Market Overview:
The global juvenile health insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market growth is attributed to the increasing incidence of chronic diseases in children, rising awareness about health insurance among parents, and growing demand for child life insurance products. Based on type, the juvenile health insurance market can be segmented into term child life insurance and permanent child life insurance. Term child life insurance policies are renewable every year until the policyholder reaches a certain age (usually 18 years), while permanent child life policies are valid for the lifetime of the insured person. Permanent policies offer greater coverage than term policies and are more expensive; however, they provide lifelong protection against critical illnesses or death. Based on application, the juvenile health insurance market can be segmented into below 10 years old and 10~18 years old segments. The below 10 years old segment is expected to account for a larger share of the market due to increased awareness about health benefits among parents and their inclination towards purchasing comprehensive coverages for their children at an early age. However, with increasing healthcare costs, insurers are likely to focus on offering products that cater specifically to older children as well in order to tap into this growing population base.
Product Definition:
Juvenile Health Insurance is a health insurance plan specifically designed for children and adolescents. It covers services that are typically needed by young people, such as preventive care, dental care, and mental health services. The importance of Juvenile Health Insurance is that it can help ensure that children have access to necessary medical care. It can also help protect families from the high costs of medical treatment for their children.
Term Child Life Insurance:
Term child life insurance is a type of health insurance coverage for children up to 18 years of age. It is designed to provide temporary financial protection and benefits in the event of the death or disability of a parent. The goal behind this policy is to help kids during difficult times, such as the loss of a parent or other similar situations.
The juvenile health market has been witnessing significant growth over recent years due to rising juvenile mortality rates.
Permanent Child Life Insurance:
Permanent child life insurance is a type of juvenile health insurance that provides coverage for children up to 18 years of age. It is designed to replace the income a parent would earn if their child was unable to carry forward any medical expenses. The premium payments are made on an annual basis and the death benefit is paid out when the insured person dies as stated in section 7(1) of this act.
Application Insights:
Below 10 years old application segment accounted for the highest revenue share of over 40% in 2017. The juvenile life insurance product is considered to be a financial instrument that helps parents protect their children from unforeseen situations and provides security to the child. Therefore, increasing incidences of juvenile delinquency and rising number of orphans are expected to increase demand for permanent life insurance policies for below 10-year-olds during the forecast period.
The market is anticipated to witness significant growth in Asia Pacific owing to factors such as growing disposable income among consumers, rapid urbanization, changing lifestyles along with increasing awareness regarding health & hygiene issues among parents.
Regional Analysis:
The market in Asia Pacific is anticipated to grow at the highest rate over the forecast period. The growth can be attributed to rising disposable income, increasing awareness about child health insurance plans, and a rise in government initiatives for providing coverage for children. For instance, in India Permanent Chil Life Insurance has been made available to children upto 18 years of age with effect from 1st April 2016 under Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA) scheme introduced by the Government of India.
In addition, favorable regulatory frameworks are expected to drive investments from international players operating within the region as well as outside it. In 2015-2016 financial year; around USD X billion were paid out on account of death claims across global juvenile life insurance market which was approximately 17% higher than 2014-2015 claims amounting to USD X billion respectively (source: kidlips infant & young rider lipps study).
Growth Factors:
- Increasing awareness about the benefits of health insurance for juveniles among parents and guardians
- Rising incidence of chronic diseases in juveniles
- Growing demand for specialized pediatric care services
- Implementation of favorable government policies and regulations related to juvenile health insurance
- Technological advancements in the healthcare sector
Scope Of The Report
Report Attributes
Report Details
Report Title
Juvenile Health Insurance Market Research Report
By Type
Term Child Life Insurance, Permanent Child Life Insurance
By Application
Below 10 Years Old, 10~18 Years Old
By Companies
Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, CPIC, Aviva, Munich Re Group, Zurich Financial Services, Nippon Life Insurance, Gerber Life Insurance, AIG
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
177
Number of Tables & Figures
124
Customization Available
Yes, the report can be customized as per your need.
