An Overview of Outlook of the Family Floater Health Insurance Market: Estimated to Generate $105.1 Billion by 2031

A report by Allied Market Research on the global family floater health insurance market indicates that the sector is expected to manifest a noteworthy CAGR of 10.9% with an absolute revenue of $105.1 billion during the forecast period of 2022 to 2031. The comprehensive study scrutinizes drivers, promising strategies, competition, market size, dynamics, and significant investment pockets.

Highlights 

• By distribution channel, the domain is categorized into agents and brokers, banks, insurance companies, and others.
• As per regional analysis, Asia-Pacific grabbed the largest market share in 2021.
• On the basis of coverage, the sector is classified into daycare treatments, pre and post-hospitalization costs, in-patient hospitalization, and others.

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The global family floater health insurance market is analyzed across coverage, plan type, distribution channel, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By coverage, the in-patient hospitalization segment held the highest share in 2021, garnering nearly three-fifths of the global family floater health insurance market revenue. The pre and post hospitalization cost segment, on the other hand, would showcase the fastest CAGR of 13.8% throughout the forecast period. The day care treatments segment is also assessed through the report.

By plan type, the immediate family plan segment contributed to nearly three-fourths of the global family floater health insurance market share in 2021, and is projected to rule the roost by 2031. The extended family plan segment, however, would display the fastest CAGR of 13.5% throughout the forecast period.

By distribution channel, the agents and brokers segment accounted for the highest share in 2021, generating more than half of the global family floater health insurance market revenue. The insurance companies segment, simultaneously, would portray the fastest CAGR of 13.3% during the forecast period. The banks segment is also analyzed through the study.

By region, Asia-Pacific held the major share in 2021, garnering nearly two-fifths of the global family floater health insurance market revenue. The same region would also showcase the fastest CAGR of 13.2% from 2022 to 2031. The other provinces studied through the report include North America, Europe and LAMEA.

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Factors influencing the growth 

• Covers the entire family’s insurance 

The family floater health insurance plan provides coverage for all family members under a single premium payment. If multiple claims occur simultaneously, the sum assured is divided among all covered family members. This policy is particularly advantageous for families with more than two members. Additionally, family floater health insurance is cost-effective, offering coverage for all family members with just one premium payment. This benefit highlights the popularity of family health insurance plans.

• Better tax benefits 

The family floater plan offers tax benefits under Section 80D of the Income Tax Act. Health insurance is considered a fundamental investment for individuals to secure comprehensive protection during medical emergencies for themselves and their families. The Mediclaim deduction applies to premiums paid for oneself, family, and dependent parents. Therefore, as the deduction for health insurance premiums is quite substantial, it reduces the outflow of money for taxes in the financial year for which tax is computed.

• Prominent developments in the sector 

Several family floater health insurers utilize predictive analytics to gather diverse data sets, enabling a comprehensive understanding of the client’s medical history. By offering advanced services like fast and convenient insurance policies with lower premium rates, the technology aims to enhance client loyalty and extend the company’s market reach.

Furthermore, the family floater health insurance sector is anticipated to evolve due to government initiatives, regulatory measures, and increased consumer awareness regarding health insurance post-COVID-19. Additionally, there has been a rapid proliferation of artificial intelligence (AI), with AI-enabled devices becoming ubiquitous in households globally. AI empowers insurers to enhance claims processing times and revolutionize the underwriting process.

Segmental analysis of the domain 

Coverage 

• In-patient hospitalization: Most patients utilize the inpatient hospitalization policy for pre-planned surgeries or treatments, as well as during emergencies.
• Pre- and post-hospitalization cost: The coverage of pre- and post-hospitalization costs ensures continuous protection for policyholders throughout their entire medical journey, ranging from consultations and tests to recovery and follow-up care.
• Day care treatments: Family floater health insurance plans include coverage for daycare treatments, providing financial protection for procedures such as cataract surgery, radiotherapy, chemotherapy, dialysis, tonsillectomy, lithotripsy, and various others.

Plan type 

• Immediate family plan: This plan offers a convenient and cost-effective way to ensure the health and well-being of the entire family under a single policy, avoiding the need for separate individual plans for each family member.
• Extended family plan: These plans offer the option to include extended family members such as parents, parents-in-law, and siblings.

Distribution channel 

• Insurance companies: Insurance companies contribute significantly to making family floater health insurance appealing and accessible by designing customizable plans, offering affordable premiums, ensuring comprehensive coverage, providing cashless facilities, and facilitating tax benefits.
• Banks: Banks collaborate with multiple insurers to provide competitive premium family floater health insurance plans.
• Agents and brokers: Insurance agents and brokers act as intermediaries, linking insurance providers with businesses requiring health insurance coverage for their employees.

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Key questions covered in the report 

• What are the key opportunities in the market?
• What are the key technological and market trends shaping the market?
• Which region or sub-segment is expected to drive the market in the forecast period?

Regional analysis 

The analysis of the family floater insurance market ranges across different regions, encompassing LAMEA, Europe, Asia-Pacific, and North America. Asia-Pacific family floater health insurance market generated the highest revenue in 2021.

Leading market entities 

• HDFC ERGO
• eHealthinsurance Services, Inc.
• Care Health Insurance
• Now Health International
• Aetna Inc.
• Aviva
• Future Generali India Insurance Company Ltd.
• Niva Bupa Health Insurance
• IFFCO-Tokio General Insurance Company Limited
• Cigna

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