Pune, India -- (SBWIRE) -- 06/15/2018 -- The global health insurance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of health insurance market for global, Europe, North America, Asia Pacific and South America.

The Global Health Insurance Market is expected to grow significantly during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.

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Key Developments in the Market:

- In January 2018, ICICI Lombard (General Insurance Company) has partnered with Practo Company for out-patient insurance this will be offering out-patient insurance products. The two companies collaborated to launch a healthcare app, IL Take Care; this will help the users' book medical appointments, order medicines, view reports and manage personal health data.

Market Definition:

Health insurance is a type of insurance coverage that covers the cost of an insured person's medical and surgical expenses. Healthcare or medical costs are rising by the time. In reality, inflation in healthcare is higher than the increment in food and other articles. Although inflation in food and clothing is in small amount, healthcare costs usually escalate in double digits. Those people who have not saved much money, the arrangement for funds at the eleventh hour can be a challenging task for them. The most ailments strike at an advanced age and this is particularly horrifying for seniors. But there is a way to deliver health-related medical emergencies by taking health insurance which offers considerable suppleness in terms of disease ailment coverage? There are some of the examples, like various health insurance plans which cover approximately 30 critical illnesses and over 80 surgical procedures. The insurance plan pays the payment towards surgery/illness regardless of actual medical expenditures. The policy continues even after the benefit payment on selected illnesses.

With health insurance, everyone can be assured of a more secure future both in the terms of money and health. This creates health insurance policies critical for individuals, especially if they are responsible for the financial well-being of the family. There are numerous health insurance. Medical health insurance can be achieved for individuals as well as the whole family with the help of private insurer, an employer or through the Government which is known as public health insurance. Other types of health insurance may cover more than just medical services and a person may need to purchase additional insurance plans to cover all of their needs. Those may include prescription drugs, vision, dental, travel, life and disability insurance. There are various health plans to cover preventive care e.g. doctor visits and screenings and also hospital visits, ER trips, and even prescription drugs. There are various health plans e.g. health maintenance organization (HMO), point-of-service (POS), Preferred Provider Organization (PPO) and fee for service (FFS) plans.

There are also Managed care plans, in which the insurer will be having agreements with a network of healthcare providers to give lower-cost medical care to their policyholders. There will be penalties and additional costs added to out-of-network hospitals and clinics, but some treatment will be provided. Other than this there is also Indemnity, or fee-for-service plans in this a fee-for-service plan covers treatment similarly among all healthcare providers, allowing the insured individual to choose their preferred place of action. The insurer has to naturally pay for at least 80% of costs on an indemnity plan, whereas the patient pays the remaining costs as a co-insurance.

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Market Segmentation:

The global health insurance market is segmented based on type, providers, plans and geographical segments.
Based on type, the market is segmented into prescription drugs, vision, dental, travel, life and disability.
On the basis of providers, the market is classified into private commercial insurers, private noncommercial insurers and government (public health insurance).

On the basis of plans, the market is segmented into health maintenance organizations, preferred provider organizations, exclusive provider organizations, point-of-service plans, and high-deductible health plans.

Based on geography, the global health insurance market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others. In 2017, North America is expected to dominate the market.

Major Market Players

Some of the major players operating in the market are Apollo Munich Health Insurance Company Ltd., AXA, Aviva plc, Aetna, Inc., Allianz SE, Star Health and Allied Insurance Co Ltd, Cigna Corporation, Bajaj Allianz General Insurance, Cigna TTK, Future Generali India Insurance Company Limited, Express Scripts Holding Company, Zurich Insurance Group Ltd., International Medical Group, UnitedHealth Group Inc., Bupa, Blue Cross, Liberty International Insurance, AIG, MetLife, Alltrust Insurance Company, Arab Orient Gulf Insurance Group, AXA, Allied World, Abu Dhabi National Insurance Company, AIA Insurance Group, China Merchants Bank and Daman among others.

Reasons to Purchase this Report

- Current and future of global health insurance market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
- Regions/countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players

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