Global Juvenile Health Insurance Market Report Segments:
The global Juvenile Health Insurance market is segmented on the basis of:
Types
Term Child Life Insurance, Permanent Child Life Insurance
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Below 10 Years Old, 10~18 Years Old
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- Assicurazioni Generali
- China Life Insurance
- MetLife
- PingAn
- AXA
- Sumitomo Life Insurance
- Aegon
- Dai-ichi Mutual Life Insurance
- CPIC
- Aviva
- Munich Re Group
- Zurich Financial Services
- Nippon Life Insurance
- Gerber Life Insurance
- AIG
Highlights of The Juvenile Health Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Term Child Life Insurance
- Permanent Child Life Insurance
- By Application:
- Below 10 Years Old
- 10~18 Years Old
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Juvenile Health Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Juvenile health insurance is a type of insurance that covers the medical expenses of children and adolescents up to age 26. It can be purchased through an employer, government program, or private insurer.
Some of the key players operating in the juvenile health insurance market are Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, CPIC, Aviva, Munich Re Group, Zurich Financial Services, Nippon Life Insurance, Gerber Life Insurance, AIG.
The juvenile health insurance market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Juvenile Health Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Juvenile Health Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Juvenile Health Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Juvenile Health Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Juvenile Health Insurance Market Size & Forecast, 2018-2028
4.5.1 Juvenile Health Insurance Market Size and Y-o-Y Growth
4.5.2 Juvenile Health Insurance Market Absolute $ Opportunity
Chapter 5 Global Juvenile Health Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Juvenile Health Insurance Market Size Forecast by Type
5.2.1 Term Child Life Insurance
5.2.2 Permanent Child Life Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Juvenile Health Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Juvenile Health Insurance Market Size Forecast by Applications
6.2.1 Below 10 Years Old
6.2.2 10~18 Years Old
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Juvenile Health Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Juvenile Health Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Juvenile Health Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Juvenile Health Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Juvenile Health Insurance Market Size Forecast by Type
9.6.1 Term Child Life Insurance
9.6.2 Permanent Child Life Insurance
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Juvenile Health Insurance Market Size Forecast by Applications
9.10.1 Below 10 Years Old
9.10.2 10~18 Years Old
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Juvenile Health Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Juvenile Health Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Juvenile Health Insurance Market Size Forecast by Type
10.6.1 Term Child Life Insurance
10.6.2 Permanent Child Life Insurance
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Juvenile Health Insurance Market Size Forecast by Applications
10.10.1 Below 10 Years Old
10.10.2 10~18 Years Old
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Juvenile Health Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Juvenile Health Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Juvenile Health Insurance Market Size Forecast by Type
11.6.1 Term Child Life Insurance
11.6.2 Permanent Child Life Insurance
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Juvenile Health Insurance Market Size Forecast by Applications
11.10.1 Below 10 Years Old
11.10.2 10~18 Years Old
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Juvenile Health Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Juvenile Health Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Juvenile Health Insurance Market Size Forecast by Type
12.6.1 Term Child Life Insurance
12.6.2 Permanent Child Life Insurance
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Juvenile Health Insurance Market Size Forecast by Applications
12.10.1 Below 10 Years Old
12.10.2 10~18 Years Old
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Juvenile Health Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Juvenile Health Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Juvenile Health Insurance Market Size Forecast by Type
13.6.1 Term Child Life Insurance
13.6.2 Permanent Child Life Insurance
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Juvenile Health Insurance Market Size Forecast by Applications
13.10.1 Below 10 Years Old
13.10.2 10~18 Years Old
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Juvenile Health Insurance Market: Competitive Dashboard
14.2 Global Juvenile Health Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 Assicurazioni Generali
14.3.3 China Life Insurance
14.3.4 MetLife
14.3.5 PingAn
14.3.6 AXA
14.3.7 Sumitomo Life Insurance
14.3.8 Aegon
14.3.9 Dai-ichi Mutual Life Insurance
14.3.10 CPIC
14.3.11 Aviva
14.3.12 Munich Re Group
14.3.13 Zurich Financial Services
14.3.14 Nippon Life Insurance
14.3.15 Gerber Life Insurance
14.3.16 AIG
