Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Family Floater Health Insurance Market By Coverage, By Distribution Channel, By Plan Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global family floater health insurance market was valued at $38.6 billion in 2021, and is estimated to reach $105.1 billion by 2031, growing at a CAGR of 10.9% from 2022 to 2031.
The family floater health insurance is also known as family health insurance, it offers to cover the entire family under a single plan. The sum insured under this plan floats upon all the family members insured in it. Moreover, a floater family health insurance brings all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger common pool.
The family floater health insurance plan covers health insurance under which all the family members can be covered by paying only one premium.
Moreover, if there are multiple claims at the same time, the sum assured will be split amongst all family members. Furthermore, policy is beneficial if the person has more than two members in the family. In addition, the family floater health insurance plan provides the tax benefits under Section 80D of the Income Tax Act.
Health insurance is one of the primary investments for any individual to ensure complete security during medical emergencies for themselves and their families. Therefore, these are some of the factors that propel the growth of the family floater health insurance market.
However, surge in fraudulent activities like, padding, inflating claims, staging accidents, misrepresenting facts on an insurance application, submitting claims for injuries or damage that never occurred are some of the major frauds occur in the insurance sector. In addition, frauds such as internal fraud, rate evasion, underwriting fraud, claims fraud, and cybersecurity fraud are committed at different points in transaction by applicants, policyholders, third-party claimants, and professionals providing services to claimants, which restricts the growth of the market across the globe.
The market also offers growth opportunities to the key players in the market. Additionally, growing number of small firms and technology improvements in the insurance industry are likely to propel the family floater health insurance market to new heights. In addition, predictive analytics is used by several family floater health insurers to collect a variety of data in order to fully understand the client's medical background.
By delivering advanced services, such as quick and convenient insurance policies with reduced premium rates, the use of technology is aimed to promote client loyalty and expand the company's market position. Thus, it provides major lucrative opportunities for the growth of the EV market.
Key benefits for stakeholders
- The study provides in-depth analysis of the global family floater health insurance market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global loan management software market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global family floater health insurance market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Coverage
- In-Patient Hospitalization
- Pre and Post Hospitalization Cost
- Day Care Treatments
By Plan Type
- Immediate Family Plan
- Extended Family Plan
By Distribution Channel
- Insurance Companies
- Banks
Market Dynamics
Drivers
- Covers the entire family health insurance
- Ease in process of settling claims
- Offers better tax benefits
Restraints
- Lack of knowledge about family floater health insurance policies
- Surge in fraudulent activities
Opportunities
- Technological advancements in the field of insurance
Key Market Players
- Future Generali India Insurance Company Ltd.
- Aetna Inc.
- Aviva
- Cigna
- Now Health International
- HDFC ERGO
- eHealthinsurance Services, Inc.
- Care Health Insurance
- Niva Bupa Health Insurance
- IFFCO-Tokio General Insurance Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/yexqfs
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