前瞻2026 | 健康险迈向万亿时代，百万医疗险如何穿越内卷深水区？

Core Insights - The health insurance market, particularly the million medical insurance, is transitioning from rapid growth to a more competitive and saturated environment, with premium growth slowing significantly [2][4][5] - The million medical insurance, once a growth driver, is now facing challenges such as homogenization, competition from inclusive insurance products, and evolving consumer demands [1][4][5] - A new wave of product iterations is underway, focusing on differentiation and service enhancement to meet consumer needs and adapt to regulatory changes [6][7][10] Market Trends - As of November 2025, the total premium for commercial health insurance reached 943.9 billion yuan, with a year-on-year growth of only 2.39%, indicating a slowdown compared to previous years [2][4] - The commercial medical insurance sector is expected to surpass critical illness insurance for the first time in 2024, with approximately half of its market share attributed to million medical insurance [2][4] Competitive Landscape - The industry is experiencing intense competition characterized by product similarity, with many offerings featuring similar coverage limits and deductibles, leading to a cycle of price competition and service enhancement [4][5] - The mismatch between supply and demand is evident, as current offerings primarily cover standard health insurance needs, leaving gaps in high-end medical services and coverage for non-standard health individuals [4][5][9] Consumer Demand - There is a growing consumer demand for services related to post-operative recovery, chronic disease management, and overall healthcare experience, which contrasts sharply with the current supply of similar insurance products [5][6] - The need for differentiated products that address long-tail demands is becoming increasingly critical as consumers seek more comprehensive health solutions [5][12] Product Innovation - Major insurance companies are launching updated versions of their million medical insurance products, focusing on customer-centric features and expanding coverage to include outpatient medications and high-value drugs [6][7][10] - The integration of rehabilitation costs into core coverage is emerging as a significant trend, reflecting a shift towards addressing long-term healthcare needs [8][9] Future Directions - The future of million medical insurance is expected to focus on three main innovation lines: extending coverage beyond traditional medical scenarios, enhancing service models through digital health platforms, and implementing personalized insurance solutions based on individual health data [13] - The industry is encouraged to find its position within the multi-tiered healthcare system, ensuring effective integration with basic medical insurance and critical illness insurance to provide tangible value to consumers [12][13]