Health and Medical Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Health and Medical Insurance Market Analysis
The Indonesia Health and Medical Insurance Market has generated a revenue of over 1.8 USD billion in the current year and is anticipated to register a CAGR of more than 5% for the forecast period.
The Indonesia Health and Medical Insurance Market is expected to deliver strong growth for the forecasted period. The Indonesians covered by the National Health Insurance Scheme (JKN) are managed by the Social Insurance Administration Organization (BPJS). It includes some medical and non-medical benefits but excludes orthodontics, infertility treatments, and drug rehabilitation. While the BPJS can be commended for offering a measure of healthcare coverage, issues with the quality of service, financing, and participation currently undermine confidence in the system.
As health insurance premium rises, the expectation of quality care is likely to rise in tandem, providing the opportunity for foreign investors to bridge the gap. However, some restrictions remain on international investment in hospitals. Private health insurers are also improving customer experience by offering cashless payments and broadening their offering to include advice on health and wellness.
Indonesians have become more interested in insurance to mitigate uncertainty regarding their health and personal finances brought about by the pandemic. Personal accident and health insurance (PA&H), which accounts for 8% of general insurance premiums, is forecasted to grow in 2023 backed by an increase in awareness for health insurance products.
The market was initially affected due to COVID-19 as people cannot take up insurance due to lockdowns, and travel-out restrictions. But later the growth of online platforms has brought some profits to the market. Post-COVID due to an increase in health consciousness among people the market is experiencing significant growth rates.
Health and Medical Insurance Market Trends
Public Health Insurance is Dominating the Market
Public insurance is highly opted by Indonesians over private insurance. Healthcare is a priority on Indonesia's national agenda, and the central and regional governments continue to build and upgrade healthcare facilities. An increase in public awareness about the importance of healthcare, the expansion of public and private hospitals, and the increased demand for modern medical devices have led to the growth of public insurance in Indonesia. The country launched a mandatory health insurance program called Jaminan Kesehatan Nasional. It's designed to make basic medical care and facilities available to all citizens. As BPJS Kesehatan provides essential coverage, many individuals and families choose this as their insurance over private health insurance.
Universal Health Coverage in Indonesia is Driving the Market
The healthcare system in Indonesia is evolving rapidly to meet the varied health needs of its vast population. It is the fourth most populous country and is facing the challenges of the growing healthcare costs to implement the UHC initiative.
This initiative ensures that more than 40% of the country's residents are covered by government-sponsored subsidies, to address their health concerns. Indonesia's quick transition from official development assistance for health and a budget deficit facing the country's social insurance administration organization, which administers the national health insurance program, has made health technology assessment (HTA) a critically important tool.
Health and Medical Insurance Industry Overview
The report covers the major players operating in the Indonesia health and medical insurance market. In terms of market share, a few of the major players currently dominate the market studied. In fact, the market is predominantly controlled by the top 10 participants that cover 75% of the market. However, with technological advancements and better schemes, mid to small-size companies can experience growth. Some of the major players currently dominating the market include Allianz Care, AXA Indonesia, AIA Financial Indonesia, Prudential Indonesia, and Manu Life Indonesia.
Health and Medical Insurance Market Leaders
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Allianz Care
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AXA Indonesia
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AIA Financial Indonesia
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Prudential Indonesia
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Manu Life Indonesia
*Disclaimer: Major Players sorted in no particular order
Health and Medical Insurance Market News
- June 2022: Allianz Asia Pacific and HSBC have signed a 15-year extension of their strategic partnership. As part of the partnership, HSBC will be distributing Allianz insurance products.
- April 2022: PT Sun Life Financial Indonesia, a subsidiary of Sun Life Financial Inc., and PT Bank CIMB Niaga Tbk are in a strategic partnership in Indonesia. This partnership combines Sun Life Indonesia's comprehensive range of insurance solutions and expert Client care across all life stages with CIMB Niaga's extensive distribution network of 427 branches serving seven (7) million customers across Indonesia.
