Top Companies in Health Insurance Market | Leading Market Players Comprehensive Report by Vantage Market Research

Upcoming Potential Market Trends for Health Insurance

The Global Health Insurance Market is valued at USD 2.6 Trillion in 2021 and is projected to reach a value of USD 3.3 Trillion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% over the forecast period. In general, health insurance transfers the risk of paying for personal health care from an individual to an entity that pools the risk. The individual shares in the management of his or her personal health care risk through the use of deductibles, coinsurance, and the health benefits provided by insurance. Individuals obtain their health benefits from one or more of several sources, such as government-sponsored health benefit plans, employer-sponsored self-funded health benefit plans, and commercial insurance health benefit plans. The health benefits provided by these plans will range from comprehensive major medical benefits to a single disease or accident-only benefits.

Commercial health insurance plans are plans marketed by an insurance company to provide health insurance benefits to insured persons. The largest increases in claims payments were recorded in Russia (80.2%), France (73.3%), Latvia (56.9%), and Finland (53.5%). Gross claims payments also increased by more than 20% in three other countries: El Salvador (34.6%), Iceland (33.2%), and Costa Rica (29.4%). Seven countries experienced growth in claims payments between 10% and 20%, including Malaysia (11.7%) where life premiums have also been growing for a number of years. By contrast, Poland, Portugal, and the United Kingdom experienced the largest decline in gross claims payments in 2019 (-21.7%, -14.7%, and -22.7% respectively).  

Some of the key players operating in the Health Insurance Market are listed below:

1. Aetna Inc.

Aetna Inc. is an American managed health care company that sells traditional and consumer-directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, primarily through employer-paid (fully or partly) insurance and benefit programs, and through Medicare. Since November 28, 2018, the company has been a subsidiary of CVS Health. In 2018, the company generated revenue of USD 60.6 billion and had 47,950 employees working across the globe. The company is the parent organization of CVS Pharmacy and CVS Health.

2. AIA Group Ltd.

AIA Group Limited, known as AIA, is an American-founded Hong Kong multinational insurance and finance corporation. It is the largest public listed life insurance and securities group in Asia-Pacific. The company is listed as 1299 (HKG) in the Hong Kong stock exchange market. In 2020, the company generated revenue of USD 47.02 billion and had more than 45,600 employees working across the globe. The company has numerous subsidiaries such as AIA Vitality, AIA Philippines, Tata AIA Life Insurance, and others.

3. Allianz Global Corporate & Specialty

Allianz SE is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz Global Corporate & Specialty services clients in more than 210 countries and territories across the whole spectrum of marine, aviation, and corporate business. The company provides risk consultancy, property-casualty insurance solutions, and alternative risk transfer for a wide spectrum of commercial, corporate, and specialty risks across 10 dedicated lines of business. In 2021, the company generated revenue of around USD 164.03 billion and has 1,50,269 employees working across the globe. The company has various subsidiaries such as Allianz SE, Bajaj Allianz General Insurance, PIMCO, ALLIANZ PARTNERS SAS, and others

4. American International Group, Inc.

American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600. The company is listed as AIG (NYSE) on New York Stock Exchange. In 2021, the company generated around USD 52.1 billion and has numerous subsidiaries such as AIG Property Casualty Inc., TATA AIG, VALIC, and others.

5. Assicurazioni Generali S.p.a.

Assicurazioni Generali S.p.A. or simply Generali Group (/dʒɛˌnɜːrˈɑːlɪ/ je-nur-AH-li) is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in the world by net premiums and assets. The company is listed as G (BIT) in the stock exchange market. The generated revenue of USD 93.80 billion in 2021 and has approximately 72,000 employees working. The company has numerous subsidiaries such as Generali Italia, Alleanza Assicurazioni, and various others.

6. AVIVA

Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland, and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pension, provider. In 2021, the company generated USD 43.3 billion and has approximately 23,000 employees working. The company has various subsidiaries such as Aviva Canada, Aviva India, Aviva Investors, and others

7. AXA

Axa S.A. is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services.

8. CIGNA

Cigna is an American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. The company is listed as CI (NYSE) on the New York stock exchange. The company generated USD 174.1 billion in 2021 and has 73,800 employees working across the majority of its locations.

9. UNITEDHEALTH GROUP

UnitedHealth Group Incorporated is an American multinational managed healthcare and insurance company based in Minnetonka, Minnesota. It offers health care products and insurance services. The company has 3,00,000 employees working across the U.S. and generates revenue of approximately USD 285.5 billion.

Recent Developments

• The World Bank Group is committed to helping governments achieve universal health coverage (UHC) by 2030, which has the potential to transform the health and well-being of individuals and societies. The vision of UHC is that all people can obtain the quality health services they need without suffering financial hardship. UHC also allows countries to make the most of their strongest asset: human capital.

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