Government initiatives and programs for health services are one of the leading factors driving the Indonesia health insurance market during the forecast period. According to TechSci Research report, “Indonesia Health Insurance Market – By Region, Competition Forecast & Opportunities, 2018-2028F” The Indonesia health insurance market is expected to grow during the forecast period owing to several factors such as increased investment opportunities and increased availability of healthcare treatment as a result of an increasing variety of health insurance plans, which are driving market demand for health insurance throughout the forecast period.
The Important Aspects of the Indonesia Health Insurance Market
Health insurance is a type of insurance that pays for the insured’s medical expenses in the event of an illness or accident in exchange for a premium payment. It allows the insurance company to provide medical coverage for hospitalization, daycare procedures, critical illnesses, and other expenses. A health plan also provides numerous advantages, such as cashless hospitalization and free medical check-ups.
A health insurance plan may offer a variety of coverage options, such as reimbursement or cashless claims. A cashless benefit is offered to policyholders receiving care at one of the insurance provider’s network hospitals. However, there are certain clauses to this benefit, as the policyholder could have to pay all medical costs and submit all medical bills when filing a claim with the insurance provider if they receive treatment at a hospital that is not part of the list network.
The need for health insurance is primarily fueled by rising medical expenditures, expensive treatments, and daycare procedures. The cost of medical services also includes the cost of surgery, doctor appointments, hospital stays, emergency room visits, and diagnostic testing, among other things. Because of this, consumers now need health insurance to enhance insurance benefits, which is expected to drive the Indonesia health insurance market.
In the field of healthcare, many people are still unaware of the benefits of health insurance policies. The cost of medical treatment is rising due to advancements in medical treatment technology. As health insurance covers pre as well as post-hospitalization expenses, but the penetration rate of health insurance policies is still low because people are unaware of the advantages they provide.
In the field of healthcare, many people are still unaware of the benefits of health insurance policies. The development of medical treatment technologies has increased the expense of medical care. Despite the fact that health insurance covers both pre- and post-hospitalization costs, its penetration rate is still low since few individuals are aware of its benefits. As a result, a lack of awareness of the benefits of health insurance is expected to restrain the market.
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The Indonesia health insurance market is segmented on the basis of type of insurance provider, type of coverage, mode of purchase, premium types, end users, region, and competitional landscape. Based on the type of insurance provider, the market is further divided into public vs private. Based on the type of coverage, the market is bifurcated into individual vs family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.). Based on premium type, the market is divided into regular premium and single premium. Based on end users, the market is fragmented into minors, adults, and senior citizens.
Based on the categories of coverage types, the Indonesia health insurance market is divided into individual and family coverage. A family health insurance plan covers both significant and minor medical costs for the entire family under a single policy. When compared to an individual health insurance plan, which covers just one person, the health insurance premium and the total amount insured.
On the basis of premium type, The Indonesia health insurance market is segmented into regular premiums and single premiums. A single-premium health insurance policy requires payment to be made in full prior to the start of the coverage. A regular premium policy requires the insured to pay the insurance coverage over the term of the policy at regular intervals. The timespan might be anywhere between monthly and yearly. Owing to the ability to automate payments through several apps, the majority of clients prefer regular premium policies.
Key market players in the Indonesia health insurance market include:
- PT Sun Life Financial Indonesia
- PT Reasuransi Indonesia Utama (Persero)
- AXA Indonesia
- PT Asuransi Allianz Life Indonesia
- AIA Group Limited
- PT Prudential Life Assurance
- PT Asuransi Jiwa Manulife Indonesia
- PT BNI Life Insurance
- PT Great Eastern Life Indonesia
- PT Asuransi Cigna
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“Increasing government initiatives and partnerships with the private sector are important factors in expanding health coverage and delivering health care services in the country, which lead to increased market demand during the forecasted period. Similarly, one of the important trends that is expected to positively affect the expansion of the health insurance market is companies offering health insurance plans to their employees. Additionally, increased treatment technology and demand for quality private care as a result of rising income and increased awareness of the extensive health coverage accessibility are expected to drive industry growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Indonesia Health Insurance Market, By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurance Companies, Third Parties, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential health insurance and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the health insurance market in Indonesia.
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