North America Family Floater Health Insurance Market Size, Share & Trends Analysis Report By Type (Public, Private), By Plan Type (Immediate Family Members), By Demographics (Adults, Seniors), By Country, And Segment Forecasts, 2023 - 2030
North America Family Floater Health Insurance Market Growth & Trends
The North America family floater health insurance market size is projected to reach USD 5.45 trillion by 2030 to expand at a CAGR of 3.54% from 2023 to 2030. The family floater health insurance plans offer various benefits such as, it covers an entire family under one plan with lower premium. The cover can be availed by any of the enrolled members making it easier to maintain and much cost effective compared to individual health insurance plans.
Increasing number of individuals are opting for family floater health insurance plans in order to protect their families from any unforeseen medical emergency. Family floater plans are ideal for young couples or single parents as in terms of plans that cover older parents, the cover may not be sufficient.
The Covid-19 pandemic led to a significant fall in sales due to rise in unemployment because of disruption in various economic activities. However, this was a short-term effect. In the long run, the pandemic has positively impacted the market by highlighting the need for health insurance in challenging times like this. Moreover, there is a rise in chronic diseases post the pandemic which is further focusing on the importance of health insurance. Increasing efforts by the insurers to create awareness regarding the importance of having an health insurance plan is further driving the sales of family floater health insurance policies.
Development of new innovative policies by the insurers is also promoting the market growth. Insurers in the market are now keenly focusing on developing plans that cover mental illnesses as well. This is due to rise in mental illnesses post the pandemic as a result of the huge amount of stress posed by the pandemic on various individuals. For instance, according to WHO, in the first year of pandemic, global prevalence of anxiety and depression increased by a massive 25%.
North America Family Floater Health Insurance Market Report Highlights
- Private segment dominated the market with largest revenue share in 2022 owing to large number of people opting for private health insurance in order to avail better healthcare facilities and services.
- Plan that covers Immediate family members segment accounted for highest market share in 2022 owing to wide variety of products available for this segment.
- Adults segment held the higher market share in 2022 due to higher adoption of family floater health insurance policies among individuals of this age group.
- A shift towards online sales like website and aggregators to purchase policies is leading to higher adoption of health insurance plans.
- U.S. dominated the market due to presence of large number of insurers and higher adoption rate among the population.
- China represents lucrative growth opportunities with increasing number of people opting for private health insurance to avail additional benefits covered by these plans.
- Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Type
- 1.1.2. Plan Type
- 1.1.3. Demographics
- 1.1.4. Country scope
- 1.1.5. Estimates and forecast timeline
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database
- 1.3.2. GVR’s internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.3.5.1. Data for primary interviews in North America
- 1.4. Information or Data Analysis
- 1.4.1. Data analysis models
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.6.1. Premium price
- 1.6.2. Country wise market estimation using bottom-up approach
- . List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
- 1.9.1. Objective 1
- 1.9.2. Objective 2
- Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Type Outlook
- 2.2.2. Plan Type Outlook
- 2.2.3. Demographic Outlook
- 2.2.4. Country Outlook
- 2.3. Competitive Insights
- Chapter 3. North America Family Floater Health Insurance Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Penetration & Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.3.1. Reimbursement framework
- 3.4. Market Dynamics
- 3.4.1. Market driver analysis
- 3.4.1.1. Increasing prevalence of chronic diseases
- 3.4.1.2. Growing awareness regarding health insurance
- 3.4.1.3. Rising healthcare costs
- 3.4.2. Market restraint analysis
- 3.4.2.1. Limitation on different family floater policies
- 3.5. North America Family Floater Health Insurance Market Analysis Tools
- 3.5.1. Industry Analysis - Porter’s
- 3.5.1.1. Supplier power
- 3.5.1.2. Buyer power
- 3.5.1.3. Substitution threat
- 3.5.1.4. Threat of new entrant
- 3.5.1.5. Competitive rivalry
- 3.5.2. PESTEL Analysis
- 3.5.2.1. Political landscape
- 3.5.2.2. Technological landscape
- 3.5.2.3. Economic landscape
- 3.5.3. Major Deals & Strategic Alliances Analysis
- 3.5.4. Market Entry Strategies
- Chapter 4. North America Family Floater Health Insurance: Type Estimates & Trend Analysis
- 4.1. Definitions and Scope
- 4.1.1. Public
- 4.1.2. Private
- 4.2. Type Market Share, 2022 & 2030
- 4.3. Segment Dashboard
- 4.4. North America North America Family Floater Health Insurance Market by Type Outlook
- 4.5. Market Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 4.5.1. Public
- 4.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- 4.5.2. Private
- 4.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- Chapter 5. North America Family Floater Health Insurance: Plan Type Estimates & Trend Analysis
- 5.1. Definitions and Scope
- 5.1.1. Immediate Family Members
- 5.1.2. Extended Family Members
- 5.2. Plan Type Market Share, 2022 & 2030
- 5.3. Segment Dashboard
- 5.4. North America North America Family Floater Health Insurance Market by Plan Type Outlook
- 5.5. Market Plan Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 5.5.1. Immediate Family Members
- 5.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- 5.5.2. Extended Family Members
- 5.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- Chapter 6. North America Family Floater Health Insurance: Demographics Estimates & Trend Analysis
- 6.1. Definitions and Scope
- 6.1.1. Adults
- 6.1.2. Seniors
- 6.2. Demographics Market Share, 2022 & 2030
- 6.3. Segment Dashboard
- 6.4. North America North America Family Floater Health Insurance Market by Demographics Outlook
- 6.5. Market Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 6.5.1. Adults
- 6.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- 6.5.2. Seniors
- 6.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
- Chapter 7. North America Family Floater Health Insurance Market: Country Estimates & Trend Analysis
- 7.1. Country market share analysis, 2022 & 2030
- 7.2. Country Market Dashboard
- 7.3. North America Country Market Snapshot
- 7.4. Country Market Share and Leading Players, 2022
- 7.4.1. North America
- 7.5. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
- 7.5.1. North America
- 7.6. Market Service, & Forecasts and Trend Analysis, 2018 to 2030:
- 7.7. North America
- 7.7.1. U.S.
