Singapore SMEs Underinsured Against Business InterruptionsThe global maternity health insurance market, valued at $135.3 billion in 2023, is projected to expand at a compound annual growth rate (CAGR) of 7.9%, reaching an estimated $269.3 billion by 2032, according to a report by Allied Market Research.
The market’s growth is being driven by the rising adoption of insurance services and aggressive expansion strategies by both public and private insurers. Despite this positive outlook, the industry faces challenges posed by stringent regulations from banks and financial institutions.
Technological advancements within the insurance sector are expected to open new avenues for market players, creating opportunities for innovation and growth.
In terms of distribution channels, the online segment captured the largest market share in 2023. This trend is largely attributed to the increasing use of digital platforms, the convenience of comparing plans, and changes in consumer behavior, particularly due to the impact of the COVID-19 pandemic. Additionally, banks have maintained a strong position in the market, leveraging customer trust, expansive distribution networks, and robust financial advisory services to promote maternity health insurance products.
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