The health insurance market facilitates the trade of diverse coverage plans, vital in the broader healthcare landscape. It shields individuals and groups from medical expenses, with insurers crafting policies featuring varied coverage, deductibles, and premiums. Private companies, and nonprofits vie for consumers, aiming to address healthcare cost concerns. The market's objective is to provide options for managing financial risks tied to medical treatments, promoting accessibility and affordability of healthcare across a diverse population.
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Data Bridge Market Research analyses that the U.K. Health Insurance Market which was USD 93,057.27 million in 2021, is expected to reach USD 1,34,376.64 million by 2029, at a CAGR of 4.7% during the forecast period of 2022 to 2029. Government mandates requiring health insurance coverage serve as a catalyst for market expansion, compelling individuals to secure coverage and fostering overall growth within the health insurance sector.
Key Findings of the Study
Rising healthcare costs is expected to drive the market's growth rate
As healthcare costs surge, there is a heightened demand for insurance to effectively mitigate financial risks associated with medical expenses. Individuals and organizations seek coverage to navigate the escalating costs of healthcare services, ensuring financial protection and accessibility to necessary treatments. The rising need for insurance underscores its pivotal role in safeguarding against the economic burden imposed by unexpected medical events, contributing to the resilience of individuals and the healthcare system.
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 (Product, and Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assurance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, and Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, and Others).
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Market Players Covered
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Bupa (U.K.), Cigna (U.S.), AXA France, Vitality (Discovery Limited) (U.K.), Allianz Care (Allianz SE) (Germany), Aviva (U.K.), AIA Group Limited (Hong Kong), Saga (U.K.), Exeter Friendly Society Limited (U.K.), Pru Life UK (Philippines), Freedom Health Insurance (U.K.), General and Medical Finance Ltd (U.K.), American International Group, Inc. (AIG) (U.S.) among others
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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 U.K. health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel.
- On the basis of type, the U.K. health insurance market is segmented into product, and solutions
- On the basis of services, the U.K. health insurance market is segmented into inpatient treatment, outpatient treatment, medical assurance, and others
- On the basis of the level of coverage, the U.K. health insurance market is segmented into bronze, silver, gold, and platinum
- On the basis of service providers, the U.K. health insurance market is segmented into private health insurance providers, and public health insurance providers
- On the basis of health insurance plans, the U.K. health insurance market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO), and others
- On the basis of demographics, the U.K. health insurance market is segmented into adults, minors, and senior citizens
- On the basis of coverage type, the U.K. health insurance market is segmented into lifetime coverage, and term coverage
- On the basis of end user, the U.K. health insurance market is segmented into corporates, individuals, and others
- On the basis of distribution channel, the U.K. health insurance market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major U.K. health insurance market players in U.K. health insurance market are Bupa (U.K.), Cigna (U.S.), AXA France, Vitality (Discovery Limited) (U.K.), Allianz Care (Allianz SE) (Germany), Aviva (U.K.), AIA Group Limited (Hong Kong), Saga (U.K.), Exeter Friendly Society Limited (U.K.)
Market Developments
- In 2023, Generali Germany and Bundesverband Der Mittelstand, BVMW eV, collaborated to strengthen assistance for SMEs. This enhanced collaboration prioritizes tailoring insurance solutions to SMEs' distinctive needs, fostering resilience and mutual growth in the German business environment. The commitment signifies specialized insurance backing for the crucial small and medium-sized enterprises sector
- In 2022, Aditya Birla Capital Ltd and its subsidiary Aditya Birla Health Insurance Co. Ltd sanctioned Rs 665 crore investment by Abu Dhabi Investment Authority (ADIA). This infusion aims to propel the health insurer's growth, underscoring a strategic financial move to strengthen and expand its market presence
- In 2022, Bajaj Allianz Life Insurance forged a strategic partnership with City Union Bank, a venerable private sector bank in India. This alliance empowers the insurer to offer a comprehensive array of life insurance solutions to customers across the bank's 727 branches, enhancing accessibility and service reach
- In 2022, AXA UK&I acquired Ageas UK's commercial business rights for £47.5 million. This strategic move reinforces AXA's commitment to SME and Schemes markets, with about 100 Ageas UK employees transitioning to AXA Commercial for seamless operational continuity and sustained excellence in support and service delivery
- In 2021, Cigna revealed a substantial USD 450 million investment in Cigna Ventures, reinforcing commitment to healthcare innovation. Allocated across insights, digital health, and care delivery, this capital injection signals Cigna's dedication to transformative ventures, fostering goodwill and positioning the company at the forefront of progressive healthcare solutions
- In 2020, International Medical Group, Inc. (IMG) strategically expanded its services, catering to organizations' international travel needs amid the pandemic. The enhanced offerings provided crucial planning and research support, enabling clients to navigate safely. This adaptability contributed to IMG's resilience and success during the challenging conditions of the global health crisis
For more detailed information about the U.K. health insurance market report, click here – https://www.databridgemarketresearch.com/reports/uk-health-insurance-market
