Market Insights Financial Insurances Non-life insurances

Health insurance - El Salvador

El Salvador

The Health insurance market market in El Salvador is expected to reach a projected market size (gross written premium) of US$71.42m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$11.17 in 2024.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2028) of 0.74%.
This growth is projected to result in a market volume of US$73.56m by 2028.
In comparison to other countries, the United States is expected to generate the highest gross written premium, amounting to US$1,607.0bn in 2024.
El Salvador's health insurance market is experiencing steady growth, driven by increasing awareness of the importance of healthcare coverage.

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Analyst Opinion

The Health insurance market in El Salvador is witnessing significant growth and development. Customer preferences in El Salvador are shifting towards a greater emphasis on preventive healthcare measures, leading to an increased demand for health insurance coverage. Customers are increasingly looking for comprehensive insurance plans that cover a wide range of medical services and treatments to ensure financial security in case of any health-related emergencies. Trends in the market indicate a rise in the number of insurance providers offering innovative health insurance products tailored to the specific needs of the Salvadoran population. This includes the introduction of digital health platforms for easier access to healthcare services and the inclusion of wellness programs to promote a healthier lifestyle among policyholders. Local special circumstances in El Salvador, such as a growing middle-class population and an increasing awareness of the importance of health insurance, are contributing to the expansion of the health insurance market. Additionally, government initiatives to improve the overall healthcare infrastructure in the country are further driving the demand for health insurance coverage. Underlying macroeconomic factors, such as a stable economic environment and steady growth in the healthcare sector, are also playing a crucial role in the development of the health insurance market in El Salvador. As the economy continues to grow, more individuals and families are able to afford health insurance, leading to a broader customer base for insurance providers in the country.

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.