Health insurance - Estonia | Statista Market Forecast

The Health insurance market market in Estonia is expected to reach a market size (gross written premium) of US$43.56m in 2024.
This signifies a projected growth in the market.
Additionally, the average spending per capita in the Health insurance market market is estimated to be US$33.02 in 2024.
These figures demonstrate the financial significance of the Health insurance market sector in Estonia.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.47%.
This steady growth trajectory is projected to result in a market volume of US$51.66m by 2029.
This indicates the potential for further expansion and development within the Health insurance market market in Estonia.
In a global comparison, it is worth noting that the United States leads in terms of gross written premium, with an estimated value of US$1.7tn in 2024.
This underscores the United States' dominant position in the international Health insurance market market.
Estonia's health insurance market is witnessing a growing trend towards digitalization, with the majority of insurers offering online services and telemedicine options.

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 Estonia has shown significant growth and development. Customer preferences in the Health insurance market in Estonia are shifting towards more comprehensive coverage options that include a wide range of medical services. Customers are increasingly looking for personalized insurance plans that cater to their specific healthcare needs and offer additional benefits such as wellness programs and telemedicine services. Trends in the market indicate a growing demand for digital health solutions and online insurance services in Estonia. Insurers are leveraging technology to streamline the insurance process, enhance customer experience, and offer innovative products that align with the digital lifestyle of consumers in the country. Additionally, there is a noticeable trend towards increased competition among insurance providers, leading to more affordable premiums and better coverage options for customers. Local special circumstances in Estonia, such as the country's small population and high internet penetration rate, have contributed to the growth of the Health insurance market. The relatively small market size has encouraged insurers to focus on niche segments and tailor their products to meet the specific needs of Estonian consumers. Furthermore, the widespread use of digital technologies in Estonia has created opportunities for insurers to reach customers through online channels and offer convenient, tech-savvy solutions. Underlying macroeconomic factors, including Estonia's stable economic growth and rising disposable incomes, have also played a role in driving the development of the Health insurance market. As the economy continues to expand, more individuals and families are able to afford health insurance coverage, leading to an increase in market penetration and overall demand for insurance products in the country. Additionally, the government's efforts to promote private healthcare services and reduce pressure on the public healthcare system have further stimulated the growth of the Health insurance market in Estonia.

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.