Allied Market Research

2024

Covid-19 Insurance Market

COVID-19 Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage, by Demographics and by DISTRIBUTION CHANNEL : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : Insurance

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Author's: | Onkar Sumant
Publish Date:

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The global COVID-19 insurance provides consumers with financial coverage for medical expenses for the coronavirus treatment in hospitals. The treatment for COVID-19 is expensive in comparison to normal treatments, and therefore it becomes affordable for patients to use the COVID-19 insurance with a minimal premium. Moreover, the COVID-19 insurance provides a compensation in case of a medical emergencies in exchange for an affordable monthly premium. The guarantor is obliged to cover the COVID-19 expenses for consumers until the policy term expires. Therefore, the necessity for the protection of the COVID-19 coverage during any emergency is expected to boost the market growth for the COVID-19 insurance in the near future.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

High cost for the COVID-19 treatment and rapid procedure of reimbursement of insurance claim are driving the growth of the market. However, no coverage for highly expensive treatments such as for cancer & dental is expected to hamper the growth of the market. Contrarily, introduction of digital means to process COVID-19 claims for the patients can be seen as an opportunity for the market investments.

The global COVID-19 insurance market trends are as follows:

Introduction of digital means to process COVID-19 claims for the patients:

The filing of the claims used to be a traditional process where the patients had to file in person after following proper procedures & providing handwritten forms. However, the insurance companies adopted several online platforms for the convenience of the insurers. Furthermore, for the filling of COVID-19 related claims, the consumer just needs to log in online and fill a claim form which in turn has become an easier option in comparison to the traditional method. Moreover, the process has become digitalized for the COVID-19 insurance companies and the claims are in sequence order for the approving settlement. Therefore, the introduction of digital means to process COVID-19 claims for the patients is anticipated to foster the global COVID-19 insurance market growth.

High cost for the COVID-19 treatment:

The high healthcare costs for the COVID-19 related treatment has been witnessed globally, which can be seen as an opportunity for the COVID-19 insurance companies by gaining additional consumers and allow the cash flow for the previous claims. Furthermore, the number of COVID-19 cases has observed a devastating rise since December 2019. Owing to which the COVID-19 insurance companies are allowing the consumers to purchase the product which covers all the COVID-19 related treatments. Moreover, a hefty rise in healthcare costs is driving the growth of COVID-19 insurance, which therefore, expected to boost the growth for the global COVID-19 insurance market size during the forecast period.

COVID-19 scenario analysis

  • An opportunity for the COVID-19 insurance companies is observed after the launch of the new products especially for the assistance during the COVID-19-related treatments.
  • Moreover, the pandemic has resulted in huge liquidity crisis for companies, as the insurance companies are facing a huge burden of the filing of claims majorly due to the lower premium been collected and hence are unable to fund the patients at wide scale.
  • An increase in the COVID-19 insurance claims has been observed amid the coronavirus pandemic due to which the insurance companies are facing a major challenge in terms of requirement for maintaining high liquidity to provide monetary help to COVID-19 patients.

Key benefits of the report:

  • This study presents analytical depiction of the global COVID-19 insurance market share along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the global COVID-19 insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions answered in the COVID-19 insurance market research report:            

  • Which are the leading players active in the global COVID-19 insurance market?
  • What would be the detailed impact of COVID-19 on the global COVID-19 insurance market?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global COVID-19 insurance market?
  • What are the projections for the future that would help in taking further strategic steps?

COVID-19 Insurance Market Report Highlights

Aspects Details
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By Coverage
  • Lifetime Coverage
  • Term Coverage
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By Demographics
  • Minor
  • Adult
  • Senior Citizens
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By DISTRIBUTION CHANNEL
  • Private Providers
  • Public Providers
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

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COVID-19 Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032