Health insurance - Moldova | Statista Market Forecast

The Health insurance market market in Moldova is projected to reach a market size (gross written premium) of US$2.58m in 2024.
The average spending per capita in the Health insurance market market is expected to amount to US$0.78 in 2024.
Furthermore, the gross written premium is anticipated to display an annual growth rate (CAGR 2024-2029) of 7.57%, resulting in a market volume of US$3.72m by 2029.
In a global comparison, the United States is expected to generate the highest gross written premium of US$1.7tn in 2024.
The Moldovan health insurance market is experiencing a shift towards more comprehensive coverage options and a focus on preventive care.

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 Moldova is experiencing significant growth and development.

Customer preferences: Customers in Moldova are increasingly seeking health insurance coverage to ensure access to quality healthcare services without financial burden. With rising awareness about the importance of health and well-being, individuals are prioritizing insurance plans that offer comprehensive coverage for medical expenses.

Trends in the market: One notable trend in the Moldovan health insurance market is the increasing demand for customizable insurance packages that cater to the specific needs of customers. Insurers are responding to this trend by offering flexible plans that allow individuals to select coverage options based on their requirements. Moreover, there is a growing trend of digitalization in the health insurance sector, with insurers leveraging technology to streamline processes and improve customer experience.

Local special circumstances: In Moldova, the health insurance market is influenced by the country's healthcare system, which faces challenges such as limited funding and infrastructure. As a result, private health insurance plays a crucial role in complementing the public healthcare system and providing individuals with access to a wider range of healthcare services. The government's initiatives to promote private health insurance and regulate the market also impact the dynamics of the industry.

Underlying macroeconomic factors: The growth of the health insurance market in Moldova is supported by favorable macroeconomic conditions, including stable economic growth and increasing disposable income levels. As individuals have more financial resources at their disposal, they are more inclined to invest in health insurance to safeguard their well-being. Additionally, regulatory reforms and initiatives aimed at improving the overall healthcare system in the country contribute to the positive trajectory of the health insurance market.

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.

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