What is Business Health Insurance Market?
Business health insurance is purchased by the businesses including small and large to cover employees and dependents. This insurance can be renewed or bought at any time and the employers have to make contributions for premiums. By offering health insurance to employees, it keeps them happy and benefits the businesses for long time. Business health insurance offers affordable and comprehensive health coverage. In addition, business health insurance covers the medical and surgical expenses, employer sponsored Medicare enrollment, dental plans and coverage, and drug coverage.
Highlights from Business Health Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Allianz (Germany), AXA (France), Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance(United States), Dai-ichi Mutual Life Insurance (Japan) and Munich Re (Germany) |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Business Health Insurance market throughout the forecasted period.
Allianz (Germany), AXA (France), Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance(United States), Dai-ichi Mutual Life Insurance (Japan) and Munich Re (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Zurich (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), MetLife (United States), Allstate (United States) and Aegon (India). Business Health Insurance Market Segmentation:
Scope | Sub-Segments |
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Service providers | Public health insurance providers,Private health insurance providers |
Demographics | Adults,Senior citizens |
Organization size | SMEs,Large enterprises |
Level of coverage | Bronze,Silver,Gold,Platinum |
On the basis of geography, the market of Business 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.
Influencing Trend:
Increasing Priority for Preventive Care in Small Businesses and Adoption of Telemedicine or Telehealth
Market Growth Drivers:
Benefits Such as Increased Employee Satisfaction and Productivity and Increasing Number of Small and Medium Enterprises is Fueling the Growth
Challenges:
Longer Time Required to Claim Reimbursements
Restraints:
Concerns Regarding Fraud Issues
Opportunities:
Government’s Initiatives for Funding Insurance Sector and Compulsory Provision of Healthcare Insurance for Private and Public Sectors
Key Target Audience
Business insurance providers, Government associations, Research organizations and Others
Market Leaders & Development Strategies
In January 2020, HDFC has acquired a majority stake in Apollo Munich Health Insurance with the approval of CCI, the RBI, and the IRDAI. After this acquisition, Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health).