The global health insurance market, which grew at a compound annual growth rate of around five per cent between 2015 and 2020, is expected to exhibit ‘moderate growth’ over the next five years, according to ResearchandMarket.com’s report.
Mandatory health insurance cover for employees
Key factors contributing to the market’s growth are identified as being the increasing costs of healthcare services and growing prevalence of chronic diseases (such as diabetes, cancer, stroke and kidney failure), as well as government regulations mandating that employers provide health insurance to their employees – not to mention those that have recently made it a necessary requirement for visiting tourists.
In addition, an ageing global population is leading to the promotion and adoption of government health insurance programmes and schemes offered at low premium rates, ResearchandMarket.com says. In a recent article, MAXIS GBN told Hospitals & Healthcare about the impacts that an ageing workforce could have on international private medical insurance.
Increased health awareness
“Furthermore,” the report asserts, “growing health awareness and improving healthcare infrastructure are other factors bolstering the market growth. Besides this, various companies are providing cover for medical expenses incurred during the treatment of the coronavirus disease (Covid-19). They are also focusing on digitising claim processing and policy management, which is anticipated to influence the market positively in the coming years.”
Indeed, over in South Korea, the Financial Services Commission is currently working to increase access to digital insurance platforms in the region, a move that it believes will expand customer access to a variety of insurance offerings.
Key market players
Researchandmarkets.com also namedrops what is believes to be some of the key players in the health insurance market, among them Aetna Inc., AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc., Prudential Plc, United Health Group Inc., and Zurich Insurance Group AG.