The North America family floater health insurance market size is projected to reach USD 5.45 trillion by 2030 to expand at a CAGR of 3.54% from 2023 to 2030. The family floater health insurance plans offer various benefits such as, it covers an entire family under one plan with lower premium. The cover can be availed by any of the enrolled members making it easier to maintain and much cost effective compared to individual health insurance plans.
Increasing number of individuals are opting for family floater health insurance plans in order to protect their families from any unforeseen medical emergency. Family floater plans are ideal for young couples or single parents as in terms of plans that cover older parents, the cover may not be sufficient.
The Covid-19 pandemic led to a significant fall in sales due to rise in unemployment because of disruption in various economic activities. However, this was a short-term effect. In the long run, the pandemic has positively impacted the market by highlighting the need for health insurance in challenging times like this. Moreover, there is a rise in chronic diseases post the pandemic which is further focusing on the importance of health insurance. Increasing efforts by the insurers to create awareness regarding the importance of having an health insurance plan is further driving the sales of family floater health insurance policies.
Development of new innovative policies by the insurers is also promoting the market growth. Insurers in the market are now keenly focusing on developing plans that cover mental illnesses as well. This is due to rise in mental illnesses post the pandemic as a result of the huge amount of stress posed by the pandemic on various individuals. For instance, according to WHO, in the first year of pandemic, global prevalence of anxiety and depression increased by a massive 25%.
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Increasing number of individuals are opting for family floater health insurance plans in order to protect their families from any unforeseen medical emergency. Family floater plans are ideal for young couples or single parents as in terms of plans that cover older parents, the cover may not be sufficient.
The Covid-19 pandemic led to a significant fall in sales due to rise in unemployment because of disruption in various economic activities. However, this was a short-term effect. In the long run, the pandemic has positively impacted the market by highlighting the need for health insurance in challenging times like this. Moreover, there is a rise in chronic diseases post the pandemic which is further focusing on the importance of health insurance. Increasing efforts by the insurers to create awareness regarding the importance of having an health insurance plan is further driving the sales of family floater health insurance policies.
Development of new innovative policies by the insurers is also promoting the market growth. Insurers in the market are now keenly focusing on developing plans that cover mental illnesses as well. This is due to rise in mental illnesses post the pandemic as a result of the huge amount of stress posed by the pandemic on various individuals. For instance, according to WHO, in the first year of pandemic, global prevalence of anxiety and depression increased by a massive 25%.
North America Family Floater Health Insurance Market Report Highlights
- Private segment dominated the market with largest revenue share in 2022 owing to large number of people opting for private health insurance in order to avail better healthcare facilities and services.
- Plan that covers Immediate family members segment accounted for highest market share in 2022 owing to wide variety of products available for this segment.
- Adults segment held the higher market share in 2022 due to higher adoption of family floater health insurance policies among individuals of this age group.
- A shift towards online sales like website and aggregators to purchase policies is leading to higher adoption of health insurance plans.
- U.S. dominated the market due to presence of large number of insurers and higher adoption rate among the population.
- China represents lucrative growth opportunities with increasing number of people opting for private health insurance to avail additional benefits covered by these plans.
