Market Insights Financial Insurances Non-life insurances

Health insurance - Malta

Malta

The Health insurance market market in Malta is expected to witness significant growth in the coming years.
The projected market size, in terms of gross written premium, is set to reach US$125.20m by 2024.
This indicates a positive trend and highlights the increasing importance of Health insurance market in the country.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$233.30 in 2024.
This figure reflects the amount that individuals are willing to invest in their healthcare coverage, emphasizing the value placed on Health insurance market in Malta.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 10.21%.
This robust growth rate is projected to result in a market volume of US$203.60m by 2029.
These numbers demonstrate the potential for expansion and development within the Health insurance market sector in Malta.
When considering the global landscape, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, amounting to a staggering US$1,708.0bn.
This showcases the significant scale of the Health insurance market the United States, highlighting its dominant position on the global stage.
In summary, the Health insurance market in Malta is set to witness substantial growth in the coming years, with the projected market size, average spending per capita, and annual growth rate indicating positive prospects for the industry.
Additionally, the global comparison highlights the United States as a key player in the Health insurance market.
Malta is experiencing a surge in demand for private health insurance due to limited public healthcare resources.

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Analyst Opinion

The Health insurance market in Malta has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Malta are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as coverage for hospitalization, outpatient services, and specialist consultations. There is a growing demand for health insurance plans that offer flexibility in choosing healthcare providers and access to high-quality medical facilities.

Trends in the market: One noticeable trend in the Maltese health insurance market is the rise of digital health insurance platforms, offering customers convenient access to information, policy management, and claims processing. Additionally, there has been a shift towards more personalized health insurance products tailored to individual needs and lifestyles. Insurers are also focusing on wellness programs and preventive care initiatives to promote a healthier population.

Local special circumstances: Malta's unique demographic profile, with an aging population and increasing life expectancy, is driving the demand for health insurance products. The government's efforts to strengthen the healthcare system and promote private sector participation have also contributed to the growth of the health insurance market in Malta. Additionally, the country's strong regulatory framework ensures consumer protection and fair competition among insurance providers.

Underlying macroeconomic factors: The growing economy in Malta, coupled with rising disposable incomes and a focus on healthcare quality, has led to an increase in healthcare spending and the uptake of health insurance products. The stability of the insurance market and the presence of both local and international insurance companies have created a competitive environment that benefits customers with a variety of options to choose from. Overall, the favorable macroeconomic conditions in Malta support the continued expansion and innovation in the health insurance market.

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.