Global health insurance market providers reached $xx trillion in 2016. This market is estimated to reach $xx trillion in 2025 from $xx trillion in 2018 at a compound annual growth rate (CAGR) of xx%. Enhanced GDPs of various nations across the globe has shored up the growth of global health insurance market. To the records, it’s been registered that rising per capita incomes, growing number of people with a relatively high income and the development of middle class has multiplied health insurance industry revenue.
Implementation of Solvency II is considered as major reform in the European Insurance Industry of 2016. This has positively impacted the activities of both authorities supervising them and insurance companies. This transition, to certain extent, has led enhancement and progress in information collection in EU/EEA countries, registering analysis of trend cumbersome for some nation during the transitional period (between 2015 and 2016).
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Several companies have put efforts to make their products unparalleled by developing their offerings as transparent as possible. This has enabled the buyers to make easy comparison and comprehend the terms of insurance and the products they accept from these companies. Moreover, integration of solutions through cloud computing, modeling techniques and data analytics is also projected to encourage market growth.
To the current drawbacks of health insurance policies, failing to meet personalized needs, upcoming insurance companies are expected to fulfill the data and digital-driven healthcare services to their policy holders. So, to have a personalized experience and lessen the cost from potential claims. Entailing these changes, it’s anticipated that health insurance plans will be linked to health-data driven and lifestyle interactive policies by the end of year 2019. Research suggests that interactive policies will be highly adoptive as they enable insurance company to augment individual data and later used for discounts/rewards and personalize premiums.
Considering the growth rates, APAC, followed by the Africa and Middle East has registered the highest growth track record during the period of 2014 to 2016. The US health insurance market size is anticipated to enlarge and hold the first ranks in terms of health premiums in North America. Considered causes are increasing employment, medical inflation and carry-over of the advantages from former US President Obama’s healthcare policies.
In APAC, China has generated a healthy revenue which is expected to continue in the future. The driving factor of this growth is aging population of China which has undoubtedly boosted demand for health insurance. India health insurance market is also a key contributor to health premium growth in APAC due to the higher penetration in rural India, through the financial inclusion measures implied by the government.
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What to expect from the upcoming report on ‘Global Health Insurance Market:
– Future prospects and current trends of the global health insurance market by the end of forecast period (2018-2025)
– Information regarding technological progressions as well as innovations taking place in developing economies
– Supportive initiatives by government likely to influence the market dynamics
– Trends, drivers, opportunities, restraints, challenges and key developments in the market
– In-depth analysis of different market segmentations including regional segmentations, and product types
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
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