The New Zealand Private Health Insurance Market is witnessing steady growth, driven by factors such as increasing healthcare costs, the aging population, and limited public health coverage. Health insurance policies offer various features and benefits, including cashless hospitalization and reimbursement options. The availability of multiple coverage types allows policyholders to choose plans that suit their needs and preferences. With the rising demand for comprehensive healthcare solutions and financial protection against medical expenses, the New Zealand private health insurance market is expected to continue its growth trajectory.
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Data Bridge Market Research analyses that the New Zealand private health insurance market was valued at USD 615.35 million in 2021 and is expected to reach USD 671.64 million by the year 2029, at a CAGR of 1.1% during the forecast period of 2022 to 2029. The rising costs of medical treatments and services in New Zealand lead individuals to seek private health insurance for financial protection against unexpected healthcare expenses, driving the demand for private health insurance in the market.
Key Findings of the Study
Limited public health coverage in New Zealand is expected to drive the market's growth rate
Limited public health coverage in New Zealand, which may result in waiting times and restrictions for certain medical treatments, motivates individuals to seek private health insurance. By opting for private coverage, individuals gain quicker access to medical services and specialized treatments, ensuring timely and comprehensive healthcare. The desire for enhanced healthcare options and reduced waiting times drive the demand for private health insurance in the New Zealand market, making it a significant driver of its growth and popularity.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others)
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Countries Covered
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New Zealand
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Market Players Covered
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Cigna (U.S.), AIA Group Limited (Hong Kong), HCF (Australia), Allianz (Germany), Suncorp Group (Australia), HSBC Group (Hong Kong), Tokio Marine (Japan), UniMed (New Zealand), Southern Cross, Accuro Health Insurance (New Zealand), partners life (New Zealand)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The private health insurance market is segmented based on type, health plan category/metal levels, provider type, age group, and distribution channel.
- On the basis of type, the private health insurance market is segmented into critical illness insurance, individual health insurance, family health insurance, disease-specific insurance, and others.
- On the basis of health plan category/metal levels, the private health insurance market is segmented into bronze, silver, gold platinum, and others.
- On the basis of provider type, the private health insurance market is segmented into health maintenance organizations (HMOS), preferred provider organizations (PPOS), exclusive provider organizations (EPOS), point-of-service (POS) plans, high-deductible health plans (HDHPS) and others.
- On the basis of age group, the private health insurance market is segmented into young adulthood (19-44 years), middle adulthood (45-64 years), and older adulthood (65 years and above).
- On the basis of distribution channel, the private health insurance market is segmented into direct insurance companies, insurance aggregators, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major New Zealand private health insurance market players in New Zealand private health insurance market are Cigna (U.S.), AIA Group Limited (Hong Kong), HCF (Australia), Allianz (Germany), Suncorp Group (Australia), HSBC Group (Hong Kong), Tokio Marine (Japan), UniMed (New Zealand) .
Market Developments
- In March 2022, Allianz Ayudhya Capital PCL (AYUD) announced its acquisition of Aetna Thailand, a key player in the Thai health insurance market. This move reflects AYUD's commitment to expanding its health insurance business and investing in Thailand's healthcare sector, with a focus on providing better benefits to its customers.
- In July 2021, Accuro Health Insurance collaborated with Montoux, a Decision Science platform for life and health insurers, to launch a pilot program. The initiative aimed to identify early interventions that could help members avoid major invasive surgeries. This strategic partnership enabled Accuro to enhance its business operations and deliver more personalized and effective healthcare solutions to its policyholders.
For more detailed information about the New Zealand private health insurance market report, click here – https://www.databridgemarketresearch.com/jp/reports/new-zealand-private-health-insurance-market
