Indonesia Health Insurance Market to be Fueled by Regular Premium During the Forecast Period
Government initiatives program for health services is one of
the leading factors driving the Indonesia health insurance market during the
forecast period.
According to TechSci
Research report, “Indonesia Health Insurance Market - By Region, Competition Forecast
& Opportunities, 2018-2028F” The
Indonesia health insurance market is expected to grow during the forecast
period owing to several factors such as increased investment opportunities and
increased availability of healthcare treatment as a result of an increasing
variety of health insurance plans, which are driving market demand for health
insurance throughout the forecast period.
Health insurance is a type of
insurance that pays for the insured's medical expenses in the event of an
illness or accident in exchange for a premium payment. It allows the insurance
company to provide medical coverage for hospitalization, day care procedures,
critical illnesses, and other expenses. A health plan also provides numerous
advantages, such as cashless hospitalization and free medical check-ups.
A health insurance plan may
offer a variety of coverage options, such as reimbursement or cashless claims.
A cashless benefit is offered to policyholders receiving care at one of the
insurance provider's network hospitals. However, there are certain clause to
this benefit, as the policyholder could have to pay all medical costs and
submit all medical bills when filing a claim with the insurance provider if
they receive treatment at a hospital that is not part of the list network.
The need for health insurance
is primarily fueled by rising medical expenditures, expensive treatments and
day care procedures. The cost of medical services also includes the cost of
surgery, doctor appointments, hospital stays, emergency room visits, and
diagnostic testing, among other things. Because of this, consumers now need
health insurance to enhance insurance benefits, which is expected to drive the Indonesia
health insurance market.
In the field of healthcare,
many people are still unaware of the benefits of health insurance policies.
The cost of medical treatment is rising due to advancement in medical treatment
technology. As health insurance covers pre
as well as post-hospitalization expenses, but
the penetration rate of health insurance policies is still low because people
are unaware of the advantages they provide.
In the field of healthcare,
many people are still unaware of the benefits of health insurance policies. The
development of medical treatment technologies has increased the expense of
medical care. Despite the fact that health insurance covers both pre- and
post-hospitalization costs, but its penetration rate is still low since few
individuals are aware of its benefits. As
a result, a lack of awareness of the benefits of health insurance are expected
to restrain the market.
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The Indonesia health insurance market is segmented on the basis of 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 further divided into public vs private.
Based on type of coverage, the market is bifurcated 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 fragmented into minors, adults, and senior
citizens.
Based on the categories of
coverage types, the Indonesia health insurance market is divided into
individual and family coverage. A family health insurance plan covers both
significant and minor medical costs for the entire family under a single
policy. When compared to an individual health insurance plan, which covers just
one person, the health insurance premium and the total amount insured.
On the basis of premium type,
The Indonesia health insurance market is segmented into regular premium and
single premium. A single premium health insurance policy requires payment to be
made in full prior to the start of the coverage. A regular premium policy
requires the insured to pay the insurance coverage over the term of the policy
at regular intervals. The timespan might be anywhere between monthly and
yearly. Owing to the ability to automate payments through several apps, the
majority of clients prefer regular premium policies.
Key
market players in the Indonesia health insurance market include:
- PT Sun Life Financial Indonesia
- PT Reasuransi
Indonesia Utama (Persero)
- AXA Indonesia
- PT Asuransi Allianz Life Indonesia
- AIA Group Limited
- PT Prudential Life Assurance
- PT Asuransi Jiwa Manulife Indonesia
- PT BNI Life Insurance
- PT Great Eastern Life Indonesia
- PT Asuransi Cigna
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“Increasing government initiatives and partnerships with the private sector are
important factors in expanding health coverage and delivering health care
services in the country, which lead to increased market demand during the
forecasted period. Similarly, one of the important trends that is expected to
positively affect the expansion of the health insurance market is companies
offering health insurance plans to their employees. Additionally, increased
treatment technology and demand for quality private care as a result of rising
income and increased awareness of the extensive health coverage accessibility
are expected to drive industry growth during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
Indonesia
Health Insurance Market, By Type of Insurance Provider (Public v/s Private), By
Type of Coverage (Individual v/s 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 Indonesia.
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