Health and Medical Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Digitalization is Driving the Market
4.3 Market Restraints
4.3.1 Economic Disparities are Restraining the Market
4.4 Market Opportunities
4.4.1 Leveraging Healthcare Technologies will Create Opportunities to New Entrants
4.5 Insights Into Government Regulations on Indonesia Health and Medical Insurance
4.6 Insights Into Technological Innovations in the Indonesia Health and Medical Insurance Market
4.7 Insights Into Consumer Behavior Analysis
4.8 Industry Attractiveness: Porter's Five Forces Analysis
4.8.1 Threat of New Entrants
4.8.2 Bargaining Power of Buyers
4.8.3 Bargaining Power of Suppliers
4.8.4 Threat of Substitutes
4.8.5 Intensity of Competitive Rivalry
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Single/Individual Health Insurance Products
5.1.2 Group Health Insurance Products
5.2 By Provider
5.2.1 Public/Social Health Insurance
5.2.2 Private Health Insurance
5.3 By Distribution Channel
5.3.1 Agents
5.3.2 Brokers
5.3.3 Banks
5.3.4 Online Sales
5.3.5 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz Care
6.2.2 AXA Indonesia
6.2.3 AIA Financial Indonesia
6.2.4 Prudential Indonesia
6.2.5 ManuLife Indonesia
6.2.6 AVIVA
6.2.7 BNI Life
6.2.8 PT Sun Life Financial Indonesia
6.2.9 PT Reasuransi Indonesia Utama (Persero)
6.2.10 Cigna Insurance
6.2.11 BCA Life
6.2.12 PT Great Eastern Life Indonesia*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Indonesia Health & Medical Insurance Industry Segmentation
Health and Medical insurance provides coverage for the medical, surgical, prescription drugs, and other medical expenses incurred by the insured. Insurance can reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. A complete background analysis of the Indonesian health insurance market, which includes an assessment of the emerging market trends by segments, significant changes in market dynamics, market insights, and market overview is covered in the report. Indonesia's health and medical insurance market was segmented by Product Type (Single/Individual Health Insurance Products, Group Health Insurance Products), by Provider (Public/Social Health Insurance, Private Health Insurance), and by Distribution Channel (Agents, Brokers, Banks, Online Sales, Other Distribution Channels). The report offers market size and forecasts for Indonesia's health and medical insurance in value (USD Billion) for all the above segments.
| By Product Type | |
| Single/Individual Health Insurance Products | |
| Group Health Insurance Products |
| By Provider | |
| Public/Social Health Insurance | |
| Private Health Insurance |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Banks | |
| Online Sales | |
| Other Channels of Distribution |
Health and Medical Insurance Market Research FAQs
What is the current Indonesia Health and Medical Insurance Market size?
The Indonesia Health and Medical Insurance Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Indonesia Health and Medical Insurance Market?
Allianz Care, AXA Indonesia, AIA Financial Indonesia, Prudential Indonesia and Manu Life Indonesia are the major companies operating in the Indonesia Health and Medical Insurance Market.
What years does this Indonesia Health and Medical Insurance Market cover?
The report covers the Indonesia Health and Medical Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Indonesia Health and Medical Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major trends shaping the Indonesia Health and Medical Insurance Market?
The major trends shaping the Indonesia Health and Medical Insurance Market are a) Rise of digital platforms for insurance services b) Customized health plans with additional services like wellness programs c) Integration of AI and data analytics for customer insights
Insurance in Indonesia Industry Report
The Indonesia health and medical insurance market is experiencing robust growth, driven by the expansion of the middle class and increased awareness of the importance of health insurance. The market segmentation includes individual health insurance products and group health insurance products, catering to both short-term and long-term needs. Public/social health insurance, led by national schemes aimed at achieving universal health coverage, dominates the market. However, private health insurance also plays a crucial role by providing more extensive coverage options.
Innovations such as the integration of digital technologies, including mobile applications and AI, are enhancing customer experiences, making it easier to manage policies and process claims. The market trends indicate a growing demand for comprehensive health solutions, with the customization of health plans that include additional wellness benefits. Supported by government initiatives and technological advancements, the market's expansion ensures a wide range of options for consumers to secure their health and financial well-being.
The industry analysis highlights the industry's growth and outlook, with industry reports providing detailed statistics and insights. Industry research and industry information are crucial for understanding the market trends and market growth. The market data and market forecast offer a comprehensive view of the market's future, while market segmentation helps in identifying target areas for growth.
Market leaders play a significant role in shaping the market value and market overview. The market predictions and market review provide a detailed assessment of the market's trajectory. The industry size and industry statistics offer a clear picture of the market's scale, while industry trends highlight the evolving dynamics of the market. Report pdfs and research companies provide valuable resources for further exploration of the market.
Overall, the Indonesia health and medical insurance market is poised for significant growth, driven by a combination of public and private sector efforts, technological advancements, and a growing demand for comprehensive health coverage.
