Health insurance - Colombia | Statista Market Forecast

The Health insurance market market in Colombia is expected to reach a projected market size (gross written premium) of US$13.63m in 2024.
Furthermore, the average spending per capita in the Health insurance market market is estimated to amount to US$0.26 in the same year.
It is projected that the gross written premium will display an annual growth rate (CAGR 2024-2029) of 1.70%, resulting in a market volume of US$14.82m by 2029.
When considering global comparison, the United States is anticipated to generate the highest gross written premium of US$1.7tn in 2024.
The health insurance market in Colombia is experiencing a surge in demand due to the country's growing middle class and increasing awareness of the importance of healthcare.

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 Colombia has been experiencing significant growth and development in recent years.

Customer preferences: Colombian customers are increasingly seeking comprehensive health insurance coverage that includes a wide range of services such as preventive care, specialist consultations, and hospitalization. There is a growing demand for customizable insurance plans that cater to individual needs and preferences.

Trends in the market: One notable trend in the Colombian health insurance market is the rise of digital health platforms and telemedicine services. Insurers are leveraging technology to provide convenient access to healthcare services, especially in remote areas where traditional healthcare infrastructure may be lacking. Additionally, there is a trend towards value-based care models that focus on improving health outcomes for patients while controlling costs.

Local special circumstances: Colombia has a universal healthcare system that provides basic coverage to its citizens. However, the public healthcare system faces challenges such as long wait times and limited access to specialized care. As a result, many Colombians are turning to private health insurance to supplement their healthcare needs and access higher quality services.

Underlying macroeconomic factors: The growing middle class in Colombia, coupled with increasing disposable income, has contributed to the expansion of the health insurance market. As more people are able to afford private insurance, the market is becoming more competitive with a wider range of options available to consumers. Additionally, regulatory reforms aimed at increasing transparency and consumer protection have helped boost confidence in the private health insurance sector.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.