Health insurance - Georgia | Statista Market Forecast

The Health insurance market market in Georgia is projected to reach a market size (gross written premium) of US$60.75m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$16.34 in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 2.54%, which will result in a market volume of US$68.86m by 2029.
In global comparison, the United States is expected to generate the most gross written premium in 2024, with a value of US$1.7tn.
Georgia's health insurance market is experiencing a surge in demand due to the government's efforts to improve healthcare accessibility and affordability.

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 Georgia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Georgia are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services. There is a growing demand for customizable insurance plans that cater to individual needs and preferences. Additionally, customers are placing a higher emphasis on digital and online services for insurance management and claims processing.

Trends in the market: One notable trend in the Georgian health insurance market is the rise of innovative health insurance products that offer value-added services such as telemedicine consultations, wellness programs, and preventive health screenings. Insurers are also focusing on expanding their network of healthcare providers to offer a more extensive coverage and improve accessibility for policyholders. Moreover, there is a trend towards increased competition among insurance providers, leading to more affordable premiums and better coverage options for customers.

Local special circumstances: In Georgia, the health insurance market is influenced by the country's efforts to improve its healthcare system and increase access to quality medical services. The government's initiatives to promote health insurance coverage among the population have contributed to the market's growth. Additionally, the presence of a young and tech-savvy population in Georgia has driven the demand for digital health insurance solutions and online platforms for insurance purchases.

Underlying macroeconomic factors: The growing economy in Georgia has had a positive impact on the health insurance market, as rising incomes and improving living standards have made health insurance more affordable and accessible to a larger segment of the population. Furthermore, the increasing awareness of the importance of health and well-being has led to a higher demand for health insurance products, driving the overall growth of the market.

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.