Life and Health Insurance Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity.
The global Life and Health Insurance Market size was estimated at USD 1.3 billion in 2023 and is projected to reach USD 6.1 billion in 2030 at a CAGR of 6.3% during the forecast period 2024-2030.
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Competitive Landscape
· Allianz
· UnitedHealth Group Inc.
· Anthem Inc.
· Aetna Inc.
· Cigna Corporation
· Humana Inc.
· Bupa Group
· AXA S.A.
· Zurich Insurance Group Ltd.
· Munich Re Group
· Ping An Insurance (Group) Company of China Ltd.
· China Life Insurance Company Limited
· Prudential plc
· MetLife Inc.
· Dai-ichi Life Holdings Inc.
· Manulife Financial Corporation
· Assicurazioni Generali S.p.A. and More
Life and Health Insurance protects insured individuals from financial losses due to medical emergencies. It covers costs such as ambulance fees, doctor consultations, hospitalization, medications, and day-care procedures. The pay-out is generally based on actual hospital expenses incurred using original medical bills or upon disease diagnosis without needing bill submissions.
The rising prevalence of chronic diseases and increasing treatment costs are key drivers of the Life and Health Insurance Market's growth during the forecast period. Additionally, growing awareness, an increase in the number of offerings with evolved healthcare policies, and the introduction of new government schemes contribute to this growth.
North America to Dominate the Life and Health Insurance Market:
North America dominates the market for Life and Health Insurance, driven by its large and affluent population in the United States and Canada. This demographic provides a substantial customer base for insurance providers, catering to diverse demographic needs. The region's healthcare systems, characterized by a mix of public and private providers, contribute to a robust insurance market. High healthcare costs in North America, covering medical treatments, prescription drugs, hospital stays, and specialized care, prompt individuals and businesses to seek insurance coverage. This mitigates the financial impact of healthcare expenses, further solidifying North America's dominance in the Life and Health Insurance sector.
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The Life and Health Insurance market is poised for significant growth driven by escalating disease burdens and a rising global geriatric population. Chronic diseases such as cardiovascular ailments, respiratory conditions, neurological disorders, cancer, musculoskeletal issues, and diabetes are proliferating worldwide. Increasing awareness about the financial security offered by health insurance is a key factor fueling market expansion.
According to the GLOBOCAN report, 20.3 million new cancer cases and 11 million cancer-related deaths were reported globally in 2021. Cardiovascular diseases, constituting 38% of global deaths, underscore the critical need for comprehensive health coverage. Lifestyle factors like obesity, physical inactivity, tobacco and sugar consumption, and unhealthy diets further exacerbate chronic disease prevalence.
The Life and Health Insurance Market is segmented into various segments such as Mode of Transport, Activity, Logistics Solutions, Distribution, and Region:
Based on Provider
· Private Providers
· Public Provide
Based on the Type
· Life-Time Coverage
· Term Insurance
Based on the Plan Type
· Medical Insurance
· Critical Illness Insurance
· Family Floater Health Insurance
· Others
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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