China Health Insurance Market Report 2023-2028: Private Insurance Gains Significance, Government Initiatives and Rising Medical Costs Drive Growth
The
This growth will be driven by factors such as the increasing prevalence of chronic diseases, growing demand for health insurance, and government efforts to enhance insurance coverage. Furthermore, the growing awareness of the benefits provided by health insurance plans will contribute to the sustainable growth of the health insurance industry in
Given the rising number of health disease cases nationwide, the Chinese government is taking necessary steps to ensure public safety. There is also a focus on expanding health insurance coverage and improving the healthcare system. The development of 'Huiminbao' products in
As of 2021, more than 95% of the total population in
Huiminbao products are characterized by inclusive benefits, low financial thresholds, and broad protection coverage. Middle to low-income residents, especially seniors and the elderly, benefit from these products. For example, in 2021, 'Beijing Huiminbao' was introduced, offering medical insurance coverage of up to
The Beijing Local Financial Supervision and Administration, the
The market growth is further supported by the increasing health insurance premiums. Health insurance premiums refer to the regular payments made to an insurer to maintain the validity of the policy and receive medical treatment. According to
Moreover, the rising awareness of health risks also drives the market. Unhealthy lifestyle choices have led to an increase in the prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes, as well as an increase in the frequency of traffic accidents. The increased awareness of health risks presents opportunities for insurance companies, particularly in the aftermath of the Covid-19 pandemic.
With a rapidly aging population and increasing income,
The need for health insurance primarily arises from the escalating medical expenses and high costs associated with advanced treatments, particularly in private hospitals. The region is facing a new financial challenge due to the rising costs of hospital and surgical services. These costs encompass various aspects, including surgical procedures, doctor consultations, hospital stays, emergency room visits, and diagnostic tests.
Without insurance coverage, the expenses incurred from hospital care alone can deplete an individual's savings entirely. Consequently, obtaining health insurance has become imperative to enhance coverage and support the health insurance market. In recent years, private insurance has gained significant importance in
Company Profiles: Detailed analysis of the major companies present in the
- Ping An Insurance (Group) Company of China Ltd.
China Life Insurance (Overseas) Company Limited - China Pacific Insurance (Group) Co. Ltd.
People's Insurance Company ofChina - New China Life Insurance Co. Ltd.
- China Reinsurance (Group) Corporation
- AIA Group Limited
- Azuria Life
Sino-German Allianz Life Insurance Co. Ltd. HSBC Bank (China) Company Limited
Market Dynamics
Drivers
- Rising cost of medical services
- Increasing number of daycare procedures
- Government Initiatives
Market Trends & Developments
- Advantages of health insurance policies
- Increasing healthcare expenditure
- Increasing online purchase
- Rising health risks
- Increasing numbers of health insurance plans
Challenges
- High cost of insurance premiums
- Lack of awareness
Voice of Customer Analysis (B2C Model Analysis)
- Sample Size Determination
- Respondent Demographics
- By Gender
- By Age
- By Occupation
- Brand Awareness
- Factors Influencing Purchase Decision
- Sources of Information
Impact of COVID-19 on China Health Insurance Market
- Impact Assessment Model
- Key Segments Impacted
- Key Regions Impacted
Report Scope
China Health Insurance Market, by Type of Insurance Provider:
- Public
- Private
China Health Insurance Market, by Type of Coverage:
- Individual
- Family
China Health Insurance Market, by Mode of Purchase:
- Insurance Companies
- Insurance Agents/Brokers
- Others
China Health Insurance Market, by Premium Type:
- Regular Premium
- Single Premium
China Health Insurance Market, by Region:
- South-Central
- South-West
- East
- North-East
- North-West
- North
- Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/z2e04r
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