Market Insights Financial Insurances Non-life insurances

Health insurance - Hungary

Hungary

The Health insurance market market in Hungary is expected to witness a substantial growth in the coming years.
According to projections, the market size (gross written premium) is expected to reach US$42.16m in 2024.
This indicates a positive trend in the demand for Health insurance market coverage among the Hungarian population.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$4.22 in 2024.
This metric provides an insight into the individual financial commitment towards Health insurance market coverage in Hungary.
Looking ahead, the Health insurance market market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 7.30%.
This growth trajectory is expected to result in a substantial increase in the market volume, reaching US$59.97m by 2029.
This projection indicates a promising outlook for the Health insurance market sector in Hungary.
In a global context, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to a staggering US$1,708.0bn.
This comparison highlights the significant scale and importance of the American Health insurance market when compared to other countries, including in Hungary.
As the Hungarian Health insurance market continues to evolve, it is crucial for industry stakeholders to closely monitor these trends and adapt their strategies accordingly.
Due to the recent healthcare reforms in Hungary, the demand for private health insurance has significantly increased among the population.

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Analyst Opinion

The Health insurance market in Hungary is experiencing significant growth and development.

Customer preferences: Customers in Hungary are increasingly seeking comprehensive health insurance coverage that includes a wide range of services such as preventive care, specialist consultations, and hospitalization benefits. They are also showing a preference for customizable insurance plans that cater to their specific healthcare needs and financial capabilities.

Trends in the market: One notable trend in the Hungarian health insurance market is the rising demand for digital health insurance solutions. Insurers are leveraging technology to offer online platforms for purchasing insurance, accessing healthcare services remotely, and managing claims efficiently. Additionally, there is a growing trend towards health and wellness programs that incentivize policyholders to adopt healthy lifestyles and preventive measures.

Local special circumstances: Hungary's health insurance market is influenced by the country's universal healthcare system, which provides basic coverage to all citizens. As a result, private health insurance serves as a supplementary option for those seeking faster access to specialized treatments, elective procedures, and higher quality care. The presence of both public and private healthcare providers creates a competitive environment that drives innovation and service quality in the insurance market.

Underlying macroeconomic factors: The development of the health insurance market in Hungary is also shaped by macroeconomic factors such as the aging population, increasing healthcare costs, and changing regulatory environment. As the population ages, there is a greater demand for healthcare services, leading individuals to seek additional coverage through private health insurance. Moreover, rising healthcare costs and evolving regulations are prompting insurers to adjust their offerings and pricing strategies to remain competitive in the market.

Methodology

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.