Expat Health Insurance Market
Number of pages: 100 | Report Format: PDF | Published date: May 01, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 21,384.4 Million |
|
Revenue Forecast in 2031 |
US$ 59,251.1 Million |
|
CAGR |
12.2% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Services, Customer Types, Term Plan, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global expat health insurance market was valued at US$ 21,384.4 Million in 2022 and is expected to register a revenue CAGR of 12.2% to reach US$ 59,251.1 Million by 2031.
Expat Health Insurance Market Fundamentals
Expat health insurance, short for expatriate health insurance, is a specialized insurance coverage designed to meet the medical needs of individuals living and working abroad. It is tailored to provide comprehensive healthcare coverage for expatriates, who may face unique health challenges while residing in a foreign country. Key features of expat health insurance typically include coverage for medical emergencies, hospitalization, outpatient care, prescription medications, and preventive services. Many expat health insurance plans offer additional benefits such as dental care, maternity coverage, and emergency evacuation services. In an increasingly globalized world with a growing number of individuals relocating for work, expat health insurance plays a vital role in supporting the well-being of expatriates and their families, offering them a safety net for their medical needs while living abroad.
Expat Health Insurance Market Dynamics
As globalization progresses, many individuals’ cross borders for employment, education, and other purposes. The global workforce is gaining mobility as companies broaden their global footprint. The increased movement of people has led to a greater demand for health insurance plans tailored to meet the specific needs of those living abroad. The evolution of the expat health insurance market is heavily affected by regulatory compliance, the regulatory environment influences coverage options, visa and work permit compliance, the local regulatory framework, pricing structures, and the overall viability of expat health insurance plans. Governments throughout the world are taking initiatives to improve the insurance procedures. The regulatory framework for expat health insurance continues to evolve, impacting insurers, employers, and individuals identically. Mergers facilitate companies to provide services to most of the parts around the globe and help to increase the global customer base. In the expat health insurance market, mergers play a pivotal role in understanding customer sentiments and providing tailored and comprehensive plans to individuals. The expat health insurance companies need to evolve in terms of the services offered in their plans. This can include integration of technology, including telehealth services and digital-health platforms.
The expat health insurance landscape can be complex due to varied regulatory environments across countries. In addition, there are different ways of paying for healthcare across countries – the state pays for some, while others are paid for out-of-pocket by individuals. The expat health insurance landscape can be complex due to varied regulatory environments across countries. The expat health insurance landscape can be complex due to varied regulatory environments across countries.
Expat Health Insurance Market Ecosystem
The global expat health insurance market has been analyzed from the following perspectives: by services, customer types, term plan, and region.
Expat Health Insurance Market by Services
Based on the services, the global expat health insurance market is segmented into comprehensive health coverage, emergency evacuation and repatriation, and telemedicine and digital health services.
The comprehensive health coverage segment dominates the global market, with the largest revenue share of 59.13% in 2022. Comprehensive health coverage plays a significant role in shaping the global expat health insurance market landscape. Comprehensive health coverage addresses the diverse healthcare needs of expatriates, providing a safety net against unforeseen medical expenses. Comprehensive health coverage is designed to be adaptable to the varying healthcare systems and standards across different countries. This flexibility ensures that expatriates can access quality healthcare services regardless of their location, contributing to a seamless transition and adjustment to a new living and working environment.
Expat Health Insurance Market by Customer Type
Based on the customer type, the global expat health insurance market is segmented into corporate expatriates, individual expatriates, global students and academic expatriates, and others.
The corporate expatriates segment leads the global market with a revenue share of 54.25% in 2022. Corporations increasingly recognize the importance of providing comprehensive health insurance coverage for employees abroad. This has led to a growing demand for expat health insurance plans to ensure the well-being of corporate expatriates. Many companies view expat health insurance as a crucial component of their employee benefits package. By providing adequate health coverage for their expatriate workforce, corporations demonstrate a commitment to employee well-being, which, in turn, can enhance recruitment, retention, and overall job satisfaction.
Expat Health Insurance Market by Term Plan
Based on the term plan, the global expat health insurance market is segmented into short term and long term.
The long term segment accounted for a significant expat health insurance market share in 2022. Customized for individuals embarking on extended international stays, these plans offer comprehensive coverage that includes regular healthcare, preventive services, maternity care, and occasionally dental and vision coverage. Additionally, they might include coverage for pre-existing conditions, although this is contingent on a waiting period, leading to the elevated premiums associated with such plans. Long-term expat health insurance plans demonstrate restricted flexibility in modifying coverage during the policy term. They are crafted for uninterrupted coverage over an extended duration and frequently provide renewal options. The ability to renew is crucial for individuals engaged in long-term or indefinite assignments abroad.
Expat Health Insurance Market by Region
Based on the region, the global expat health insurance market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
North America draws in a sizable and diverse workforce, which is crucial in driving the demand for expat health insurance. The increased mobility of this international workforce proportionally intensifies the necessity for insurance plans tailored to the health and well-being of expatriates, making it imperative. Moreover, as globalization continues to grow, business ventures may expand, leading to an increase in employees and, consequently, positively influencing the demand for expat health insurance to safeguard the health and safety of these expatriates. Hence, a noteworthy trend is rising globalization and workforce mobility, resulting in more expatriates.
Competitive Landscape
The prominent players operating in the global expat health insurance market are:
Strategic Developments
Expat health insurance, short for expatriate health insurance, is a specialized insurance coverage designed for individuals living and working outside their home country for an extended period.
Allianz Care, GeoBlue, and Bupa Global are some of the major global expat health insurance players.
Varied regulatory environments across countries are one of the major restraints obstructing the growth of the global market.
The corporate expatriates segment dominates the global expat health insurance market.
Different countries have different regulations regarding expat health insurance, making it challenging for insurers to provide coverage across multiple locations. Additionally, expats may face cultural and language barriers when seeking medical care in a new country, making navigating the healthcare system and finding appropriate coverage difficult.
Table of Content
*Insights on financial performance are subject to the availability of information in the public domain