Growth spurt: Revenue rose in response to the healthcare reform and rising disposable income

The Health and Medical Insurance industry in Florida is the third-largest nationwide in terms of written premiums. Over the five years to 2017, the industry has exhibited robust growth following the implementation of the Patient Protection and Affordable Care Act (PPACA), which requires all US citizens to procure health insurance or pay a fine. Additionally, a greater share of Floridians receive coverage from government-sponsored plans like Medicaid and Medicare compared with the national average, exacerbated by the larger fraction of elderly people and impoverished persons living in the state. Despite this growth, Florida still has one of the highest uninsured rates in the country...read more.

Industry Statistics & Market Size
Revenue
$67bn
Annual Growth 12-17
8.9%
Forecast Growth 17-22
Profit
Employment
34,633
Businesses
563
What Our Customers Say

Industry Threats & Opportunities

  • The Health and Medical Insurance industry in Florida is the third-largest in terms of written premiums
  • The individual market has exhibited the most robust growth over the past five years
  • The pool of customers requiring health insurance is projected to expand
  • Industry Report - Industry Investment Chapter

    The Health and Medical Insurance industry in Florida operates with a moderate level of capital intensity. In this industry, the average company is expected to spend $0.14 on capital for every dollar spent on labor in 2017. To run daily operations, a significant amount of capital is needed, including properties and equipment. In addition, companies in the industry invest a considerable amount in the development of internal-use software. Industry operators calculate depreciation in terms of the useful lives of their assets; this period of time is generally considered three to seven years for furniture, fixtures and equipment; 35 to 40 years for buildings; and three to five years for capitalized software.Some industry operators, including Humana Inc., re...purchase to read more.

    Additional Insights for the Health & Medical Insurance in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Health & Medical Insurance in Florida Industry are

  • Having an extensive distribution/collection network
  • Having a good reputation
  • Ability to pass on cost increases
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income in Florida and Population of Florida in the Health & Medical Insurance in Florida industry impact industry performance..

    shopping_cartPURCHASE OPTIONS

    What is the Health & Medical Insurance in Florida Industry?

    This industry underwrites (i.e. assumes the risks of and assigns premiums for) health and medical insurance policies in Florida. Insurance is the transfer of the risk of a loss in exchange for payment. Operators also provide administrative services for self-funded insurance plans (whereby an employer provides health benefits to workers with its own funds). Under this structure, the industry operator is a third-party administrator and is not responsible for health benefit payments.

    Industry Products
  • Pharmacy benefit management (PBM)
  • Preferred provider organization (PPO) plans
  • High-deductible health plans (HDHPs)
  • Health maintenance organization (HMO) plans
  • Point-of-service (POS) plans
  • Fee-for-service (FFS) plans
  • Medicaid (via private companies)
  • Medicare (via private companies)
  • Industry Activities
  • Underwriting health and medical insurance policies
  • Underwriting dental policies
  • Providing pharmacy benefit management services
  • Managing care between the health provider and individual recipient
  • Administering of self-funded insurance plans
  • Investing health insurance premiums
  • Similar Industries
  • Health & Medical Insurance
  • Reinsurance Carriers
  • Health & Welfare Funds
  • Workers' Compensation & Other Insurance Funds
  • Emergency & Other Outpatient Care Centers
  • Life Insurance & Annuities in California
  • Health & Medical Insurance in California
  • Property, Casualty & Direct Insurance in California
  • Life Insurance & Annuities in New York
  • Health & Medical Insurance in New York
  • Property, Casualty & Direct Insurance in New York
  • Property, Casualty and Direct Insurance in Illinois
  • Life Insurance & Annuities in Illinois
  • Health & Medical Insurance in Illinois
  • Property, Casualty and Direct Insurance in Texas
  • Property, Casualty and Direct Insurance in Florida
  • Property, Casualty and Direct Insurance in Massachusetts
  • Life Insurance & Annuities in Massachusetts
  • Health & Medical Insurance in Massachusetts
  • Property, Casualty and Direct Insurance in Ohio
  • Health & Medical Insurance in Ohio
  • Property, Casualty and Direct Insurance in Pennsylvania
  • Life Insurance & Annuities in Pennsylvania
  • Health & Medical Insurance in Pennsylvania
  • Property, Casualty and Direct Insurance in New Jersey
  • Life Insurance & Annuities in New Jersey
  • Health & Medical Insurance in New Jersey
  • Property, Casualty and Direct Insurance in Georgia
  • Life Insurance & Annuities in Georgia
  • Health & Medical Insurance in Georgia
  • Property, Casualty and Direct Insurance in Michigan
  • Life Insurance & Annuities in Michigan
  • Health & Medical Insurance in Michigan
  • Property, Casualty and Direct Insurance in Wisconsin
  • Life Insurance & Annuities in Wisconsin
  • Health & Medical Insurance in Wisconsin
  • Property, Casualty and Direct Insurance in Washington
  • Life Insurance & Annuities in Washington
  • Health & Medical Insurance in Washington
  • Property, Casualty and Direct Insurance in Virginia
  • Life Insurance & Annuities in Virginia
  • Health & Medical Insurance in Virginia
  • Property, Casualty and Direct Insurance in Tennessee
  • Life Insurance & Annuities in Tennessee
  • Health & Medical Insurance in Tennessee
  • Property, Casualty and Direct Insurance in Missouri
  • Life Insurance & Annuities in Missouri
  • Property, Casualty and Direct Insurance in North Carolina
  • Life Insurance & Annuities in North Carolina
  • Health & Medical Insurance in North Carolina
  • Property, Casualty and Direct Insurance in Minnesota
  • Life Insurance & Annuities in Minnesota
  • Health & Medical Insurance in Minnesota
  • Property, Casualty and Direct Insurance in Maryland
  • Life Insurance & Annuities in Maryland
  • Health & Medical Insurance in Maryland
  • Property, Casualty and Direct Insurance in Colorado
  • Life Insurance & Annuities in Colorado
  • Health & Medical Insurance in Colorado
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income in Florida
  • Population of Florida
  • Total health expenditure in Florida
  • Unemployment rate in Florida

