Health insurance - Greece | Statista Market Forecast

The Health insurance market market in Greece is expected to reach a projected market size (gross written premium) of US$330.80m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$32.11 in 2024.
The gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.82%, resulting in a market volume of US$418.60m by 2029.
In global comparison, the United States is projected to generate the highest gross written premium, amounting to US$1.7tn in 2024.
Greece's health insurance market is experiencing a surge in demand due to the country's aging population and increasing healthcare costs.

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

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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