The India coronavirus insurance market for health insurance is forecast to grow at a rapid pace during the forecast period. The spread of the pandemic COVID-19 in India is driving the Indian coronavirus insurance market. There were approximately 1,91,356 coronavirus cases in India as of June 1st, 2020. The number of active cases was 93,905. However, around 92,027 people have been cured and 5,413 have died. It can take anywhere from two to four weeks for a case to heal depending on its severity. This can increase healthcare costs, which in turn makes it necessary to have a good insurance plan that covers the expenses. Here, we will discuss India Coronavirus Health Insurance Market Forecast, Size, and Growth in 2027.
India's coronavirus insurance market can be segmented by type of provider, insurance type, and type of claim. It also includes the sum insured, mode, purchase, end users, and company. The market can be divided into fixed benefit and regular health insurance plans based on their insurance type.
The market is expected to be dominated by the regular health insurance plan segment. This is due to guidelines issued by the Insurance Regulatory & Development Authority of India. (IRDAI) has instructed all insurance companies to include COVID-19 coverage in their policies.
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The market can be divided into two segments based on the type of claim: cashless or reimbursement. The reimbursement segment is expected to be the dominant market as most COVID-19-related treatment is provided in government hospitals, which are not part of the chain of hospitals that offer cashless services.
ICICI Lombard and Star Health & Allied Insurance are the major players in India's coronavirus insurance market. To stay competitive in the Indian market, these companies are constantly developing new technologies and launching new services and plans. Mergers & Acquisitions, new plans & services development are other competitive strategies.
Years were considered for this report:
1. Estimated Year: 2020
2. Forecast Period: 2021-2025
1. To forecast and estimate the Indian coronavirus market for health insurance from 2020-2025, and to calculate the growth rate until 2025.
2. Forecast and classify India's coronavirus-related health insurance market using a type of insurance provider, type of claim, and sum insured.
3. To identify the dominant segment or region in India's coronavirus-based health insurance market.
4. To identify the drivers and challenges in India's coronavirus-based health insurance market.
5. To analyze competitive developments in India's coronavirus insurance market, such as new product launches and expansions.
6. To analyze and identify the top players in India's coronavirus-based health insurance market
7. To identify the key strategies used by market players in India's coronavirus insurance market.
8. TechSci Research conducted both primary and extensive secondary research on this topic. TechSci Research initially sourced a list of service providers throughout the country. TechSci Research then conducted primary research surveys of the companies. The respondents were also asked about their competitors during the interview. TechSci Research can use this technique to identify service providers that were not possible through secondary research. TechSci Research examined the presence of all the major players in the country, as well as the service providers and vendors.
9. TechSci Research used a bottom-up approach to calculate the Indian coronavirus market for health insurance. Data for different end-user segments were recorded and projected for the future. TechSci Research obtained these market values from industry professionals and company representatives. The data was externally validated by analyzing historical data on these product types and their applications to determine suitable, overall market size. TechSci Research also examined secondary sources like company websites, press releases and investor presentations, financial reports, and company annual reports.
Key Target Audience:
1. Vendors and other stakeholders of Coronavirus insurance companies and services providers
2. The government bodies, such as policymakers and regulating authorities, are also known as government agencies.
3. Coronavirus Health Insurance Forums and Organizations
4. Market research and consulting firms
This study provides valuable information to industry stakeholders, such as vendors, service providers, and end users. It also helps them strategize investments and capitalize on market opportunities.