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New Zealand Private Health Insurance Market - Industry Trends and Forecast to 2029

  • Healthcare IT
  • Published Report
  • Apr 2022
  • Country Level
  • 350 Pages
  • No of Tables: 35
  • No of Figures: 29

New Zealand Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others) Industry Trends and Forecast to 2029.

Market Analysis and Size

A health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholders against certain treatments, health insurance policy offering advantages including cashless hospitalization, pre and posts hospitalization coverage, reimbursement, and various add-ons.

New Zealand Private Health Insurance Market

In the health insurance plan, several types of coverage are available: cashless or reimbursement claim. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from the hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims for reimbursement in the insurance company by submitting all the medical bills.

Private health insurance provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for the treatment. Data Bridge Market Research analyses that the private health insurance market is expected to reach USD 671.64 million by the year 2029, at a CAGR of 1.1% during the forecast period. " Individual Health Insurance” accounts for the most prominent type segment in the respective market owing to the rise in private health insurance. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Million

Segments Covered

By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) and Others), Age Group (Young Adulthood (19-44 Years), Middle Adulthood (45-64 Years) and Older Adulthood (65 Years And Above)), Distribution Channel (Direct Insurance Companies, Insurance Aggregators and Others)

Country Covered

New Zealand

Market Players Covered

Cigna (U.S.), AIA Group Limited (Hong Kong), HCF (Australia), Allianz (Germany), Suncorp Group (Australia), HSBC Group (Hong Kong), Tokio Marine (Japan), UniMed (New Zealand), Southern Cross, Accuro Health Insurance (New Zealand), partners life (New Zealand)

Market Definition

Health insurance is a type of insurance that provides coverage for all kinds of surgical expenses and medical treatment incurred from the illness or injury. Health insurance applies to a comprehensive or limited range of medical services that cover the full or partial costs of specific services. Health insurance provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for the treatment. Health insurance also covers pre as well as post-hospitalization expenses.

Regulatory Framework

The Insurance (Prudential Supervision) Act 2010 is administered by the Reserve Bank for:

  • Promoting the maintenance of a sound and efficient insurance sector; and
  • Promoting public confidence in the insurance sector.

The act applies to all insurers carrying on business in New Zealand (as defined by the act) and includes:

  • A licensing system for insurers, based on meeting the act's prudential requirements;
  • Supervision by the reserve bank of compliance with the prudential requirements; and
  • Powers under the act for the reserve bank in respect of insurers in financial distress or other difficulties.

COVID-19 had a Minimal Impact on the Private Health Insurance Market

COVID-19 impacted various manufacturing and service-providing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. The imbalance between demand and supply and its impact on pricing is considered short-term and is expected to recover as this pandemic comes to an end. Due to the outbreak of COVID-19 throughout the globe, the demand for private health insurance has increased tremendously. Also, the fear of the pandemic and the increased cost of medical services helped the health insurance market grow during a pandemic. In addition, health insurance companies introduced packages and solutions for covering the medical costs of treating COVID-19 infected insurers. Thus, even though the other industries suffered a lot during the covid19 outbreak, the private health insurance industry grew significantly.

The Market Dynamics of the Private Health Insurance Market Include:

Drivers/Opportunities

  • Increasing cost of medical services

Health insurance provides financial support in cases of serious sickness or accident. Increasing medical services’ costs for surgeries and hospital stays has created a new financial epidemic worldwide. The cost of medical services is comprised of the cost of surgery, doctor fee, hospital stay cost, cost of the emergency room, and diagnostic testing cost, among others. Therefore, this increase in the cost of medical services propels the market's growth.

  • Growing number of daycare procedures

Daycare procedures are those types of medical procedure or surgery that primarily requires less stay time in the hospitals. In the daycare procedure, patients must stay in the hospital for a short period. Most of the health insurance companies are now covering daycare procedures in their insurance plans, and for the claim of such types of surgery, there is no compulsion on spending 24 hours in the hospital, which is the minimum stay in the hospital claim insurance. While most health insurance plans cover hospital stays and major surgeries, the policyholders can also claim daycare procedures under their health insurance policy, which propels the demand of the market.

  • Mandatory opting for health insurance in public and private sector

Buying a healthcare insurance policy is a mandatory provision for employees in the public and private sectors. Health insurance offers key medical benefits which the employee can avail of while working in a corporate. In case of any emergency or medical issues, the health insurance cover is highly useful to meet treatment expenses. The employee’s health insurance is an extended benefit the individual employer gives to their employees. The health insurance provided covers with the employee and covers their family members under the same policy plan. Also, in certain cases, the employer may pay a part of a premium or insurance coverage of the health insurance policy.

