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.
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