Health insurance - Argentina | Statista Market Forecast

The Health insurance market market in Argentina is expected to reach a projected market size (gross written premium) of US$4.70bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$102.00 in 2024.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.12%, resulting in a market volume of US$5.48bn by 2029.
When compared globally, the United States is predicted to generate the highest gross written premium in the Health insurance market market, amounting to US$1.7tn in 2024.
Argentina's health insurance market is experiencing a surge in demand due to the country's aging population and increasing healthcare costs.

Definition:

Health insurance is a financial arrangement in which individuals or groups pay regular premiums to a provider, typically an insurance company. In exchange for these premiums, the insurer offers coverage and financial assistance for various healthcare-related costs, including but not limited to medical consultations, hospitalization, prescription medications, and other medical services. According to our current definition, the health insurance market includes voluntary health insurances.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Voluntary health insurance contributions

Compulsory health insurance contributions
Government schemes
Out-of-pocket payments
Reinsurance

The Health insurance market in Argentina has been experiencing significant growth and transformation in recent years.

Customer preferences: Argentinian customers are increasingly seeking comprehensive health insurance coverage that includes a wide range of services such as hospitalization, outpatient care, and specialist consultations. They are also showing a preference for customizable insurance plans that cater to their specific healthcare needs and financial capabilities.

Trends in the market: One of the prominent trends in the Argentinian health insurance market is the rise of digital health platforms and telemedicine services. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare services. Additionally, there is a growing trend towards wellness programs and preventive care services as individuals become more proactive about managing their health.

Local special circumstances: In Argentina, the government plays a significant role in shaping the health insurance market. The implementation of policies and regulations, such as mandatory coverage requirements and price controls, directly impacts the dynamics of the market. Additionally, the presence of a large informal economy in the country influences the demand for health insurance, as individuals in the informal sector may have limited access to employer-sponsored coverage.

Underlying macroeconomic factors: The economic landscape of Argentina, characterized by inflation and currency fluctuations, has a direct impact on the health insurance market. Economic instability can affect the affordability of health insurance premiums for individuals and businesses, leading to fluctuations in demand for insurance products. Furthermore, the overall healthcare infrastructure and government healthcare spending also play a crucial role in shaping the health insurance market in Argentina.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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