  • Increasing old age population

Old age people are likely to get sicker or have health problems due to ageing and a weak immune system such as dental issues, heart issues, cancer, and terminal illness. A good senior citizen health insurance can help senior citizens to opt for good health insurance services to reduce future financial worries. Thus increasing the number of old age population can boost the demand for the health insurance market.

  • Increasing awareness about the benefits of health insurance

In the face of a medical emergency, health insurance allows the consumers to take their mind off the stress related to healthcare costs and focus on the treatment instead with health insurance. Medical emergencies can happen at any time, regardless of our current good health or disciplined lifestyle. Therefore, it is important to plan for and protect our families and ourselves from any unforeseen medical situations, especially when there are elderly parents at home, as they are more susceptible to infections or other illnesses.

Restraints/Challenges Faced by the Health Insurance Market

  • High cost of premiums

Health insurance covers all types of medical treatment costs. It provides financial support to the policyholder since it covers all the medical expenses when the policyholder is hospitalized for the treatment. Health insurance also covers pre as well as post-hospitalization expenses. The policyholder has to pay insurance premiums regularly to keep the health insurance policy active to purchase health insurance. The cost of insurance premium is high in most cases based on the insurance plan, which is hampering the market's growth.

  • Lack of awareness regarding health insurance

In healthcare, a large portion of the world population is still not aware of the benefits of health insurance policies. Medical care expenses are increasing across the world with advancements made in the field. Through advancements in technology, the healthcare sector is one of the growing segments. However, the penetration rate of health insurance policies remains low due to a lack of awareness regarding the benefits offered by them

This private health insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the private health insurance market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In March 2022, Allianz Ayudhya Capital PCL (AYUD) has agreed to acquire 100% of the shares of Aetna Thailand, a prominent player in the Thai health insurance market. The acquisition reaffirms its commitment to invest further and expand its health insurance business to benefit customers in Thailand.
  • In July 2021, Accuro Health Insurance partnered with Montoux, the Decision Science platform for life and health insurers, on a pilot programme to identify early interventions that could help its members avoid major invasive surgeries. This development helped the company to expand its business.

New Zealand Private Health Insurance Market Scope

The private health insurance market is segmented based on type, health plan category/metal levels, provider type, age group and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

Based on type, the market is segmented into critical illness insurance, individual health insurance, family health insurance, disease-specific insurance and others.

Health Plan Category/Metal Levels

  • Bronze
  • Silver
  • Gold
  • Platinum
  • Others

Based on health plan category/metal levels, the market is segmented into bronze, silver, gold platinum and others. 

 Provider Type

  • Health maintenance organizations (HMOS)
  • Preferred provider organizations (PPOS)
  • Exclusive provider organizations (EPOS)
  • Point-of-service (POS) plans
  • High-deductible health plans (HDHPS)
  • Others

Based on provider type, the market is segmented into health maintenance organizations (HMOS), preferred provider organizations (PPOS), exclusive provider organizations (EPOS), point-of-service (POS) plans, high-deductible health plans (HDHPS) and others.

Age Group

  • Young Adulthood (19-44 Years)
  • Middle Adulthood (45-64 Years)
  • Older Adulthood (65 Years And Above)

 Based on age group, the market is segmented into young adulthood (19-44 years), middle adulthood (45-64 years) and older adulthood (65 years and above).

Distribution Channel

  • Direct Insurance Companies
  • Insurance Aggregators
  • Others

New Zealand Private Health Insurance Market

 Based on distribution channel, the market is segmented direct insurance companies, insurance aggregators and others.

Competitive Landscape and Private Health Insurance Market Share Analysis

The private health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, New Zealand presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to private health insurance market.

Some of the major players operating in the private health insurance market are Cigna (U.S.), AIA Group Limited (Hong Kong), HCF (Australia), Allianz (Germany), Suncorp Group (Australia), HSBC Group (Hong Kong), Tokio Marine (Japan), UniMed (New Zealand), Southern Cross, Accuro Health Insurance (New Zealand), partners life (New Zealand), among others.


