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.
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