Health insurance - Madagascar | Statista Market Forecast

The Health insurance market market in Madagascar is expected to reach a market size (gross written premium) of US$75.25m in 2024.
The average spending per capita in the Health insurance market market is projected to amount to US$2.42 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.94%, resulting in a market volume of US$120.90m by 2029.
It is noteworthy that in global comparison, the United States is projected to generate the highest gross written premium of US$1.7tn in 2024.
Madagascar's health insurance market is experiencing a surge in demand due to the increasing awareness of the importance of healthcare coverage among its population.

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 Madagascar is experiencing significant growth and development in recent years.

Customer preferences: Customers in Madagascar are increasingly seeking health insurance coverage to mitigate the high out-of-pocket expenses associated with healthcare services. With rising awareness about the importance of health and financial security, individuals are turning to health insurance as a means of safeguarding their well-being. Moreover, the demand for comprehensive coverage that includes a wide range of medical services and treatments is on the rise among the population.

Trends in the market: One notable trend in the Health insurance market in Madagascar is the emergence of innovative health insurance products tailored to the specific needs of the local population. Insurers are introducing flexible plans that cater to different income levels and provide access to quality healthcare services. Additionally, there is a growing trend towards digitalization in the industry, with the adoption of online platforms for policy management and claims processing, making health insurance more accessible and convenient for customers.

Local special circumstances: Madagascar's unique healthcare landscape, characterized by limited public healthcare infrastructure and a predominantly cash-based system, has contributed to the increasing demand for private health insurance. The lack of universal healthcare coverage has prompted individuals to seek alternative means of financing their medical expenses, driving the growth of the health insurance market in the country. Furthermore, the presence of a young and growing population with changing healthcare needs is shaping the dynamics of the market in Madagascar.

Underlying macroeconomic factors: The improving economic conditions in Madagascar, coupled with a growing middle-class population, are playing a crucial role in the expansion of the health insurance market. As disposable incomes increase, more individuals have the financial capacity to invest in health insurance plans, driving overall market growth. Additionally, regulatory reforms aimed at strengthening the insurance sector and promoting market competitiveness are creating a conducive environment for the development of health insurance in Madagascar.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.