Market Insights Financial Insurances Non-life insurances

Health insurance - Lebanon

Lebanon

The Health insurance market market in Lebanon is expected to witness significant growth in the coming years.
According to projections, the market size (gross written premium) is forecasted to reach US$1.02bn by 2024.
This indicates a positive trend in the demand for Health insurance market within the country.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$196.30 in 2024.
This figure highlights the importance of Health insurance market coverage among the population of Lebanon.
Looking ahead, it is anticipated that the gross written premium will continue to experience steady growth.
With an annual growth rate (CAGR 2024-2029) of 4.65%, the market volume is projected to reach US$1.28bn by 2029.
This demonstrates the increasing significance of Health insurance market in Lebanon's overall insurance industry.
In comparison to other countries, the United States leads in terms of gross written premium.
It is estimated that the United States will generate US$1,708.0bn in 2024, making it the largest contributor to the global Health insurance market.
These figures highlight the potential for growth and development within the Health insurance market sector in Lebanon.
As the demand for Health insurance market continues to rise, it is crucial for stakeholders to adapt to the evolving market dynamics and provide comprehensive coverage options to meet the needs of the population.
The health insurance market in Lebanon is witnessing a surge in demand due to the country's aging population and increasing healthcare costs.

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Analyst Opinion

Over the past few years, the Health insurance market in Lebanon has been experiencing dynamic changes and developments.

Customer preferences: Lebanese customers are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services and treatments. They are also showing a growing interest in personalized insurance plans tailored to their specific healthcare needs and preferences.

Trends in the market: One noticeable trend in the Lebanese Health insurance market is the rise of digital health insurance platforms, offering convenient access to insurance products and services online. Another trend is the increasing popularity of employer-sponsored health insurance plans, as more companies in Lebanon are prioritizing employee well-being by providing comprehensive health coverage.

Local special circumstances: Lebanon's unique demographic profile, with a relatively young population and a high prevalence of chronic diseases, is shaping the Health insurance market in the country. The presence of a large number of expatriates in Lebanon is also influencing the demand for international health insurance coverage.

Underlying macroeconomic factors: The economic challenges facing Lebanon, including inflation and currency devaluation, are impacting the Health insurance market. As healthcare costs continue to rise, insurance providers are facing pressures to offer affordable yet comprehensive coverage options to meet the needs of the population. Additionally, regulatory changes and reforms in the healthcare sector are influencing the way health insurance products are structured and marketed in Lebanon.

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.