As per a report by P&S Intelligence the healthcare insurance market is growing rapidly, and it will continue like this in the years to come. This is mainly attributed to the increasing elderly population, rising gross domestic product and healthcare expenses, and growing prevalence of chronic illnesses across the world.
Private healthcare insurance companies provide a variety of plans for disease, income protection, and medical. Medical insurance denotes the policy of health insurance that covers high deductible medical expenses. This policy covers specific expenses on a limited amount, for instance, emergency services, ambulatory patient services, and hospital bed expenditures.
Some prominent international players in the private healthcare insurance industry include AXA Group, Allianz SE, Aetna Inc., Aviva plc, Cigna Corporation, Zurich Insurance Group, GIE BNP Paribas Cardif, Continentale Krankenversicherung a.G, Assicurazioni Generali S.p.A., and British United Provident Association Limited. These companies are present in Germany, the U.S., France, Spain, Italy, the United Kingdom, China, Switzerland, Japan, Australia, India, Mexico, and Brazil.
Established in 1890, Allianz SE is an insurance provider that operates in 70 countries worldwide. The company offers insurance products and services through its three main segments: health/life insurance, asset management, and property-casualty insurance.
AXA Group, established in 1982, is an insurance company that operates across six distinct segments: Asia, France, the U.S., Europe, transversal and central holdings, and international. The group provides a wide range of products and services across multiple categories, including life and savings, health, property and casualty, banking, and asset management.
The U.S., China, India, Japan, France, Germany, Italy, the U.K., Spain, Switzerland, Australia, Mexico, and Brazil have well-established insurance networks of international players. Additionally, government-mandated insurance policies play a crucial role in driving the growth of both the private and public healthcare insurance industry.
The global private healthcare insurance industry will observe the fastest growth in APAC, particularly in China, India, Australia, and Japan. This growth can be attributed to several factors, such as the increasing healthcare insurance industry, the mounting incidence of chronic illnesses, and rising consciousness regarding healthcare in the region. The growth of the medical tourism industry also contributes to the development of the industry in APAC.
Some of the key players in APAC include Allianz SE, AXA Group, Ping An Insurance (Group) Company of China Ltd., China Life Insurance Co. Ltd., Aetna International, Nippon Life Insurance Company, Allianz SE, Star Health & Allied Insurance Company Limited, Religare Health Insurance Company, and ICICI Lombard General Insurance.
Moreover, the overall dynamics of the healthcare insurance industry in the APAC are undergoing significant changes, driven by improvements in healthcare infrastructure and expenses. As a result, healthcare insurance plans are becoming popular among people in Asia.
Hence, with the increasing elderly population and mounting prevalence of chronic illnesses across the world, the industry of private healthcare insurance will continue to grow in the years to come.