May 26, 2020 (Market Insight Reports) -- The Indonesian health and medical insurance market is expected to register a healthy CAGR of 7.7% during the forecast period (2019-2024). The market is a mix of both social security schemes and private insurance providers, which contribute in the ratio of 2:3.
The report presents an in-depth assessment of the Indonesia Health And Medical Insurance including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles, and strategies. The report also presents forecasts for Indonesia Health And Medical Insurance investments from 2020 till 2025.
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A complete background analysis of the Indonesian health insurance industry, which includes an assessment of the National Health Accounts, economy, and emerging market trends by segments, significant changes in market dynamics, and market overview, is covered in the report.
The year 2019 was supposedly the year wherein the Indonesian national health insurance scheme, JKN (UHC), has considered covering the entire country population with some kind of comprehensive health insurance coverage.
Jaminan Kesehatan Nasional (JKN) was implemented in 2014, by the newly-formed social security agency (BPJS). JKN care aims to be comprehensive, covering treatment for day-to-day concerns, like flu, through to open-heart surgery, dialysis, and chemotherapy. Currently, nearly 165 million citizens are enrolled in BPJS Health.
Top Leading Manufactures-
Allianz Care, AXA Indonesia, AIA Financial Indonesia, Prudential Indonesia, Manulife Indonesia, AVIVA, BNI Life
Spotlight on the Private Health Insurance and the Growth Trends in the Sector
Private health insurance in Indonesia contributes roughly about 20 million, which is, on average, 8% of the entire population. With increasing income levels and growing awareness toward comprehensive health security schemes that are available to a wide range of public in Indonesia, more and more players are entering the market, further widening the scope of medical coverage within Indonesians. In the private sector, health insurance penetration is estimated at 4% or 7.5 million people mainly present in the urban areas, based on the data from the country’s leading insurers.
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The market is predominantly controlled by the top 10 participants that cover 75% of the market, creating a consolidated market with tougher competition among the players. However, it is disheartening to note that the country’s health insurance industry is plagued with about 24% of the fraud rate in health insurance claims.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates, Volume and price knowledge - for products type, finish use applications and by completely different trade verticals of Health And Medical Insurance Market