One of the major factors responsible for the surge in the demand for healthcare insurance is the soaring geriatric population level across the world. As per a report published by the United Nations in 2017, called the World Population Prospects, the geriatric population is predicted to increase at a faster rate than the younger population across the world. The report also stated that there were 962 million people in the world, aged 60 years and above in 2017, and this number is predicted to rise to 1.4 billion and 2.1 billion by 2030 and 2050, respectively.
Due to the above-mentioned factors, the revenue generated from the global sales of various health insurance plans is expected to increase from $1.7 trillion in 2018 to $2.2 trillion by 2024. The global healthcare insurance market is predicted to exhibit a CAGR of 4.3% during the forecast period (2019–2024). Health insurance is basically a type of insurance that covers the surgical and medical expenses incurred during a person’s treatment. It can either pay the care provider directly for the treatment or it can reimburse the costs incurred during the treatment of an injury or illness.
The most common types of healthcare insurances are disease, income protection, and medical insurances. Amongst these, the medical insurance policies are expected to register the highest and the fastest growth in adoption during the forecast period, owing to the increasing number of paneled hospitals providing medical services around the world. There are two types of coverage plans offered by the health insurance plans — lifetime and term coverage. Of these two, the term coverage is expected to record rapid growth in adoption during the forecast period, due to the shift of people to this type from the other.