- 7.7.1.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.1.2. Northeast
- 7.7.1.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.1.3. Midwest
- 7.7.1.3.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.1.4. South
- 7.7.1.4.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.1.5. West
- 7.7.1.5.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2. Canada
- 7.7.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.2. Newfoundland and Labrador (NL)
- 7.7.2.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.3. Prince Edward Island (PE)
- 7.7.2.3.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.4. Nova Scotia (NS)
- 7.7.2.4.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.5. New Brunswick (NB)
- 7.7.2.5.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.6. Quebec (QC)
- 7.7.2.6.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.7. Ontario (ON)
- 7.7.2.7.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.8. Manitoba (MB)
- 7.7.2.8.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.9. Saskatchewan (SK)
- 7.7.2.9.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.10. Alberta (AB)
- 7.7.2.10.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.11. British Columbia (BC)
- 7.7.2.11.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- 7.7.2.12. Other (territories)
- 7.7.2.12.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
- Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company/Competition Categorization
- 8.2.1. Innovators
- 8.2.2. Market Leaders
- 8.2.3. Emerging Players
- 8.3. Vendor Landscape
- 8.3.1. List of key distributors and channel partners
- 8.3.2. Key customers
- 8.3.3. Key company market share analysis, 2022
- 8.3.4. Cigna
- 8.3.4.1. Company overview
- 8.3.4.2. Financial performance
- 8.3.4.3. Product benchmarking
- 8.3.4.4. Strategic initiatives
- 8.3.5. Bupa
- 8.3.5.1. Company overview
- 8.3.5.2. Financial performance
- 8.3.5.3. Product benchmarking
- 8.3.5.4. Strategic initiatives
- 8.3.6. Now Health International
- 8.3.6.1. Company overview
- 8.3.6.2. Financial performance
- 8.3.6.3. Product benchmarking
- 8.3.6.4. Strategic initiatives
- 8.3.7. Kaiser Foundation Grp
- 8.3.7.1. Company overview
- 8.3.7.2. Financial performance
- 8.3.7.3. Product benchmarking
- 8.3.7.4. Strategic initiatives
- 8.3.8. Anthem, Inc. (Now Elevance Health)
- 8.3.8.1. Company overview
- 8.3.8.2. Financial performance
- 8.3.8.3. Product benchmarking
- 8.3.8.4. Strategic initiatives
- 8.3.9. The IHC Group
- 8.3.9.1. Company overview
- 8.3.9.2. Financial performance
- 8.3.9.3. Product benchmarking
- 8.3.9.4. Strategic initiatives
- 8.3.10. Health Partners Group Ltd
- 8.3.10.1. Company overview
- 8.3.10.2. Financial performance
- 8.3.10.3. Product benchmarking
- 8.3.10.4. Strategic initiatives
- 8.3.11. Providence Health Plan
- 8.3.11.1. Company overview
- 8.3.11.2. Financial performance
- 8.3.11.3. Product benchmarking
- 8.3.11.4. Strategic initiatives
- 8.3.12. Harvard Pilgrim Health Care, Inc.
- 8.3.12.1. Company overview
- 8.3.12.2. Financial performance
- 8.3.12.3. Product benchmarking
- 8.3.12.4. Strategic initiatives
- 8.3.13. Sunlife Financial
- 8.3.13.1. Company overview
- 8.3.13.2. Financial performance
- 8.3.13.3. Product benchmarking
- 8.3.13.4. Strategic initiatives
- 8.3.14. Manulife
- 8.3.14.1. Company overview
- 8.3.14.2. Financial performance
- 8.3.14.3. Product benchmarking
- 8.3.14.4. Strategic initiatives
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