Over the past decade, the Health insurance market in Greece has experienced significant growth and transformation.
Customer preferences: Customers in Greece are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as access to private healthcare facilities, specialist consultations, and coverage for expensive medical treatments. There is a growing demand for health insurance plans that offer flexibility in choosing healthcare providers and services.
Trends in the market: One notable trend in the Greek health insurance market is the rise of digital health insurance platforms that offer convenient access to insurance products and services. Insurtech companies are leveraging technology to streamline the insurance application process, facilitate online claims management, and provide personalized health and wellness solutions to policyholders. Additionally, there is a growing trend towards employer-sponsored health insurance schemes as companies look to attract and retain talent by offering comprehensive health benefits to their employees.
Local special circumstances: The economic challenges faced by Greece in recent years have had a significant impact on the health insurance market. High unemployment rates and economic uncertainty have led individuals to prioritize health insurance coverage as a means of ensuring access to quality healthcare services. Moreover, the Greek government has implemented healthcare reforms aimed at improving the efficiency and sustainability of the healthcare system, which has influenced the landscape of the health insurance market.
Underlying macroeconomic factors: The economic recovery and stability in Greece have played a crucial role in driving the growth of the health insurance market. As disposable incomes have increased and consumer confidence has improved, individuals are more willing to invest in health insurance to safeguard their health and well-being. Furthermore, demographic factors such as an aging population and increasing prevalence of chronic diseases have contributed to the rising demand for health insurance products in Greece.
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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