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2022
Group Health Insurance Market

Group Health Insurance Market By Service Provider (Public, Private and Standalone Health Insurers), Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance and Medical Insurance), Time Period (Lifetime Insurance, and Term Insurance) Distribution Channel (Insurance Agent, Direct Company Representatives, Online Portal and Others) and End-User (Adults, Minors and Senior Citizens): Global Opportunity Analysis and Industry Forecast, 2021–2030

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COVID-19

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Group Insurance health plans cover a group of people, typically employees or members of an organization. As the insurer's risk is spread across a group of policyholders, group health members typically pay less for insurance. Companies and organizations purchase group health insurance plans, which they then offer to their members or employees. Individuals cannot purchase coverage through these plans because they are only available to groups. Because the risk is spread across a larger number of people, the cost of group health insurance is usually much lower than the cost of individual plans. Furthermore, as more people buy into the plan, it is less expensive and more affordable than individual plans available on the market. Therefore, the surge in demand for group health insurance is expected to boost the growth of the market in the upcoming period.

The global group health insurance market is segmented on the basis of service provider, type, time period, distribution channel, end-user and region. Based on service provider, the market is divided into public, private and standalone health insurers. In terms of type, the market is categorized into hospitalization insurance, critical illness insurance, income protection insurance and medical insurance. On the basis of time period, the market is divided into lifetime insurance, and term insurance. On the basis of distribution channel the market is divided into insurance agent, direct company representatives, online portal and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global group health insurance industry include ENDEAVOUR OPERATING COMPANY LLC, Foyer Group, AXA, CSA Travel Protection DBA Generali Global Assistance & Insurance Services, Cigna, Allianz, Aetna Inc., Bupa Global, GeoBlue and Expacare Limited. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global group health insurance market.

Market Scope and Structure Analysis

Report Metric

Details

  Market size available for years

2020–2030

  Base year considered

2020

  Forecast period

2021–2030

  Forecast units

Value ($)

  Segments covered

Service Provider, Type, Time Period, Distribution Channel, End-User and Region

  Companies covered

Major players analyzed include ENDEAVOUR OPERATING COMPANY LLC, Foyer Group, AXA, CSA Travel Protection DBA Generali Global Assistance & Insurance Services, Cigna, Allianz, Aetna Inc., Bupa Global, GeoBlue and Expacare Limited

 

COVID-19 Scenario Analysis

  • The COVID-19 outbreak has had an impact on everyone's life and business around the world. The pandemic has increased the demand for health insurance among customers, who expect better medical and healthcare treatments as the COVID-19 spreads.
  • Furthermore, the COVID-19 outbreak has resulted in a rapid increase in hospitalizations. As a result, health insurance claims have skyrocketed. Furthermore, the global spread of this health crisis is one of the major reasons for the rise in health insurance premiums, as the situation has put enormous pressure on the market's insurance companies, which further drives the growth of the group health insurance market trends.

Top Impacting Factors

The rise in employee retention and rising integration of health insurance with big data analytics are driving the growth of the market. In addition, improving claim management services further propels the growth. However, increased insurance premium costs might hinder the market expansion. On the contrary, the rise in the geriatric population in recent years is expected to provide lucrative opportunities to the market in the upcoming years.

Rise in Employee Retention

Employees are the most valuable resource in any company. These days, more and more businesses are focusing on their employees, and corporate health insurance has emerged as one of the most attractive benefits for attracting new employees. It is extremely important in influencing an employee's psychology. It makes employees feel like they are a part of the company, which reduces employee turnover and unrest in labor unions.

Furthermore, employee retention has become a difficult task in this modern era, when there are many jobs available in all fields. If, on the other hand, the employer provides benefits such as health insurance to all of its employees and their families, the likelihood of an employee remaining with the company increases. Therefore, the rise in employee retention is driving the growth of the group health insurance market during the forecasted period.

Rising Integration of Health Insurance with Big Data Analytics

The growing use of big data analytics in health insurance helps insurance companies diversify their models and strategies to keep up with changing consumer demand. Predictive analysis and scenario-based modeling are becoming more widely used in the market, allowing businesses to create customized solutions for their customers at a variety of price points. Furthermore, the increasing adoption of cloud-based services and the global penetration of high-speed internet connections have enabled real-time consultations with experienced industry experts who can provide customers with insightful recommendations. Therefore, the rising integration of health insurance with big data analytics is expected to drive the growth of the group health insurance market during the forecasted period.

Key Benefits of the Report

  • This study presents an analytical depiction of the global group health insurance market forecast 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 a detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global group health insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the group health insurance market share.    
  • The report provides a detailed group health insurance market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Group Health Insurance Market Research Report    

  • Which are the leading players active in the global group health insurance market size?
  • What would be the detailed impact of COVID-19 on the global group health 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 group health insurance market?
  • What are the projections for the future that would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
Service Provider
  • Public
  • Private
  • Standalone Health Insurers
Type
  • Hospitalization Insurance
  • Critical Illness Insurance
  • Income Protection Insurance
  • Medical Insurance
Time Period
  • Lifetime Insurance
  • Term Insurance
Distribution Channel
  • Insurance Agent
  • Direct Company Representatives
  • Online Portal
  • Others
End-User
  • Adults
  • Minors
  • Senior Citizens
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • 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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