Health insurance - Cyprus

Cyprus

Highlights

The Health insurance market market in Cyprus is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is estimated to reach US$324.40m in 2024.
This indicates a positive trend and highlights the importance of the Health insurance market segment in the country.
Furthermore, the average spending per capita in the Health insurance market market is forecasted to amount to US$255.70 in 2024.
This figure provides insight into the individual expenditure on Health insurance market coverage, indicating the significance of this sector for the population of Cyprus.
Moreover, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 5.66%.
As a result, the gross written premium is projected to reach US$427.30m by 2029.
This growth trajectory underscores the potential for further expansion and development within the Health insurance market market in Cyprus.
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$1.7tn.
This figure highlights the scale and significance of the Health insurance market market the United States when compared to other countries.
Overall, the Health insurance market market in Cyprus is poised for growth, with increasing market size, per capita spending, and a positive growth rate.
These factors indicate a promising future for the Health insurance market industry in the country.
Cyprus's health insurance market is experiencing a surge in demand due to the country's aging population and increasing healthcare costs.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Over the past few years, the Health insurance market in Cyprus has been experiencing notable growth and development. Customer preferences in the health insurance market in Cyprus are shifting towards more comprehensive coverage options that provide a wide range of benefits. Customers are increasingly seeking plans that offer not only basic medical coverage but also additional services such as wellness programs, mental health support, and coverage for alternative treatments. This trend is in line with global consumer preferences, where individuals are placing greater emphasis on preventive care and holistic well-being. Trends in the market indicate a rise in the adoption of digital solutions and technologies to enhance the customer experience and streamline processes. Insurers in Cyprus are increasingly investing in online platforms and mobile apps to make it easier for customers to purchase insurance, access their policy information, and make claims. This digital transformation is not only improving operational efficiency for insurance companies but also meeting the growing demand for convenient and accessible services among consumers. Local special circumstances, such as the relatively small population of Cyprus and the high prevalence of private healthcare facilities, are influencing the dynamics of the health insurance market in the country. With a smaller market size compared to other European countries, insurers in Cyprus are focusing on customization and personalization to cater to the diverse needs of the population. Additionally, the presence of a robust private healthcare sector is driving competition among insurers to offer unique value propositions and partnerships with healthcare providers to differentiate their offerings. Underlying macroeconomic factors, including the overall economic stability and income levels in Cyprus, are also playing a role in the development of the health insurance market. As the economy continues to grow and disposable incomes increase, more individuals and families are able to afford health insurance coverage. This growing affordability, coupled with a rising awareness of the importance of health insurance, is contributing to the expansion of the market and the introduction of innovative products and services to meet the evolving needs of consumers.

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.