Over the past few years, the Health insurance market in Kenya has seen significant growth and development.
Customer preferences: Customers in Kenya are increasingly valuing the peace of mind and financial security that health insurance provides, leading to a growing demand for health insurance products. With rising healthcare costs and an increasing awareness of the importance of health and wellness, individuals and families are looking for comprehensive insurance coverage to safeguard themselves against unforeseen medical expenses.
Trends in the market: One of the key trends in the Kenyan health insurance market is the emergence of innovative and tailored insurance products to cater to different segments of the population. Insurance providers are offering flexible plans that are affordable and cater to the specific needs of customers, such as outpatient cover, maternity benefits, and access to a wide network of healthcare providers. Moreover, there is a growing trend of digitalization in the industry, with insurers leveraging technology to improve customer experience, streamline processes, and offer more personalized services.
Local special circumstances: In Kenya, the government has been actively promoting universal health coverage as part of its national development agenda. This focus on expanding access to healthcare services has created a conducive environment for the growth of the health insurance market. Additionally, the presence of a young and growing population with increasing disposable income levels has contributed to the rising demand for health insurance products in the country.
Underlying macroeconomic factors: The overall economic growth and stability in Kenya have played a significant role in driving the expansion of the health insurance market. As the economy continues to grow, more individuals and families are able to afford health insurance premiums, leading to an increase in market penetration. Furthermore, regulatory reforms and initiatives aimed at improving the efficiency and transparency of the insurance sector have also supported the growth of the health insurance market in Kenya.
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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