Dublin, July 14, 2021 (GLOBE NEWSWIRE) -- The "Domiciliary Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global domiciliary insurance market is expected to grow from $30.82 billion in 2020 to $31.25 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%.
Domiciliary Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global domiciliary insurance market as it emerges from the COVID-19 shut down.
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 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.
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.
Key Topics Covered:
1. Executive Summary
2. Domiciliary Insurance Market Characteristics
3. Domiciliary Insurance Market Trends and Strategies
4. Impact of COVID-19 on Domiciliary Insurance
5. Domiciliary Insurance Market Size and Growth
5.1. Global Domiciliary Insurance Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Domiciliary Insurance Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Domiciliary Insurance Market Segmentation
6.1. Global Domiciliary Insurance Market, Segmentation By Insurance Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Income Protection Insurance
6.2. Global Domiciliary Insurance Market, Segmentation By Coverage Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Domiciliary Insurance Market, Segmentation By Demographics, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.4. Global Domiciliary Insurance Market, Segmentation By Network, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Preferred Provider Organizations (PPOs)
Point of Services (POS)
Health Maintenance Organization (HMOs)
Exclusive Provider Organizations (EPOs)
6.5. Global Domiciliary Insurance Market, Segmentation By Service Provider, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Domiciliary Insurance Market Regional and Country Analysis
7.1. Global Domiciliary Insurance Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Domiciliary Insurance Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
AIA Insurance Group
ICICI Lombard General Insurance Company
Religare Health Insurance Company Limited
Edelweiss Health Insurance
For more information about this report visit https://www.researchandmarkets.com/r/3fyaqz
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