China Health Insurance Market is Fueled by Private Insurance Provider in the Forecast Period
Increasing awareness regarding health risks and rising
medical costs are the leading factors driving the China health insurance market
during the forecast period.
According to TechSci
Research report, “China Health Insurance Market– By Region Competition,
Forecast and Opportunities, 2018-2028F” The China health insurance market
is expected to grow during the forecast period owing to several factors such as
increasing number of health insurance plans and increasing number of daycare
procedures cost are expected to drive the market demand throughout the
anticipated period, which is resulting in rising consumer demand for health
insurance.
Healthcare insurance
covers health expenses incurred during the treatment of a disease, injury, or
other mental or physical impairment. It serves as compensation in exchange for
regular and single premiums or payroll taxes to provide healthcare benefits.
The insurer is required to cover the policyholder’s medical expenses for the
duration and coverage of the policy. The coverage may differ depending on the
insurance for several elements such as disease kinds, age groups, and
governmental policies.
The market is divided into
two type of insurance provider, public
health insurance and private health insurance. The primary insurer and direct
provider of healthcare services is the state or federal government. Moreover, Urban
Employee Basic Medical Insurance (UEBMI), a government-run mandated insurance
programme, was introduced in China in 1998 to replace the country's prior
medical insurance system which has played a significant role in healthcare sector.
Furthermore, public healthcare insurance is less expensive than private
healthcare insurance because administrative costs are lower.
Throughout the forecast
period, the private segment is anticipated to expand. The number of private
insurers who provide customized policies has increased. By requiring people who
are not covered by their employer’s or government insurance program to acquire
private healthcare insurance, it encourages companies to offer health coverage
and aids in the expansion of private insurance companies.
Nowadays, customers prefer
to purchase health insurances with additional advantages, such as increasing
number of the health insurance plans. The
need is also being driven by an increasing awareness of health risks, which is
boosting the market.
Over the forecast period,
the market has expanded positively across the country. It is one of the key
cost-sharing instruments for covering medical costs for illnesses and accidents
that affect both an individual and a group of family-sized individuals. It
additionally offers top-notch health care services. The insurance policy can be
purchased for annual or monthly premium payments for a set period of time or
for the rest of one's life, depending on the conveniences. If the insured
individual has an accident or is diagnosed with a serious health condition
within the special enrollment time, the costs are covered by the health
insurance.
With more people
beginning to invest in healthcare plans, COVID-19 has had a favorable effect on
the healthcare insurance market. Due to the global pandemic, questions about
health policies have increased. It has resulted a significant increase in the
penetration rate of health coverage, as people have now come to the realization
that getting a health insurance coverage is the only way to remain financially
protected during this pandemic emergency.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the " China Health Insurance Market."
The China Health
Insurance market is segmented based on type of insurance provider, type of coverage, mode of purchase, premium types, end users,
region, and competitional landscape. Based on type of insurance provider, the
market is fragmented into public vs private. Based on type of coverage, the
market is divided into individual vs family. Based on mode of purchase, the
market is divided into insurance companies, insurance agents/brokers, and others
(insurtech companies, third party, etc.)). Based on premium type, the
market is divided into regular premium and single premium. Based on end users,
the market is split into minors, adults, and senior citizens.
Key market players in the health
insurance market include:
- Ping An
Insurance (Group) Company of China Ltd.
- China
Life Insurance (Overseas) Company Limited
- China
Pacific Insurance (Group) Co. Ltd.
- People's
Insurance Company of China
- New
China Life Insurance Co., Ltd.
- China
Reinsurance (Group) Corporation.
- AIA Group Limited
- Azuria Life France
- Sino-German Allianz Life Insurance Co.,
Ltd.
- HSBC
Bank (China) Company Limited
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“Benefits of health insurance policies is
a prominent trend that is expected to have a positive impact on the growth of health
insurance market over the forecast period. Online service providers also play a
significant role in boosting demand for the health insurance in the coming
years. Additionally, rising cost of medical services and government initiatives
has led to an increase in the business of health insurances with purchasing
power of the consumer, which are
expected to boost the industry growth during the forecast period,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based China
management consulting firm.
China
Health Insurance Market, By Type of Insurance Provider (Public Vs Private), By
Type of Coverage (Individual Vs Family), By Mode of Purchase (Insurance
Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)),
By Premium Type (Regular Premium, Single Premium), By End Users (Minors,
Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities,
2018-2028F, has evaluated the future growth potential health
insurance and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in health insurance
market in China.
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