharti AXA Life (India), Zurich Insurance Group (Switzerland), Munich Re (Germany), Aetna Inc. (United States), Anthem (United States), Cigna (United States), Blue Shield of California (United States), Humana Inc. (United States), Kaiser Permanente (United States), PingAn Insurance (China) and Aon plc (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Individual Health Insurance market by and Region.
On the basis of geography, the market of Individual Health Insurance 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. Online will boost the Individual Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. In-Patient Hospitalization Expenses will boost the Individual Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Gender, the sub-segment i.e. Men will boost the Individual Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Inclination Towards the Digital Platforms to Gain Insights and Buy Insurance
Market Growth Drivers:
Surging Demand of Individual Health Insurance in SMEs for Their Employees Due to Low Premiums Compared to Group and Growing Popularity of Individual Health Insurance As It Holder Can Avail High Sum Insured
Challenges:
Unable to Claim During the 30 Days of Commencement and Long Waiting Periods for Specific Diseases and Surgical Procedures
Restraints:
Lower Level of Customer Support and No Coverage or Extra Fees for Pre-Existing Conditions
Opportunities:
Portability, Availability of Discounts on Premiums, and Better Control on Deductibles and Limits
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Individual Health Insurance Providers, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users 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.