Health insurance - Ireland | Statista Market Forecast

The Health insurance market market in Ireland is projected to reach a market size (gross written premium) of US$3.23bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$635.30 in 2024.
It is expected that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 1.14%, resulting in a market volume of US$3.42bn by 2029.
When compared globally, the United States is anticipated to generate the highest gross written premium of US$1.7tn in 2024.
In Ireland, the trend in the health insurance market is a growing demand for comprehensive coverage and personalized plans.

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 Ireland has been experiencing significant growth and development in recent years. Customer preferences in the Irish health insurance market have been shifting towards more comprehensive coverage options that offer a wide range of benefits and services. Customers are increasingly looking for tailored insurance plans that cater to their specific needs, such as coverage for specialist consultations, alternative therapies, and wellness programs. Trends in the market indicate a rise in the popularity of digital health insurance platforms that provide easy access to information, online claims processing, and virtual consultations with healthcare providers. This trend aligns with global advancements in technology and the increasing demand for convenient and efficient healthcare services. Local special circumstances in Ireland, such as a growing aging population and rising healthcare costs, have contributed to the expansion of the health insurance market. With an increasing focus on preventive care and wellness initiatives, insurance providers are adapting their offerings to meet the evolving needs of the population. Underlying macroeconomic factors, including regulatory changes and government initiatives to improve healthcare access and affordability, have also played a role in shaping the health insurance market in Ireland. The implementation of policies aimed at increasing competition among insurance providers and enhancing consumer protection has led to a more dynamic and competitive market landscape. Additionally, economic growth and rising disposable incomes have allowed more individuals to afford health insurance coverage, driving further market growth.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.