The global business health insurance market is expected to reach $3.9 billion by 2028 at a CAGR of 6.7% compared to an estimated $2.5 billion in 2021.
If the insured is hospitalized, the health insurance business pays for their medical expenses. Health care costs include insurance for hospitalization and treatment for illnesses, accidents, or other mental or physical conditions. Employment insurance can reimburse these medical expenses in exchange for a monthly premium or payroll tax covering medical care. Insurers must pay medical expenses before the end of the policy. Depending on the business health insurance policy, coverage is based on various factors such as illness, age restrictions, government requirements and others.
In the 2021 fiscal year, premiums for state-funded health insurance programs in India amounted to around Rs 43 billion. The premium value of this group of companies, excluding public companies, is around Rp. 281 billion. For the first time, the total cost of health insurance premiums exceeded Rs 582 billion after adding about Rs 258 billion from each company.
The best players in the corporate health insurance market:
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Market dynamics and drivers:
As the health insurance business allows consumers to spend more on their health, higher per capita income and greater health problems have proven to be one of the main reasons for the global expansion of the industry. Most of the costs incurred as a result of medical planning are responsible for health care costs. In addition, the health insurance business market is driven by the growth of the elderly population. A large proportion of the geriatric population, defined as 65 years of age and over, are at risk for chronic disease and require constant monitoring and surgery. Therefore, they are more likely to enjoy the benefits of professional insurance, which will help improve the industry.
In addition, many businesses have created their own significant online sales funnels through digital marketing and social media. A new trend in the market is the introduction of new mobile applications that represent policy details. In November 2019, for example, Solve, a healthcare startup, announced the launch of its mobile app that allows customers to schedule appointments and manage health insurance.
Highlights of the Corporate Health Insurance Market Report:
Main industry development:
Corporate Health Insurance Market Categories:
From network provider
By type of insurance
For this report, corporate health insurance divides the market into closed market research:
Regional forecasts (revenues in millions of US dollars; unit size, 2022-2028)
This report provides analysis of all market sizes for previous years for the main categories and countries, including future forecasts. The study of the corporate health insurance market focuses on the competitive situation in the global market. The study also lists the names of the major market players and the methods used to gain influential positions in the industry. It includes useful market information, dynamics and drivers, as well as market analysis techniques such as PESTEL analysis, Porter's five forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Unsof matrix.
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