A health insurance policy basically covers all essential health care like- all injuries, accidents weather they occur in workplace, while travelling or at home. Other benefits depend on the type of health insurance policy one takes. Also premium services and benefits are provided if paid more for services.
Due to rises in medical costs day by day, people go for health and personal accident insurance policy and many companies provide innovative and diverse schemes that are affordable enough by the people. Some people take a limited coverage for major and serious conditions that may happen in future. Some insurance policy covers a major percentage of the claim and the remaining is paid by the consumer or policyholder.
Discovery Health has prolonged to be the largest medical insurer in South Africa with about 1.5 million members. It is very competitive for other players in the industry of personal accident and health insurance in South Africa.
According to the report, “Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2020”, South Africa healthcare industry is significantly impacted by the launch of (NHI) National Health Care Insurance in direct as well as indirect way in its personal accident and health insurance sector. In terms of total written premium, the personal accident and health insurance is a small segment in whole insurance industry of South Africa and NHI will considerably enlarge the segment.
In 2014, with 90 insurers, the personal accident and health segment was seen to be overcrowded. Guard risk Insurance Company, Rand mutual Assurance Company Limited, Monarch Insurance Company Limited, Constantia insurance Company Limited and Holland Insurance Company Limited had been the top 5 companies which dealt with personal accident and health insurance in South Africa.
In 2015, the segment of personal accident and health insurance has been observed to account for about 4% in insurance gross written premium in South Africa. The personal accident and health insurance leading distribution channel in South Africa are the brokers. They have been the bridge between the final consumer and the insurance company. They play a vital role which helps both the party and in return brokers get commission. Before informing consumer about the insurance policy, broker needs to be fully educated regarding the policy and they need to keep themselves up to date. In 2015, the five leading companies of personal and health insurance segment in South Africa accounted for about 70.3% total gross.
In insurance industry of South Africa, personal accident and health insurance will remain and important driver as the non-insured population are insured with the launch of HIV/AIDS insurance which covers health insurance as well as life insurance companies.
The health insurance segment category has been the largest contributor of insurance industry and will continue to remain at top because of its excessive demand. Many people in South Africa have at least health insurance since every person suffers from some health problems in their old age; health insurance thus becomes a supportive hand at the crucial time.
Key Topics Covered in the Report
South Africa Personal Accident Insurance Market Research Report
South Africa Health Insurance Industry Analysis
South Africa Health and Life Insurance Market Demand
South Africa Personal Accident Insurance Policy Developments
South Africa Insurance Sector Growth Opportunities
Global Personal Accident and Health Insurance Industry Research
South Africa Personal Accident Cover and Insurance Market Size
South Africa Health Insurance Upcoming Trends
South Africa Non-Life Insurance Sector Growth Potential
South Africa Life Insurance Industry Future Outlook
South Africa General Insurance Industry
To know more about the research report:
Ankur Gupta, Head Marketing & Communications