The global health insurance market size is set to reach USD 3,038.6 billion by 2028. Fortune Business Insights™ presented this information in a new study, titled, ““Health Insurance Market, 2021-2028.” The study further mentions that the market stood at USD 1,966.6 billion in 2020. It would exhibit a CAGR of 5.5% in the forecast period between 2021-2028. Several government and private agencies are introducing new schemes to attract more customers. In December 2020, for instance, ICICI Lombard unveiled its latest ‘ICICI Lombard Complete Health Insurance’ featuring unique benefits and health plans.
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Regional Insights-
Rising Prevalence of Chronic Disorders to Propel Growth in Asia Pacific
- North America: The market in this region stood at USD 953.7 billion in 2020. It is likely to remain in the leading position in the upcoming years backed by the expensive nature of medical products. At the same time, the increasing population opting for various health insurance policies would aid regional growth.
- Europe: Europe will remain in the second position because of the increasing awareness of the benefits of possessing health insurance plans. Also, governments of several European countries have made it mandatory for citizens to have at least one insurance policy.
- Asia Pacific: The region is expected to grow rapidly over the forecast period on account of the surging cases of chronic diseases and increasing population in developing countries, such as India and China.
A list of reputed health insurance companies operating in the global market:
- CVS Health Corporation (Aetna health) (Woonsocket, U.S.)
- Humana Inc (Louisville, U.S.)
- Centene Corporation (St. Louis, U.S.)
- Cigna Corporation (Bloomfield, U.S.)
- United HealthCare Services, Inc (Edina, U.S.)
- Allianz (Munich, Germany)
- National Insurance Company Limited. (Kolkata, India)
- Anthem Health Insurance (Indianapolis, Indiana)
- WellCare Health Plans, Inc. (Tampa, U.S.)
- Bupa Global (London, U.K.)
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