Press Release
Press Release
Due to declining biological functions, the geriatric population is more sensitive to chronic and acute illnesses, necessitating better and more regular monitoring of their health conditions. Their therapy may also require costly and difficult-to-afford surgical treatments. As a result, the health insurance market is experiencing a surge in demand. The health insurance market is predicted to develop in the near future as disease incidences rise and people become more aware of their health. In confluence with the growing prevalence of diabetes, cancer, stroke, and kidney failure, the increasing costs of healthcare services represent one of the key factors escalating the demand for health insurance worldwide. Several countries have made it mandatory for employers to provide health insurance to their employees. These authorities are also implementing rules that require travellers to have foreign health insurance. Aside from that, the growing elderly population is encouraging people to join in government-sponsored health insurance plans or schemes with reduced premiums. Several firms also offer coverage for medical costs incurred during the treatment of coronavirus sickness. They are also concentrating on digitising claim processing and policy administration, which is expected to have a favourable impact on the market in the next few years.
Insurers may change their models and strategies to compete with ever-changing consumer demand with the expanding use of Big Data analytics in health insurance. For instance, Oscar Health Inc. (NYSE: OSCR), an American health insurance firm, announced a partnership with Emory Healthcare, a large healthcare institution in Georgia, United States, in November 2021 to provide technology-connected health insurance and services in United States cities, such as Atlanta and Columbus.
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The major players in the global health insurance industry are AWP Health & Life SA, United HealthCare Services, Inc., Anthem Insurance Companies, Inc., Aetna Inc., Centene Corporation, Assicurazioni Generali S.P.A, and Life Insurance Corporation of India, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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