SKU-

TABLE 1 NUMBER OF ADULTS HAVE PRIVATE HEALTH INSURANCE, BY AGE GROUP, MILLION, 2021

TABLE 2 NUMBER OF ADULTS HAVE PRIVATE HEALTH INSURANCE, BY INSURANCE COMPANY, MILLION, 2021

TABLE 3 NUMBER OF ADULTS HAVE PRIVATE HEALTH INSURANCE, BY PROVIDER TYPE, MILLION, 2021

TABLE 4 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY AGE GROUP, 2020-2029 (USD MILLION)

TABLE 5 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF HEALTH MAINTENANCE ORGANIZATIONS (HMOS), BY TYPE , USD MILLION, 2021

TABLE 6 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF PREFERRED PROVIDER ORGANIZATIONS (PPOS), BY TYPE , USD MILLION, 2021

TABLE 7 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS), BY TYPE , USD MILLION, 2021

TABLE 8 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF POINT-OF-SERVICE (POS) PLANS, BY TYPE , USD MILLION, 2021

TABLE 9 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF HIGH-DEDUCTIBLE HEALTH PLANS (HDHPS), BY TYPE , USD MILLION, 2021

TABLE 10 DETAILS OF AETNA INC. (A SUBSIDIARY OF CVS HEALTH) OF OTHERS, BY TYPE , USD MILLION, 2021

TABLE 11 DETAILS OF CIGNA OF HEALTH MAINTENANCE ORGANIZATIONS (HMOS), BY TYPE , USD MILLION, 2021

TABLE 12 DETAILS OF CIGNA OF PREFERRED PROVIDER ORGANIZATIONS (PPOS), BY TYPE , USD MILLION, 2021

TABLE 13 DETAILS OF CIGNA OF EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS), BY TYPE , USD MILLION, 2021

TABLE 14 DETAILS OF CIGNA OF POINT-OF-SERVICE (POS) PLANS, BY TYPE , USD MILLION, 2021

TABLE 15 DETAILS OF CIGNA OF HIGH-DEDUCTIBLE HEALTH PLANS (HDHPS), BY TYPE , USD MILLION, 2021

TABLE 16 DETAILS OF CIGNA OF OTHERS, BY TYPE , USD MILLION, 2021

TABLE 17 DETAILS OF AIA GROUP LIMITED OF HEALTH MAINTENANCE ORGANIZATIONS (HMOS), BY TYPE , USD MILLION, 2021

TABLE 18 DETAILS OF AIA GROUP LIMITED OF PREFERRED PROVIDER ORGANIZATIONS (PPOS), BY TYPE , USD MILLION, 2021

TABLE 19 DETAILS OF AIA GROUP LIMITED OF EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS), BY TYPE , USD MILLION, 2021

TABLE 20 DETAILS OF AIA GROUP LIMITED OF POINT-OF-SERVICE (POS) PLANS, BY TYPE , USD MILLION, 2021

TABLE 21 DETAILS OF AIA GROUP LIMITED OF HIGH-DEDUCTIBLE HEALTH PLANS (HDHPS), BY TYPE , USD MILLION, 2021

TABLE 22 DETAILS OF AIA GROUP LIMITED OF OTHERS, BY TYPE , USD MILLION, 2021

TABLE 23 CHIEF MEDICAL OFFICER

TABLE 24 LIST OF DAY CARE PROCEDURES

TABLE 25 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY TYPE, 2020-2029 (USD MILLION)

TABLE 26 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY HEALTH PLAN CATEGORY/METAL LEVELS, 2020-2029 (USD MILLION)

TABLE 27 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY PROVIDER TYPE, 2020-2029 (USD MILLION)

TABLE 28 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY AGE GROUP, 2020-2029 (USD MILLION)

TABLE 29 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2020-2029 (USD MILLION)

TABLE 30 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY COUNTRY, 2020-2029 (USD MILLION)

TABLE 31 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY TYPE, 2020-2029 (USD MILLION)

TABLE 32 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY HEALTH PLAN CATEGORY/METAL LEVELS, 2020-2029 (USD MILLION)

TABLE 33 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY PROVIDER TYPE, 2020-2029 (USD MILLION)

TABLE 34 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY AGE GROUP, 2020-2029 (USD MILLION)

TABLE 35 NEW ZEALAND PRIVATE HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2020-2029 (USD MILLION)

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Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The New Zealand Private Health Insurance Market will be projected to grow at a CAGR of 1.1% during forecast by 2029.
The New Zealand Private Health Insurance Market will be projected at USD 671.64 million during forecast by 2029.
The significant factors flourishing the growth of the New Zealand Private Health Insurance Market are Increasing cost of medical services, Growing number of daycare procedures, and Mandatory opting for health insurance in public and private sector.
The major players operating in the New Zealand Private Health Insurance Market are Cigna (U.S.), AIA Group Limited (Hong Kong), HCF (Australia), Allianz (Germany), Suncorp Group (Australia), HSBC Group (Hong Kong), Tokio Marine (Japan), UniMed (New Zealand), Southern Cross, Accuro Health Insurance (New Zealand), partners life (New Zealand).
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