Cigna, Aetna Inc. (a subsidiary of CVS Health), and AIA Group Limited dominated the Asia-Pacific Health Insurance Market in 2021

The Asia-Pacific Health Insurance Market is expected to grow with a CAGR of 4.1% in the forecast period of 2022 to 2029. The years considered for the study are as mentioned below.

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The Asia-Pacific health insurance market is a highly consolidated market, which includes a specific number of key players and local players. The market has witnessed increased strategic developments owing to a favorable market scenario.

The major players in the Asia-Pacific health insurance market are introducing a strong range of product portfolios. This helped companies to maximize sales with an enhanced product portfolio.

For instance,

  • In 2021, Cigna announced an additional $450 million capital investment in Cigna Ventures to drive continuous health care transformation, innovation, and growth. Cigna Ventures will use this new funding to continue investing in companies making groundbreaking progress across three primary pillars: insights and analytics, digital health and experience, and care delivery and enablement. This development will bring goodwill to the company

Cigna is the dominating player in the Asia-Pacific health insurance market. Some of the other key players existing in the market are Bupa, Now Health International, Aetna Inc. (A subsidiary of CVS Health), AXA, HBF Health Limited, International Medical Group, Inc. (a subsidiary of Sirius Point Ltd.), Allianz Care (A subsidiary of Allianz), HealthCare International Global Network Ltd., ASSICURAZIONI GENERALI S.P.A., Aviva, MAPFRE, AIA Group Limited, Oracle, among others.

Cigna

Cigna is headquartered in Connecticut, U.S.as public ownership. It was founded in 1792. The company is engaged in providing health insurance to improve health, well-being, and peace of mind. The company has business segments which are Evernorth, Cigna Healthcare, Other Operations, Corporate, out of which Evernorth, Cigna Healthcare, Other Operations are market-focused segments. The company has several product categories, which are Individuals and Families, Medicare, Employers, Brokers, Health Care Providers, out of which Individuals and Families, Employers, Brokers are market-focused categories.

  • In December 2021, Cigna was named to the 100 Best Corporate Citizens list by 3BL Media for the seventh consecutive year. Cigna has been a leader in the ESG space for several years. This development helped the company to improve its brand image

The company has a wide global presence in Asia-Pacific, Europe, North America. The company has subsidiaries which are Express Scripts (U.S.), Healthspring, Inc. (U.S.), CONNECTICUT GENERAL LIFE INSURANCE CO (U.S.), CIGNA HealthCare of North Carolina Inc (U.S.), CIGNA Behavioral Health (U.S.), among others.

Aetna Inc. (a subsidiary of CVS Health)

Aetna Inc. (a subsidiary of CVS Health) has headquarters in Connecticut, U.S., with private ownership and was founded in 1853. The company is engaged in providing products and services for individuals, employers, and health care professionals. The company has several product categories, which are Individuals & Families, Employers, Governments, Brokers, Providers, out of which Individuals & Families, Employers are market-focused categories.

  • In December 2020, Aetna Inc. announced updates to its cover for communicable diseases, including COVID-19, all aimed at supporting the physical health of its members in an ever-evolving international landscape. This development helped the company to serve more customers and attract goodwill.

The company has a wide global presence across Europe, Asia-Pacific, Middle East, North America. The company has subsidiaries which are Active Health Management (U.S.), bswift (U.S.), Cofinity (U.S.), Meritain Health (U.S.), Payflex (U.S.), among others.

AIA Group Limited

AIA Group Limited is headquartered in Hong Kong with public ownership and was founded in 1919. The company provides a wide range of life and health protection and long-term savings products for individuals and employees' health and their protection and retirement needs for business. The company has product categories which are Life Insurance, Medical Insurance, Accident Protection, Critical Illness Protection, Disability Protection, Savings, out of which Medical Insurance, Critical Illness Protection are market-focused categories.

  • In March 2022, AIA Group Limited has acquired 100% shares in Blue Cross (Asia-Pacific) Insurance Limited and 80% shares in Blue Care JV Holdings Limited from The Bank of East Asia, Limited. Blue Cross is a well-established insurer in Hong Kong focused on providing leading health insurance products. This strategic decision will help the company intensify its operations in the Asia-Pacific region

The company has a wide global presence across Asia-Pacific, Middle East and Africa. The company has subsidiaries which are AIA Vitality (South Africa); AIA Philippines (Philippines); Tata AIA Life Insurance (India); AIA Public (Berhad); AIA Company Limited (Bangkok); among others.