Health insurance - Ghana | Statista Market Forecast

The Health insurance market market in Ghana is expected to reach a market size (gross written premium) of US$103.80m in 2024.
The average spending per capita in the Health insurance market market is projected to be US$2.98 in the same year.
With an annual growth rate (CAGR 2024-2029) of 5.52%, the gross written premium is predicted to increase, resulting in a market volume of US$135.80m by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium, amounting to US$1.7tn in 2024.
The introduction of the National Health Insurance Scheme in Ghana has significantly increased access to healthcare services for 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 Ghana is experiencing significant growth and development.

Customer preferences: Ghanaians are increasingly valuing the importance of health insurance as a means to access quality healthcare services without financial strain. The rising awareness of the benefits of health insurance coverage is driving more individuals and families to seek out suitable plans to safeguard their well-being.

Trends in the market: One notable trend in the Ghanaian health insurance market is the growing popularity of private health insurance providers. Many Ghanaians are opting for private insurers due to perceived better service quality and coverage options. Additionally, there is a noticeable shift towards more comprehensive health insurance plans that cover a wide range of medical services, including preventive care and specialized treatments.

Local special circumstances: The implementation of the National Health Insurance Scheme (NHIS) in Ghana has played a significant role in shaping the health insurance market. While the NHIS provides basic health coverage for citizens, there is a growing demand for additional private health insurance to supplement the limitations of the public scheme. This dual system has created a unique dynamic in the market, with individuals seeking a balance between NHIS benefits and private insurance advantages.

Underlying macroeconomic factors: The overall economic growth and stability in Ghana have contributed to the expansion of the health insurance market. As disposable incomes increase and the middle class expands, more people are able to afford health insurance premiums. Additionally, government initiatives to promote universal health coverage and regulate the insurance sector have instilled confidence in the market, attracting both consumers and insurers to participate in the growing industry.

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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