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 the increasing number of health insurance plans and an 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.
The Important Aspects of the China Health Insurance Market
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 types of insurance providers, public health insurance and private health insurance. The primary insurer and direct provider of healthcare services in the state or federal government. Moreover, Urban Employee Basic Medical Insurance (UEBMI), a government-run mandated insurance program, was introduced in China in 1998 to replace the country’s prior medical insurance system which has played a significant role in the 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 insurance with additional advantages, such as an increasing number of 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 convenience. 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 in a significant increase in the penetration rate of health coverage, as people have now come to the realization that getting health insurance coverage is the only way to remain financially protected during this pandemic emergency.
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The China Health Insurance market is segmented based on the type of insurance provider, type of coverage, mode of purchase, premium types, end users, region, and competitional landscape. Based on the type of insurance provider, the market is fragmented into public vs private. Based on the type of coverage, the market is divided into individual vs family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third parties, 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 the health insurance market over the forecast period. Online service providers also play a significant role in boosting demand for health insurance in the coming years. Additionally, the rising cost of medical services and government initiatives has led to an increase in the business of health insurance with purchasing power of the consumer, which is 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 Parties, 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 the health insurance market in China.
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