Market Insights Financial Insurances Non-life insurances

Health insurance - Laos

Laos

In 2024, the projected market size (gross written premium) of the Health insurance market market in Laos is expected to reach US$2.41m.
The average spending per capita in the Health insurance market market is estimated to be US$0.31 in the same year.
Looking ahead, the gross written premium is anticipated to exhibit a compound annual growth rate (CAGR 2024-2028) of 9.14%, resulting in a market volume of US$3.42m by 2028.
It is worth noting that, in comparison to other countries worldwide, the United States is expected to generate the highest gross written premium in 2024, amounting to US$1,607.0bn.
In Laos, the demand for health insurance is on the rise due to increasing awareness about the importance of healthcare coverage.

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Analyst Opinion

Over the past few years, the Health insurance market in Laos has been experiencing steady growth and development. Customer preferences in Laos show a growing demand for health insurance coverage due to increasing awareness about the importance of healthcare and financial protection. Customers are increasingly seeking comprehensive health insurance plans that cover a wide range of medical services and offer financial security in case of unexpected health issues. Trends in the market indicate a shift towards digitalization and innovation in health insurance products and services. Insurers in Laos are leveraging technology to streamline processes, improve customer experience, and offer more personalized insurance solutions. Additionally, there is a trend towards partnerships between insurance companies and healthcare providers to enhance service delivery and provide better value to customers. Local special circumstances in Laos, such as a growing middle class and improving healthcare infrastructure, are driving the expansion of the health insurance market. As disposable incomes rise and access to quality healthcare services improves, more individuals and families are opting for health insurance to safeguard their well-being and financial stability. Underlying macroeconomic factors, including stable economic growth and government initiatives to promote the insurance sector, are also contributing to the development of the health insurance market in Laos. As the economy continues to grow and regulatory frameworks become more robust, the health insurance industry is expected to further expand and evolve to meet the changing needs of customers in the country.

Methodology

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.