Health insurance - Jordan | Statista Market Forecast

The Health insurance market market in Jordan is projected to reach a market size (gross written premium) of US$446.70m in 2024.
The average spending per capita in the Health insurance market market is expected to amount to US$39.23 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 2.48%, resulting in a market volume of US$505.00m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$1.7tn in 2024.
The demand for private health insurance in Jordan is on the rise due to the limited coverage provided by the public health system.

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 few years, the Health insurance market in Jordan has shown significant growth and development.

Customer preferences: Customers in Jordan are increasingly valuing health insurance as a means to secure access to quality healthcare services without facing financial burdens. With rising healthcare costs and the desire for better medical facilities, individuals and families are opting for health insurance plans to safeguard their well-being.

Trends in the market: One notable trend in the Jordanian health insurance market is the increasing demand for comprehensive coverage that includes not only basic medical services but also specialized treatments and wellness programs. Insurers are adapting to this trend by offering a wider range of coverage options to cater to diverse customer needs. Additionally, there is a growing interest in digital health solutions and telemedicine services, prompting insurance providers to incorporate these offerings into their plans.

Local special circumstances: In Jordan, the government plays a significant role in shaping the health insurance landscape. The introduction of mandatory health insurance for certain groups, such as expatriate workers, has expanded the market and encouraged competition among insurance providers. Moreover, cultural norms and traditions influence the type of health insurance coverage preferred by individuals and families in Jordan, with an emphasis on family-oriented plans that offer comprehensive benefits.

Underlying macroeconomic factors: The growth of the health insurance market in Jordan can be attributed to several macroeconomic factors, including the overall improvement in the country's healthcare infrastructure and the increasing awareness of the importance of health and well-being. Economic stability and a growing middle class have also contributed to the expansion of the health insurance sector, as more people are able to afford insurance premiums and seek better healthcare services. Additionally, regulatory reforms and government initiatives aimed at enhancing the quality of healthcare services have bolstered the confidence of consumers in the health insurance market.

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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