  • Current Performance
  • Florida’s health profile
  • Individual market
  • Regulation woes
  • Chart: Revenue Growth

  • Industry Outlook
  • Rising healthcare costs
  • Industry landscape and PPACA challenges
  • Table: Health & Medical Insurance in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Health & Medical Insurance in Florida Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Custody, Asset & Securities Services
  • Portfolio Management

  • Products & Services
  • Pharmacy benefit management (PBM)
  • Medicare (via private companies)
  • Medicaid (via private companies)
  • Preferred provider organization (PPO) plans
  • Point-of-service (POS) plans
  • High-deductible health plans (HDHPs)
  • Health maintenance organization (HMO) plans
  • Fee-for-service (FFS) plans
  • Chart: Health & Medical Insurance in Florida Industry Products and Services Segmentation

  • Major Markets
  • Consumers with employer-sponsored health insurance
  • Consumers with Medicare
  • Consumers with Medicaid
  • Consumers with direct-purchased health insurance
  • Consumers with other insurance plans
  • Chart: Major Market Segmentation for the Health & Medical Insurance in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitHealthcare benefit expensesWagesOperating and other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Health & Medical Insurance in Florida

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Health & Medical Insurance in Florida Industry

  • GuideWell Mutual Holding CorporationHumana Inc.UnitedHealth Group Inc.Aetna Inc.
  • Table: GuideWell Mutual Holding Corporation - financial performance
  • Table: Humana Inc. - financial performance
  • Table: UnitedHealth Group Inc. - financial performance
  • Table: Aetna Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Health & Medical Insurance in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Health & Medical Insurance in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Total Health Expenditure in Florida (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Fully Funded Insurance
  • A type of coverage where a health insurer is financially responsible for paying all incurred benefits and administration costs of healthcare services. In return, the company receives a premium.
  • Health Maintenance Organization (Hmo)
  • A healthcare organization composed of physicians, hospitals or other providers that offer healthcare services at a reduced fee. Payment is made in advance, before services are rendered.
  • High-Deductible Health Plan
  • A health insurance plan that has a high-minimum deductible that does not cover the initial costs or all of the costs of medical expenses.
  • Indemnity Plan
  • A health plan with no preferred physician network that reimburses for medical expenses regardless of who provides the service. However, in some cases the reimbursement amount may be limited.
  • Managed Care
  • A general term that refers to the organization of doctors, hospitals and other providers into groups to enhance the quality and cost-effectiveness of healthcare.
  • Medical Loss Ratio
  • The ratio of premiums used to pay medical claims and improve the quality of care.
  • Point-Of-Service (Pos)
  • An HMO/PPO hybrid or "open-ended HMO" where members can choose which option (HMO or PPO) they will use each time they seek healthcare.
  • Preferred Provider Organization (Ppo)
  • A healthcare organization composed of physicians, hospitals or other providers that offer healthcare services at a reduced fee. Payment is made when services are rendered.
  • Self-Funded Insurance
  • A type of coverage where an employer or organization assumes complete responsibility for healthcare benefit payments instead of a health insurer.
  • Why buy this report?

    IBISWorld’s Industry Market Report on Health & Medical Insurance in Florida is a comprehensive guide to market size and growth prospects. Ensure due diligence in your research with our strategic analysis of the factors influencing companies, including new product developments; economic, lifestyle and demographic influences; distribution and supply chain factors; and pricing issues.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Health & Medical Insurance in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Health & Medical Insurance in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Health & Medical Insurance in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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