Aetna Inc. (A subsidiary of CVS Health) and AIA Group Limited are dominated the Philippines Private Health Insurance Market in 2021

Philippines Private Health Insurance Market is expected to grow with the CAGR of 1.2% in the forecast period of 2022 to 2029. The years considered for study are as mentioned below.

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Philippines Private Health Insurance market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in Philippines Private Health Insurance market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio.

For instance,

  • 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 development and promotion of new products in the exhibition result in the cooperation between different players in the market.

Aetna Inc. (A subsidiary of CVS Health)

Aetna Inc. (A subsidiary of CVS Health) is headquartered in Connecticut, U.S. as a public ownership and was founded in 1853. The company is engaged in providing products and services for individuals, employers, and health care professionals. It offers several product categories including individuals & families, employers, governments, brokers, and providers, under which individuals & families, and employers are focused product categories. The company has a wide presence in Europe, Asia-Pacific, the Middle East, and the U.S. In addition, the company has subsidiaries which are Active Health Management (U.S.), bswift (U.S.), Cofinity (U.S.), Meritain Health (U.S.), and Payflex (U.S.) among others.

AIA Group Limited

AIA Group Limited is headquartered in Hong Kong as a public ownership and was founded in 1919. The company is engaged in providing financial needs along with a wide range of life and health protection and long-term savings products. It offers product categories including life insurance, medical insurance, accident protection, critical illness protection, disability protection, and savings, out of which medical insurance, and critical illness protection are market-focused products. The company has presence in Asia-Pacific. It has subsidiaries which are AIA Vitality (South Africa); AIA Philippines (Philippines); Tata AIA Life Insurance (India); AIA Public (Malaysia) among others.

HSBC Group

HSBC Group is headquartered in Hong Kong and was founded in 1865 as public ownership. The company is engaged in providing banking and financial services. It offers a wide range of product categories including life insurance, general insurance, health insurance, financial wellbeing, and others, out of which health insurance is the market-focused category. The company has presence in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. It has subsidiaries which are HSBC Bank (U.K.); HSBC Bank USA (U.S.); The Hongkong and Shanghai Banking Corporation (Hong Kong); HSBC Bank Argentina (Argentina) among others.