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Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.1.1. Type
1.1.2. Plan Type
1.1.3. Demographics
1.1.4. Country scope
1.1.5. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.3.5.1. Data for primary interviews in North America
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Premium price
1.6.2. Country wise market estimation using bottom-up approach
. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1
1.9.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Type Outlook
2.2.2. Plan Type Outlook
2.2.3. Demographic Outlook
2.2.4. Country Outlook
2.3. Competitive Insights
Chapter 3. North America Family Floater Health Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of chronic diseases
3.4.1.2. Growing awareness regarding health insurance
3.4.1.3. Rising healthcare costs
3.4.2. Market restraint analysis
3.4.2.1. Limitation on different family floater policies
3.5. North America Family Floater Health Insurance Market Analysis Tools
3.5.1. Industry Analysis - Porter’s
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. North America Family Floater Health Insurance: Type Estimates & Trend Analysis
4.1. Definitions and Scope
4.1.1. Public
4.1.2. Private
4.2. Type Market Share, 2022 & 2030
4.3. Segment Dashboard
4.4. North America North America Family Floater Health Insurance Market by Type Outlook
4.5. Market Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
4.5.1. Public
4.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
4.5.2. Private
4.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
Chapter 5. North America Family Floater Health Insurance: Plan Type Estimates & Trend Analysis
5.1. Definitions and Scope
5.1.1. Immediate Family Members
5.1.2. Extended Family Members
5.2. Plan Type Market Share, 2022 & 2030
5.3. Segment Dashboard
5.4. North America North America Family Floater Health Insurance Market by Plan Type Outlook
5.5. Market Plan Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
5.5.1. Immediate Family Members
5.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
5.5.2. Extended Family Members
5.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
Chapter 6. North America Family Floater Health Insurance: Demographics Estimates & Trend Analysis
6.1. Definitions and Scope
6.1.1. Adults
6.1.2. Seniors
6.2. Demographics Market Share, 2022 & 2030
6.3. Segment Dashboard
6.4. North America North America Family Floater Health Insurance Market by Demographics Outlook
6.5. Market Type & Forecasts and Trend Analyses, 2018 to 2030 for the following
6.5.1. Adults
6.5.1.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
6.5.2. Seniors
6.5.2.1. Market estimates and forecast, 2018 - 2030 (Revenue in USD Billion)
Chapter 7. North America Family Floater Health Insurance Market: Country Estimates & Trend Analysis
7.1. Country market share analysis, 2022 & 2030
7.2. Country Market Dashboard
7.3. North America Country Market Snapshot
7.4. Country Market Share and Leading Players, 2022
7.4.1. North America
7.5. SWOT Analysis, by Factor (Political & Legal, Economic and Technological)
7.5.1. North America
7.6. Market Service, & Forecasts and Trend Analysis, 2018 to 2030:
7.7. North America
7.7.1. U.S.
7.7.1.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.1.2. Northeast
7.7.1.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.1.3. Midwest
7.7.1.3.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.1.4. South
7.7.1.4.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.1.5. West
7.7.1.5.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2. Canada
7.7.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.2. Newfoundland and Labrador (NL)
7.7.2.2.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.3. Prince Edward Island (PE)
7.7.2.3.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.4. Nova Scotia (NS)
7.7.2.4.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.5. New Brunswick (NB)
7.7.2.5.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.6. Quebec (QC)
7.7.2.6.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.7. Ontario (ON)
7.7.2.7.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.8. Manitoba (MB)
7.7.2.8.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.9. Saskatchewan (SK)
7.7.2.9.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.10. Alberta (AB)
7.7.2.10.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.11. British Columbia (BC)
