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Domiciliary Insurance Global Market Report 2023


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 $27.15 billion in 2021 to $32.42 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%.

New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Domiciliary Insurance Global Market Report 2023" -
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 $27.15 billion in 2021 to $32.42 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The domiciliary insurance market is expected to grow to $59.01 billion in 2026 at a CAGR of 16.2%.

The domiciliary insurance market consists of sales of domiciliary insurance products by entities that are engaged in directly underwriting insurance policies for home based treatment done for a disease, illness or injury.It could be because of lack of accommodation at the hospital or because the patient’s condition doesn’t permit them to get admitted in the hospital.

The insurance industry is categorized on the basis of the business model of the firms present in the industry.Some insurance firms may offer other services financial or otherwise.

Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.The value of the market is based on the premiums paid by the insured.

The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

A domiciliary insurance is a type of health insurance in which the policyholder is considered hospitalized even when receiving treatment at home. Home-based treatments for an injury, cure, or disease are also covered by health insurance, and policyholders are compensated for them.

North America was the largest region in the domiciliary insurance market in 2022.Asia Pacific was the second largest market in domiciliary insurance market.

The regions covered in the domiciliary insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of domiciliary insurance are diseases insurance, medical insurance, income protection insurance, and other insurance.Critical disease insurance refers to the domiciliary insurance that is issued to an individual that covers the policy for critical diseases.

The various coverages are lifetime coverage and term coverage.The demographics included are minors, adults, and senior citizens.

The different networks involved are preferred provider organisations (PPOs), point of service (pos), health maintenance organisations (HMOs), and exclusive provider organisations (epos). The various service providers are private and public.

The growing geriatric population is expected to drive 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 Health Organization, there were about 1 billion people aged 60 years and above in the world. The number is expected to reach 1.4 billion by 2030 and 2.1 billion by 2045. 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 dependent on health services in the comfort of their homes. Moreover, even healthcare providers prefer treating them at home unless there is a major emergency, as these services are expensive. People are opting for domiciliary insurance as a separate policy or along with their health insurance plan to cover these home hospitalisation treatment costs, which further contributes towards the growth of the market.

Limited coverage of domiciliary insurance is expected to hamper the market’s growth.Domiciliary insurance offers very limited coverage as this is not applicable for chronic ailments and treatments of less than 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 popular, which in turn hinders 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 has 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 receive treatment at their homes.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 charged by private hospitals.

This has allowed the companies in the domiciliary insurance market to cater to the domiciliary insurance services along with the normal health insurance policies specific to COVID.For instance, in March 2020, Edelweiss General Insurance’s health policy plans to cover treatment for COVID-19, which includes support for 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.

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 will be renamed 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 countries covered in the domiciliary insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The domiciliary insurance research report is one of a series of new reports that provides domiciliary insurance statistics, including domiciliary insurance industry global market size, regional shares, competitors with domiciliary insurance shares, detailed domiciliary insurance segments, market trends and opportunities, and any further data you may need to thrive in the domiciliary insurance industry. This domiciliary insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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