Major players in the domiciliary insurance market are Cigna Corporation, AIA Insurance Group, Allianz SE, AXA, Aviva plc, Aetna, Inc. HDFC Ergo, and Munich Re. The global domiciliary insurance market is expected to grow from $30.
New York, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Domiciliary Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030" - https://www.reportlinker.com/p06102997/?utm_source=GNW
82 billion in 2020 to $31.25 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $52.31 billion in 2025 at a CAGR of 13.7%.
The domiciliary insurance market consists of sales of domiciliary insurance services by entities that are engaged in direct underwriting insurance policies for home-based treatment done for a disease, illness, or injury. The home treatment could be because of lack of accommodation at the hospital or because the patient’s condition does not permit them to get admitted to the hospital.
The domiciliary insurance market covered in this report is segmented by insurance type into diseases insurance, medical insurance, income protection insurance, others. It is also segmented by coverage type into lifetime coverage, term coverage; by demographics into minors, adults, senior citizen; by network into preferred provider organizations (PPOs), point of services (POS), health maintenance organization (HMOs), exclusive provider organizations (EPOS) and by a service provider into private, public.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Limited coverage of domiciliary insurance is expected to hamper the market growth.Domiciliary insurance offers very limited coverage as this is not applicable for chronic ailments and treatments below three days.
For instance, Reliance (India) domiciliary insurance covers only up to 10% of the base sum insured subject to a maximum of INR 50,000 in aggregate during the policy period.Also, domiciliary insurance does not cover ailments such as bronchitis, epilepsy, asthma, cough, cold, influenza, diabetes mellitus and insipidus, pyrexia of unknown origin for a period of fewer than ten days, chronic nephritis, psychiatric or psychosomatic disorders, diarrhea, dysentery, gastroenteritis, arthritis, gout or rheumatism, hypertension, tonsillitis, upper respiratory tract infection, and laryngitis, or pharyngitis.
The lack of insurance coverage for all the ailments and emergency care makes it less opted, which in turn hinders the growth of the market.
In January 2020, HDFC, an Indian-based provider of housing finance with a presence in banking, life and general insurance, asset management, venture capital, real estate, education, deposits, and educational loans, acquired a majority stake in Apollo Munich health insurance for about $334 million.Through this acquisition, Apollo Munich health insurance is renamed as HDFC ERGO health insurance.
Apollo Munich health insurance is an India-based company formed by the collaboration between Apollo Hospitals and Munich which offers services such as life, health, accident, and travel insurance.
The growing geriatric population is expected to propel the domiciliary insurance market.The population of the world is growing older, with the age group of 65 and above being the fastest growing.
For instance, according to World Population Prospects 2019 data released by the Population Division of the United Nations Department of Economic and Social Affairs, by 2050, one out of six people in the world will be over 65 (16%), a rise from the one in 11 in 2019 (9 %) and the number of people aged 80 or over is estimated to triple, from 143 million in 2019 to 426 million in 2050.The rise in the geriatric population means a population with more health problems that require constant care and have limited ability to move which makes them depend on health services at the comfort of their homes.
Moreover, even healthcare providers prefer treating them at home unless there is a major emergency, as these services are of high-cost. People are opting for domiciliary insurance as a separate policy or along with the health insurance plan to cover these home hospitalization treatment costs which further contributes towards the growth of the market.
Companies are concentrating on the release of policies specific to COVID-19.With the surge in the coronavirus pandemic cases, a large number of people getting affected have strained the hospital and healthcare services further making bed availability a challenge.
However, as all cases do not require hospitalization, hospitals are requesting the affected people to take treatment at their homes.Even people are opting for home treatment to ensure safe and effective treatment due to the fear of contracting a secondary infection from other patients in public hospitals, and the high price charges of private hospitals.
This has allowed the companies in the domiciliary insurance market to cater the domiciliary insurance services along with the normal health insurance policy specific to COVID.For instance, in March 2020, Edelweiss General Insurance’s health policy has planned to cover treatment for COVID-19 which includes support to the patient during domiciliary hospitalization.
ICICI Lombard has decided to cover the home health services for the treatment of COVD-19 with coverage for domiciliary hospitalization.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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