Health insurance - Gambia | Statista Market Forecast

The Health insurance market market in Gambia is projected to reach a market size (gross written premium) of US$15.58m in 2024.
The average spending per capita in the Health insurance market market is expected to amount to US$5.48 in 2024.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 9.32%, resulting in a market volume of US$24.33m by 2029.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium, reaching US$1.7tn in 2024.
The health insurance market in Gambia is experiencing a surge in demand due to the increasing 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

The Health insurance market in Gambia is experiencing a steady growth with an increasing number of individuals opting for health insurance coverage.

Customer preferences: Customers in Gambia are increasingly valuing the security and peace of mind that comes with having health insurance coverage. With rising healthcare costs and a growing awareness of the importance of health and wellness, individuals are prioritizing health insurance to ensure access to quality medical care when needed.

Trends in the market: One notable trend in the Gambian health insurance market is the introduction of innovative health insurance products tailored to different customer segments. Insurers are offering flexible plans with varying coverage options to cater to the diverse needs and preferences of the population. Additionally, there is a growing trend of partnerships between health insurance providers and healthcare facilities to streamline the claims process and improve the overall customer experience.

Local special circumstances: In Gambia, the health insurance market is influenced by the country's healthcare infrastructure and the prevalence of out-of-pocket payments for medical services. As the government continues to invest in healthcare facilities and services, there is a growing opportunity for health insurance companies to expand their offerings and reach underserved populations. Moreover, cultural factors and traditional beliefs also play a role in shaping customer attitudes towards health insurance in Gambia.

Underlying macroeconomic factors: The growth of the health insurance market in Gambia is also supported by favorable macroeconomic conditions, including a stable economic environment and a gradual increase in disposable income levels. As more individuals and families have the financial means to afford health insurance, the market is expected to continue its positive trajectory. Additionally, regulatory reforms and initiatives to promote universal health coverage are further driving the development of the health insurance sector in Gambia.

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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