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Health insurance - Montenegro

Montenegro

The Health insurance market market in Montenegro is expected to see a significant increase in its market size (gross written premium) by 2024, reaching a projected value of US$10.82m.
This indicates a positive trend in the country's Health insurance market sector.
Additionally, the average spending per capita in Montenegro's Health insurance market market is estimated to be US$17.28 in 2024, reflecting the level of individual investment in healthcare coverage.
Looking ahead, the Health insurance market market is anticipated to experience steady growth with an annual growth rate (CAGR 2024-2028) of 9.70%.
This growth trajectory is expected to result in a market volume of US$15.67m by 2028.
These figures demonstrate the potential for further development and expansion within Montenegro's Health insurance market sector, providing increased access to quality healthcare services for its population.
When comparing Montenegro's Health insurance market market on a global scale, it is noteworthy that the United States tops the list in terms of gross written premium.
In 2024, the United States is projected to generate a substantial gross written premium of US$1,607.0bn.
This indicates the dominance of the US market in terms of its scale and financial significance within the global Health insurance market industry.
Montenegro has seen a rise in demand for health insurance as the population increasingly prioritizes their healthcare needs.

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Analyst Opinion

In Montenegro, the Health insurance market is experiencing notable developments and trends.

Customer preferences: Customers in Montenegro are increasingly valuing health insurance as a means of securing access to quality healthcare services. With rising awareness about the importance of health and well-being, individuals are showing a growing interest in comprehensive health insurance coverage that offers a wide range of benefits.

Trends in the market: One key trend in the Montenegro health insurance market is the shift towards digitalization. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative insurance products tailored to the needs of the population. Additionally, there is a noticeable trend towards the inclusion of wellness programs and preventive care services in health insurance packages, reflecting a proactive approach to healthcare.

Local special circumstances: Montenegro's unique demographic profile and healthcare landscape are shaping the health insurance market in distinct ways. The country's aging population, coupled with an increasing prevalence of chronic diseases, is driving the demand for comprehensive health insurance coverage. Moreover, the presence of both public and private healthcare providers is influencing the dynamics of the health insurance market, with insurers adapting their offerings to cater to different healthcare systems.

Underlying macroeconomic factors: Economic stability and disposable income levels play a significant role in the development of the health insurance market in Montenegro. As the economy continues to grow and individuals have more purchasing power, the demand for health insurance is expected to rise. Furthermore, regulatory reforms and government initiatives aimed at improving the overall healthcare infrastructure are creating a conducive environment for the expansion of the health insurance sector in the country.

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.