Brokers predict health insurance growth from 2024

Most insurance brokers they believe that theirs health products will drive the growth of your business for years to come, according to I Report of an insurance broker in Spain made Aegon. Specifically, 66.5% of these people say that their health services will be the ones that will grow the most in their catalog. On the other hand, mediators predict that the products of life will stagnate. Specifically, 45.5% of sellers think this business will grow from 2024, but not by much, and 17.4% believe it will stay the same. Currently life insurance are the most numerous as they account for 37.88% of the market compared to 16.28% in healthcare, states data offered by Mapfre.

Insurance brokers are committed to health even though it is not the main business in the market today. In fact, society likes them Mapfre is betting on making its way in this business. In contrast, only 14.3% believe that the products with the greatest projection are life products. The rest are not so optimistic and predict that these services will stagnate. Economic situation, loss of purchasing power and increased lifespan are the main reasons why sellers think their biggest asset will stagnate.

insurance brokers, life insurance, health insurance
What do you think will be the branch that will grow the most in the coming years?

Industry sources say the problems with life insurance are “overconfidence in Social insurance and that wages are still lower and the cost of living higher.

The future of health insurance

Healthcare intermediaries expect their products to have more inquiry. 49.1% of these brokers think that the coverage of these services will increase significantly, and 38.2% that this will happen, but slightly. However, sellers perceive some risks, among which the following stand out:

  • Saturation of private healthcare: 51.8% consider it the greatest danger.
  • Economic situation and loss of purchasing power: 39.3% think that this factor can affect their business the most.
  • Population aging: 35.3% believe that this is the main risk.
  • Increased medical costs and lower insurance profitability: 34% assume that this situation can harm them.

Insurance industry sources confirm that health insurance will increase because “people see that costs “What health insurance means is not very high relative to the benefit they can get in an emergency.” Additionally, sources indicate that “public health deadlines are getting longer,” forcing citizens to look for alternatives.

In addition, “Europe is trying to improve collective pension plans», explain the same sources. The utility is that “society creates the plan and the beneficiaries are the owners and workers.” Commercial companies are starting to use this tool because it is a way to “increase benefits pay without having to pay more (employees) because they can deduct it in the end” in the return.

Sources confirm that collective plans “are a hidden way of privatizing pensions”. “Companies generate savings for themselves and for the workers” through “measures that don’t sound like privatisation,” they say.

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