Asia Pacific Family Floater Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Adults, Seniors), By Plan Type (Immediate, Extended Family Members), And Segment Forecasts, 2023 - 2030

Asia Pacific Family Floater Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Demographics (Adults, Seniors), By Plan Type (Immediate, Extended Family Members), And Segment Forecasts, 2023 - 2030

Asia Pacific Family Floater Health Insurance Market Growth & Trends

The Asia Pacific family floater health insurance market size is projected to reach USD 8.58 trillion by 2030, registering a CAGR of 5.38% over the forecast period, according to a new report by Grand View Research, Inc. The family floater health insurance offers a wide variety of benefits to the insured family members, which makes it an ideal option for younger families. These benefits are making it quite popular among the population, thereby driving market growth. The family floater plans not only cover the entire family at a low premium but also provide a tax benefit. For instance, in India, a family floater plan gives a tax benefit under Section 80D of the Income Tax Act. In addition, many family floater plans also cover maternity costs making it an ideal option for young couples. The COVID-19 pandemic brought a sharp focus on the need for healthcare reforms that promote universal access to affordable care.

A rise in demand for health insurance, due to high awareness about health insurance policies and how it can cut down the overall burden to pay huge amounts of bills on healthcare services, led to an increased adoption post-pandemic. Moreover, the COVID-19 virus has a long-term impact on an individual’s health and can severely affect their well-being. Chronic diseases are also on the rise post-pandemic. These factors have highlighted the need for health insurance, not only for the older population but also for younger and fit individuals.China dominated the overall market due to the high coverage of population through the public schemes and higher premium value. India, on the other hand, is the fastest-growing region due to lucrative growth opportunities as a large portion of the population is still uninsured and many international companies are entering the market through FDIs.

Asia Pacific Family Floater Health Insurance Market Report Highlights

• The public segment dominated the market in 2022 owing to the introduction of a new public scheme to cover a larger portion of the population
• The private sector is expected to register the fastest growth rate from 2023 to 2030 due to the introduction of new products by private industry players
• A plan that covers immediate family members accounted for the highest revenue share in 2022 owing to a wide variety of products available in this segment
• The adults segment held the largest revenue share in 2022 due to the higher adoption of family floater health insurance policies among adults
• The agents sales channel segment accounted for the highest revenue share as maximum sales are achieved through agents
• A shift toward online sales like website and aggregators to purchase policies is leading to rapid growth of these segments

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