Health insurance - Kazakhstan | Statista Market Forecast

The Health insurance market market in Kazakhstan is projected to reach a market size (gross written premium) of US$68.01m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$3.43 in 2024.
Furthermore, the gross written premium is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 0.96%, resulting in a market volume of US$71.33m by 2029.
When compared globally, the United States is anticipated to generate the highest gross written premium of US$1.7tn in 2024.
The health insurance market in Kazakhstan has seen a surge in demand due to increased awareness and government initiatives.

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 Kazakhstan is experiencing significant growth and evolution.

Customer preferences: Customers in Kazakhstan are increasingly valuing health insurance as a means of ensuring access to quality healthcare services. With rising incomes and awareness about the importance of health and well-being, individuals are seeking comprehensive health insurance coverage to safeguard themselves and their families.

Trends in the market: One notable trend in the Kazakhstani health insurance market is the shift towards more personalized and tailored insurance products. Insurers are diversifying their offerings to cater to different demographics and needs, such as specialized plans for seniors or young families. Additionally, there is a growing emphasis on digitalization and online platforms for purchasing and managing health insurance policies, making the process more convenient for customers.

Local special circumstances: The unique demographic composition of Kazakhstan, with a relatively young population and increasing life expectancy, is influencing the health insurance market. As the healthcare needs of the population evolve, there is a growing demand for innovative insurance solutions that address specific health concerns and promote preventive care. Moreover, the government's focus on healthcare reforms and universal coverage is shaping the regulatory environment and driving changes in the insurance sector.

Underlying macroeconomic factors: The overall economic growth and stability in Kazakhstan are supporting the expansion of the health insurance market. As the country's economy develops and healthcare infrastructure improves, more individuals are able to afford health insurance and are willing to invest in their well-being. Additionally, the increasing prevalence of chronic diseases and the rising cost of medical treatments are driving the demand for comprehensive health insurance coverage among the population.

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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