Health insurance - Belgium | Statista Market Forecast

The Health insurance market market in Belgium is expected to reach a projected market size (gross written premium) of US$2.62bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$223.80 in 2024.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 0.47%, resulting in a market volume of US$2.68bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium of US$1.7tn in 2024.
Belgium's health insurance market is experiencing a surge in demand for comprehensive coverage, driven by the country's strong healthcare infrastructure and aging population.

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 Belgium has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in Belgium are increasingly seeking more comprehensive health insurance coverage to ensure they have access to a wide range of healthcare services without incurring high out-of-pocket expenses. There is a growing demand for health insurance plans that cover not only basic medical treatments but also specialized care, alternative therapies, and preventive services.

Trends in the market: One of the key trends in the Belgian health insurance market is the rise of digital health solutions and telemedicine services. Insurers are leveraging technology to offer virtual consultations, health monitoring apps, and online claims processing, making healthcare more accessible and convenient for policyholders. Moreover, there is a noticeable shift towards value-based care models, where insurers emphasize the quality rather than the quantity of healthcare services provided.

Local special circumstances: Belgium's healthcare system is known for its high quality and accessibility, with universal health coverage for all residents. This has created a competitive environment in the health insurance market, as insurers strive to differentiate themselves through innovative offerings and personalized customer experiences. Additionally, the country's aging population and increasing prevalence of chronic diseases are driving the demand for tailored health insurance solutions that address these specific healthcare needs.

Underlying macroeconomic factors: The overall economic stability and affluence in Belgium have contributed to the growth of the health insurance market, as consumers have the financial means to invest in comprehensive coverage. Additionally, regulatory reforms and government initiatives to promote private health insurance have played a role in expanding the market. The increasing healthcare costs and changing demographics in Belgium are also influencing the dynamics of the health insurance sector, prompting insurers to adapt their products and services to meet the evolving needs 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.

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

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