Health insurance - Algeria

Algeria

Highlights

The Health insurance market market in Algeria is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is expected to reach US$129.70m in 2024.
This indicates a positive trend in the country's healthcare sector.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$2.80 in 2024.
This demonstrates the increasing importance of health coverage among Algerian citizens.
Looking ahead, the market is anticipated to experience steady growth with an annual growth rate (CAGR 2024-2029) of 2.99%.
This growth trajectory is projected to result in a market volume of US$150.30m by 2029.
These figures highlight the potential for expansion and development within the Algerian Health insurance market market.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, reaching a staggering US$1.7tn.
This showcases the significant size and influence of the American Health insurance market market on a global scale.
Overall, the Health insurance market market in Algeria is poised for growth, with increasing gross written premium and a rising average spending per capita.
These trends indicate a growing recognition of the importance of health coverage in the country's healthcare system.
Despite the growing demand for health insurance in Algeria, limited access and affordability remain major challenges in the market.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

In recent years, the Health insurance market in Algeria has been experiencing significant growth and development.

Customer preferences: Customers in Algeria are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services. There is a growing demand for health insurance plans that offer not only basic coverage for hospitalization and medication but also additional benefits such as dental care, maternity services, and preventive health screenings.

Trends in the market: One of the key trends in the Algerian health insurance market is the rise of private health insurance providers offering innovative and customizable insurance products to meet the diverse needs of customers. This trend is driven by the desire for more personalized and flexible health insurance options that cater to individual preferences and lifestyles. Additionally, there is a growing trend towards digitalization in the health insurance sector, with an increasing number of insurers offering online services for purchasing insurance, submitting claims, and accessing healthcare resources.

Local special circumstances: Algeria's health insurance market is influenced by the country's unique demographic profile, with a relatively young population that is increasingly aware of the importance of health and wellness. This demographic shift is driving demand for health insurance products that focus on preventive care and wellness programs to help individuals maintain their health and well-being. Additionally, the government plays a significant role in shaping the health insurance market in Algeria through regulations and policies that aim to improve access to healthcare services and ensure the quality of care provided to the population.

Underlying macroeconomic factors: The growth of the health insurance market in Algeria is also supported by favorable macroeconomic factors, including steady economic growth, rising disposable incomes, and increasing awareness about the benefits of health insurance. As the country continues to develop and modernize its healthcare infrastructure, the demand for health insurance is expected to further increase, driven by the need for affordable and accessible healthcare services for all segments of the population.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.