Market Insights Financial Insurances Non-life insurances

Health insurance - Angola

Angola

The Health insurance market market in Angola is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$164.50m.
This indicates a positive trend towards increased demand for Health insurance market coverage in the country.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$4.35 in 2024.
This figure showcases the amount individuals are willing to invest in securing their health and well-being.
Considering the predicted annual growth rate of -2.31% between 2024 and 2028, the gross written premium is expected to continue its upward trajectory.
By 2028, the market volume is forecasted to reach US$149.80m.
This indicates a robust expansion of the Health insurance market market in Angola, driven by factors such as rising awareness of the importance of health coverage and increasing disposable income.
In a global comparison, it is noteworthy that the United States is expected to generate the highest gross written premium in 2024, amounting to US$1,708.0bn.
This highlights the significant scale of the market the United States, reflecting the country's advanced healthcare system and high expenditure on Health insurance market.
Overall, the Health insurance market market in Angola is poised for substantial growth, reflecting the increasing importance of securing comprehensive health coverage in the country.
Angola's health insurance market is witnessing a surge in demand due to increasing awareness about the importance of healthcare coverage.

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Analyst Opinion

The Health insurance market in Angola has been witnessing significant growth and development in recent years. Customer preferences in the Angolan health insurance market are shifting towards more comprehensive coverage options that include a wide range of medical services. Customers are increasingly looking for plans that not only cover basic healthcare needs but also offer additional benefits such as access to specialized treatments and facilities. Trends in the market indicate a growing demand for health insurance products that cater to specific demographics, such as plans tailored for young professionals, families, or senior citizens. Insurers in Angola are also focusing on digitalization and offering online platforms for easy access to information, policy management, and claims processing. Local special circumstances in Angola, such as an increasing awareness of the importance of health insurance, a rising middle class with disposable income, and a growing private healthcare sector, are contributing to the expansion of the health insurance market. Additionally, regulatory changes and government initiatives to promote universal healthcare coverage are driving the growth of the insurance industry in the country. Underlying macroeconomic factors, including a stable economic outlook, a growing population with a rising life expectancy, and increasing urbanization rates, are creating opportunities for health insurance providers in Angola. As the healthcare infrastructure improves and medical costs continue to rise, the demand for health insurance is expected to increase, leading to further market development and innovation in the sector.

Methodology

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.