7.7.2.11.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
7.7.2.12. Other (territories)
7.7.2.12.1. Market estimates and forecast, 2018 - 2030 (Revenue, USD Billion)
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.2.1. Innovators
8.2.2. Market Leaders
8.2.3. Emerging Players
8.3. Vendor Landscape
8.3.1. List of key distributors and channel partners
8.3.2. Key customers
8.3.3. Key company market share analysis, 2022
8.3.4. Cigna
8.3.4.1. Company overview
8.3.4.2. Financial performance
8.3.4.3. Product benchmarking
8.3.4.4. Strategic initiatives
8.3.5. Bupa
8.3.5.1. Company overview
8.3.5.2. Financial performance
8.3.5.3. Product benchmarking
8.3.5.4. Strategic initiatives
8.3.6. Now Health International
8.3.6.1. Company overview
8.3.6.2. Financial performance
8.3.6.3. Product benchmarking
8.3.6.4. Strategic initiatives
8.3.7. Kaiser Foundation Grp
8.3.7.1. Company overview
8.3.7.2. Financial performance
8.3.7.3. Product benchmarking
8.3.7.4. Strategic initiatives
8.3.8. Anthem, Inc. (Now Elevance Health)
8.3.8.1. Company overview
8.3.8.2. Financial performance
8.3.8.3. Product benchmarking
8.3.8.4. Strategic initiatives
8.3.9. The IHC Group
8.3.9.1. Company overview
8.3.9.2. Financial performance
8.3.9.3. Product benchmarking
8.3.9.4. Strategic initiatives
8.3.10. Health Partners Group Ltd
8.3.10.1. Company overview
8.3.10.2. Financial performance
8.3.10.3. Product benchmarking
8.3.10.4. Strategic initiatives
8.3.11. Providence Health Plan
8.3.11.1. Company overview
8.3.11.2. Financial performance
8.3.11.3. Product benchmarking
8.3.11.4. Strategic initiatives
8.3.12. Harvard Pilgrim Health Care, Inc.
8.3.12.1. Company overview
8.3.12.2. Financial performance
8.3.12.3. Product benchmarking
8.3.12.4. Strategic initiatives
8.3.13. Sunlife Financial
8.3.13.1. Company overview
8.3.13.2. Financial performance
8.3.13.3. Product benchmarking
8.3.13.4. Strategic initiatives
8.3.14. Manulife
8.3.14.1. Company overview
8.3.14.2. Financial performance
8.3.14.3. Product benchmarking
8.3.14.4. Strategic initiatives
List of Tables
Table 1 List of Abbreviations
Table 2 North America family floater health insurance market, by country, 2018 - 2030 (USD Billion)
Table 3 North America family floater health insurance market, by type, 2018 - 2030 (USD Billion)
Table 4 North America family floater health insurance market, by plan type, 2018 - 2030 (USD Billion)
Table 5 North America family floater health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 6 U.S. family floater health insurance market, by type, 2018 - 2030 (USD Billion)
Table 7 U.S. family floater health insurance market, by plan type, 2018 - 2030 (USD Billion)
Table 8 U.S. family floater health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 9 Canada family floater health insurance market, by type, 2018 - 2030 (USD Billion)
Table 10 Canada family floater health insurance market, by plan type, 2018 - 2030 (USD Billion)
Table 11 Canada family floater health insurance market, by demographics, 2018 - 2030 (USD Billion)
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Primary interviews in North America
Fig. 5 Market research approaches
Fig. 6 Value-chain-based sizing & forecasting
Fig. 7 QFD modeling for market share assessment
Fig. 8 Market formulation & validation
Fig. 9 North America family floater health insurance: market outlook
Fig. 10 North America family floater health insurance market competitive insights
Fig. 11 Parent market outlook
Fig. 12 Related/ancillary market outlook
Fig. 13 Penetration and growth prospect mapping
Fig. 14 Industry value chain analysis
Fig. 15 North America family floater health insurance market driver impact
Fig. 16 North America family floater health insurance market restraint impact
Fig. 17 North America family floater health insurance market strategic initiatives analysis
Fig. 18 North America family floater health insurance market: type movement analysis
Fig. 19 North America family floater health insurance market: type outlook and key takeaways
Fig. 20 Public estimates and forecast, 2018 - 2030
Fig. 21 Private estimates and forecast, 2018 - 2030
Fig. 22 North America family floater health insurance market: plan type movement analysis
Fig. 23 North America family floater health insurance market: plan type outlook and key takeaways
Fig. 24 Immediate family members estimates and forecast, 2018 - 2030
Fig. 25 Extended family members estimates and forecast, 2018 - 2030
Fig. 26 North America family floater health insurance market: demographics movement analysis
Fig. 27 North America family floater health insurance market: demographics outlook and key takeaways
Fig. 28 Adults estimates and forecast, 2018 - 2030
Fig. 29 Seniors estimates and forecast, 2018 - 2030
Fig. 30 North America family floater health insurance market: country movement analysis
Fig. 31 North America family floater health insurance market: country outlook and key takeaways
Fig. 32 North America market share and leading players
Fig. 33 North America SWOT
Fig. 34 North America
Fig. 35 North America market estimates and forecast, 2018 - 2030
Fig. 36 U.S.
Fig. 37 U.S. market estimates and forecast, 2018 - 2030
Fig. 38 Canada
Fig. 39 Canada market estimates and forecast, 2018 - 2030
Fig. 40 Participant categorization- North America family floater health insurance market
Fig. 41 Market share of key market players- North America family floater health insurance market
Companies Mentioned
- Cigna
- Bupa
- Now Health International
- Kaiser Foundation Grp
- Anthem, Inc. (Now Elevance Health)
- The IHC Group
- Health Partners Group Ltd
- Providence Health Plan
- Harvard Pilgrim Health Care, Inc.
- Sunlife Financial
- Manulife
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 4.14 trillion |
| Forecasted Market Value ( USD | $ 5.45 trillion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | North America |
| No. of Companies Mentioned | 11 |
