Health & Medical Insurance in the US
The Health and Medical Insurance industry, which is made up of carriers of private, group and public health, medical and dental insurance, was characterized by slow growth over the past five years to 2018 as a result of reduced employer coverage and continued consumer deleveraging. However, consistent increases in healthcare expenditure and medical cost inflation, as well as a sharp decline in the uninsured rate, have driven industry growth in recent years. Over the five years to 2023, revenue is forecast to rise. Key sources of growth include medical cost inflation and increased demand from the aging US population. As the baby boomer generation ages, more people will need medical coverage and the retirement of baby boomers will particularly increase Medicare expenditure.
This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies. Insurance is the transfer of the risk of a loss in exchange for payment. Operators also provide administrative services for self-funded insurance plans. Under this structure, the industry operator is a third-party administrator and is not responsible for health benefit payments. This industry does not include direct government health insurance.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.