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| A13996 | Pages: NA | Dec 2021 | 53 Views | | |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Insurance Protection Products Market
Request Now !Insurance is a cover for the possible loss in the future to individual possession, material, or events by paying an entitled premium to the insurance company. Critical issues insurance provides coverage to medical emergencies. These policies pay out cash to aid cover the overruns where traditional health insurance may fall short. Life insurance offers protection against the life of a person. Income Protection Insurance (IPI) is principally available in Ireland, Australia, South Africa, New Zealand, and the UK. It pays assistance to policyholders who are incapacitated and hence unable to work due to sickness or accident. IPI is further sub-segmented into disability insurance, long-term disability insurance, disability overhead insurance, total permanent disability insurance, and workers' compensation. Term insurance is a type of life insurance policy that provides coverage for a certain period or a specified "term" of years. Long-term care insurance is an insurance product sold in the U.S., the UK, and Canada, which helps pay for the costs associated with long-term care.
Market Scope and Structure Analysis
Report Metric | Details |
Market Size Available for Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021–2030 |
Forecast Unit | Value (USD) |
Segments Covered | Product Type, Application, End User, and Region |
Regions Covered | North America, Europe, Asia-Pacific, LAMEA |
Companies Covered | Allianz (Germany), Aviva (UK), Prudential (US), AXA A.S (France), Covea Insurance plc (UK), MetLife Inc. (US), China Life Insurance Company (China), United Health Group Incorporated (US), Aegon Life Insurance Company (India), and Sun Life Financial (Canada). |
COVID-19 Impact analysis
The COVID-19 pandemic has influenced everyone's lives and businesses around the world. In the face of the growing prevalence of the COVID-19 virus, customers have raised their desire to purchase various insurances to perceive better medical facilities, healthcare treatments, and to save money. Furthermore, the COVID-19 outbreak has resulted in a significant increase in hospitalizations. As a result, many health-related insurance claims have increased. Furthermore, the global spread of this health crisis is one of the key reasons for the rise in health insurance premiums, as the crisis has put immense pressure on the insurance companies of the market.
Top Impacting Factors
Increase in instances of several diseases, such as cancer, dengue, diabetes, and the COVID-19 pandemic are considered as important factors boosting the global health insurance market growth.
In addition, improvements in claim management services and surge in awareness of health insurance in rural areas are some of the major factors that propel the market growth.
The rise in advantage of insurance policies such as individual healthcare insurance, private healthcare insurance, maternity health insurance scheme, and personal accident covers is also responsible for propelling the market growth.
Furthermore, as new technology is increasingly being used by healthcare professionals to treat chronic conditions, and since these treatments are expensive and unaffordable for consumers, health insurance is gaining popularity. This in turn boosts the market growth.
However, a lack of understanding of the coverages included in health insurance policies, as well as a growth in the cost of health insurance premiums, are significant concerns that limit the growth of the health insurance market.
Market Trends
New product launches to flourish the market
In May 2021, Allianz and Jubilee Holdings Limited announced the completion of the previously signed agreement for Allianz to acquire a 66% stake in the Jubilee General Insurance Company in Kenya. The company will leverage expertise from both partners to bring international market excellence to its customers. The completion of acquisitions of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi and Mauritius to follow.
In December 2020, Zurich Insurance Group’s announced $3.94 billion deal to acquire MetLife Inc.’s U.S. property and casualty business is the latest power move in a busy year of insurance transactions.1 The acquisition will give Switzerland-based Zurich—through its U.S. subsidiary Farmers Group Inc. and Farmers Exchanges—a nationwide presence in the U.S. plus access to new distribution channels that could fuel growth ahead.
Key Segments Covered
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