Market Insights Financial Insurances Non-life insurances

Health insurance - Lithuania

Lithuania

The Health insurance market market in Lithuania is projected to reach a market size (gross written premium) of US$86.64m in 2024.
The average spending per capita in the Health insurance market market is expected to amount to US$32.17 in the same year.
Looking ahead, the gross written premium is anticipated to have an annual growth rate (CAGR 2024-2029) of 6.36%, leading to a market volume of US$117.90m by 2029.
It is worth noting that, in global comparison, the United States is expected to generate the highest gross written premium, amounting to US$1,708.0bn in 2024.
Lithuania's health insurance market is witnessing a shift towards digital solutions to enhance accessibility and streamline the claims process.

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Analyst Opinion

In Lithuania, the Health insurance market is experiencing significant growth and development.

Customer preferences: Customers in Lithuania are increasingly valuing the peace of mind and financial security that health insurance provides. With rising awareness about the importance of healthcare and a growing middle-class population, more individuals and families are opting for health insurance coverage to ensure access to quality medical services when needed.

Trends in the market: One notable trend in the Lithuanian Health insurance market is the increasing demand for customizable insurance plans. Customers are seeking tailored solutions that suit their specific healthcare needs and budget constraints. Insurers are responding by offering a variety of coverage options and benefits to attract and retain customers in this competitive landscape.

Local special circumstances: Lithuania's Health insurance market is also influenced by the country's demographic trends. An aging population and a higher prevalence of chronic diseases are driving the need for comprehensive health insurance coverage. Additionally, the government's efforts to improve the healthcare system and encourage private sector participation are shaping the market dynamics in Lithuania.

Underlying macroeconomic factors: The overall economic stability and growth in Lithuania are playing a crucial role in the expansion of the Health insurance market. As disposable incomes increase and the standard of living improves, more individuals are willing to invest in health insurance as a way to safeguard their well-being. Moreover, regulatory developments and advancements in healthcare technology are further propelling the growth of the health insurance sector in Lithuania.

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.