Market Insights Financial Insurances Non-life insurances

Health insurance - Bulgaria

Bulgaria

The Health insurance market market in Bulgaria is expected to reach a projected market size (gross written premium) of US$139.20m in 2024.
The average spending per capita in the Health insurance market market is estimated to amount to US$21.02 in the same year.
It is projected that the gross written premium will exhibit an annual growth rate (CAGR 2024-2028) of 9.24%, resulting in a market volume of US$198.20m by 2028.
When compared globally, the United States is anticipated to generate the highest gross written premium of US$1,607.0bn in 2024.
Bulgaria's health insurance market is witnessing a growing demand for comprehensive coverage and personalized plans to meet the diverse healthcare needs of its population.

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Analyst Opinion

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

Customer preferences: Customers in Bulgaria are increasingly opting for health insurance coverage to ensure access to quality healthcare services without facing financial burdens. With rising awareness about the importance of health insurance, individuals are seeking comprehensive coverage that includes a wide range of medical services.

Trends in the market: One notable trend in the Bulgarian health insurance market is the increasing demand for specialized health insurance products tailored to specific demographics, such as senior citizens or individuals with pre-existing conditions. Insurers are also focusing on offering digital solutions to enhance customer experience and streamline the claims process.

Local special circumstances: Bulgaria's health insurance market is influenced by the country's healthcare system, which faces challenges such as limited public funding and infrastructure constraints. As a result, private health insurance plays a crucial role in supplementing the gaps in the public healthcare system, driving the growth of the market.

Underlying macroeconomic factors: The growth of the health insurance market in Bulgaria is also influenced by macroeconomic factors such as the overall economic stability of the country, population demographics, and regulatory environment. As the economy continues to grow and incomes rise, more individuals are able to afford health insurance, contributing to the expansion of the market. Additionally, government regulations and policies play a key role in shaping the competitive landscape and driving innovation in health insurance products and services.

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.