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Health insurance - Cambodia

Cambodia

The Health insurance market market in Cambodia is expected to see a significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$1.63bn.
This indicates a positive trend in the country's healthcare sector.
Furthermore, the average spending per capita in the Health insurance market market is expected to amount to US$95.24 in 2024.
This figure reflects the individual financial contribution towards health coverage in Cambodia.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate of 1.89% from 2024 to 2029.
This steady growth trajectory is predicted to result in a market volume of US$1.79bn by 2029.
This signifies the increasing demand for Health insurance market coverage among the population.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, amounting to US$1,708.0bn.
This demonstrates the significant market presence and financial scale of the Health insurance market sector the United States when compared to other countries.
In Cambodia, there is a growing trend towards purchasing private health insurance to supplement the limited coverage provided by the public healthcare system.

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Analyst Opinion

The Health insurance market in Cambodia is experiencing significant growth and development.

Customer preferences: Cambodian customers are increasingly seeking health insurance coverage to mitigate the financial risks associated with healthcare expenses. With rising awareness about the importance of health and well-being, individuals are looking for comprehensive insurance policies that provide coverage for a wide range of medical services.

Trends in the market: One of the key trends in the Cambodian health insurance market is the emergence of innovative insurance products tailored to the specific needs of the local population. Insurers are introducing affordable health insurance plans with features that resonate with Cambodian customers, such as coverage for traditional medicine and local healthcare providers.

Local special circumstances: Cambodia's rapidly growing economy and expanding middle class are driving the demand for health insurance in the country. As disposable incomes increase, more individuals and families are willing to invest in health insurance to secure access to quality healthcare services without facing financial hardships.

Underlying macroeconomic factors: The government's efforts to improve the healthcare infrastructure and regulatory environment in Cambodia are also contributing to the growth of the health insurance market. With a focus on enhancing the overall quality of healthcare services and promoting health insurance coverage, the Cambodian market is becoming more attractive to both insurers and customers. Additionally, the increasing presence of international insurance companies in the country is fostering competition and innovation in the health insurance 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.