According to IMARC Group, The global health insurance market size reached US$ 1,714.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,599.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.11% during 2023-2028.
Health insurance safeguards an insured individual against financial losses arising, owing to a medical emergency. It generally covers medical treatment expenditures, such as doctor consultation fees, ambulance charges, hospitalization, medicines, daycare procedures costs, etc. The payout is usually either made on actual expenses incurred in the hospital by using original medical bills or diagnosis of diseases without submitting bills. In line with this, health insurance also offers easy access to medical treatment with a cashless facility at the network hospitals of the insurer. It also offered tax benefits for a wide array of medical conditions. Presently, numerous health insurance companies are providing coverage for domiciliary treatment, where medical supervision is given at home for specific diseases.
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The increasing prevalence of cancer, diabetes, stroke, and kidney failure is primarily driving the health insurance market. Additionally, the widespread adoption of cloud-based services and the growing penetration of high-speed internet connection have facilitated real-time consultations with experienced industry experts who can help in providing insightful recommendations to customers, which is further bolstering the market growth. Besides this, the escalating demand for online insurance consultations, on account of the sudden outbreak of the COVID-19 pandemic, is acting as another significant growth-inducing factor. Moreover, the rising utilization of family floater health insurance and the elevating popularity of healthcare services are positively influencing the global market. Apart from this, the introduction of policies that offer the benefit of free annual and bi-annual check-ups with additional customization at low premium rates is expected to fuel the health insurance market over the forecasted period.
Top 10 Health Insurance Companies in the World
- Aetna Inc. (CVS Health Corporation)
- AIA Group Limited
- Allianz SE
- Aviva Plc
- Berkshire Hathaway Inc.
- Cigna Corporation
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential Plc
- United Health Group Inc.
- Zurich Insurance Group AG
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