Report Code: A10000 | Pages: NA | Jul 2023 | 2606 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Covid-19 Insurance Market
Request Now !The global COVID-19 insurance provides consumers with financial coverage for medical expenses for the coronavirus treatment in hospitals. The treatment for COVID-19 is expensive in comparison to normal treatments, and therefore it becomes affordable for patients to use the COVID-19 insurance with a minimal premium. Moreover, the COVID-19 insurance provides a compensation in case of a medical emergencies in exchange for an affordable monthly premium. The guarantor is obliged to cover the COVID-19 expenses for consumers until the policy term expires. Therefore, the necessity for the protection of the COVID-19 coverage during any emergency is expected to boost the market growth for the COVID-19 insurance in the near future.
High cost for the COVID-19 treatment and rapid procedure of reimbursement of insurance claim are driving the growth of the market. However, no coverage for highly expensive treatments such as for cancer & dental is expected to hamper the growth of the market. Contrarily, introduction of digital means to process COVID-19 claims for the patients can be seen as an opportunity for the market investments.
The filing of the claims used to be a traditional process where the patients had to file in person after following proper procedures & providing handwritten forms. However, the insurance companies adopted several online platforms for the convenience of the insurers. Furthermore, for the filling of COVID-19 related claims, the consumer just needs to log in online and fill a claim form which in turn has become an easier option in comparison to the traditional method. Moreover, the process has become digitalized for the COVID-19 insurance companies and the claims are in sequence order for the approving settlement. Therefore, the introduction of digital means to process COVID-19 claims for the patients is anticipated to foster the global COVID-19 insurance market growth.
The high healthcare costs for the COVID-19 related treatment has been witnessed globally, which can be seen as an opportunity for the COVID-19 insurance companies by gaining additional consumers and allow the cash flow for the previous claims. Furthermore, the number of COVID-19 cases has observed a devastating rise since December 2019. Owing to which the COVID-19 insurance companies are allowing the consumers to purchase the product which covers all the COVID-19 related treatments. Moreover, a hefty rise in healthcare costs is driving the growth of COVID-19 insurance, which therefore, expected to boost the growth for the global COVID-19 insurance market size during the forecast period.
COVID-19 scenario analysis
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Questions answered in the COVID-19 insurance market research report:Â Â Â Â Â Â Â Â Â Â Â Â
COVID-19 Insurance Market Report Highlights
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Key Market Players | Allianz Group, Assicurazioni Generali S.p.A., AIA Group Limited, Anthem Inc., AXA Equitable Life Insurance Company, China Life Insurance Company Limited, Munich Re, Ping An Insurance (Group) Company of China Ltd., State Farm Group, Zurich Insurance Group |
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