Health insurance - Egypt | Statista Market Forecast

The Health insurance market market in Egypt is expected to reach a projected market size (gross written premium) of US$372.60m in 2024.
The average spending per capita in the Health insurance market market is anticipated to amount to US$3.25 in 2024.
It is projected that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 2.79%, leading to a market volume of US$427.70m by 2029.
In a global context, the United States is expected to generate the highest gross written premium, estimated at US$1.7tn in 2024.
The health insurance market in Egypt is experiencing a surge in demand due to the growing awareness of the importance of healthcare coverage among the 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

Over the past few years, the Health insurance market in Egypt has been experiencing significant growth and development. Customer preferences in the Egyptian health insurance market are shifting towards more comprehensive coverage and tailored packages that cater to individual needs. Customers are increasingly seeking out insurance plans that offer a wide range of benefits, including coverage for pre-existing conditions, outpatient services, and alternative medicine treatments. Trends in the market indicate a growing awareness and recognition of the importance of health insurance among the Egyptian population. This trend is being driven by factors such as rising healthcare costs, an aging population, and an increasing focus on preventive healthcare measures. As a result, more individuals and families are opting to invest in health insurance policies to secure their financial well-being in the face of unexpected medical expenses. Local special circumstances, such as the government's efforts to expand healthcare coverage and improve the quality of healthcare services in Egypt, are also playing a significant role in shaping the health insurance market. The introduction of mandatory health insurance for certain groups of the population, along with initiatives to enhance the overall healthcare infrastructure, is driving the demand for health insurance products in the country. Underlying macroeconomic factors, including steady economic growth, a growing middle class, and increasing disposable income levels, are further fueling the expansion of the health insurance market in Egypt. As more individuals and families are able to afford health insurance premiums, the market is experiencing a surge in policy uptake and penetration rates. Overall, the Health insurance market in Egypt is on a trajectory of growth and evolution, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

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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