Health insurance - Morocco | Statista Market Forecast

The Health insurance market market in Morocco is expected to reach a projected market size (gross written premium) of US$1.26bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$32.86 in 2024.
With an annual growth rate (CAGR 2024-2029) of 7.25%, the gross written premium is anticipated to result in a market volume of US$1.78bn by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium of US$1.7tn in 2024.
Moroccan health insurance market is witnessing a growing demand for comprehensive coverage plans to address increasing healthcare costs and ensure access to quality medical services.

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 Morocco is experiencing significant growth and development.

Customer preferences: Customers in Morocco are increasingly seeking health insurance coverage to mitigate the rising costs of healthcare services. With a growing awareness of the importance of health and well-being, individuals are looking for comprehensive insurance plans that provide access to quality medical facilities and services.

Trends in the market: One of the key trends in the health insurance market in Morocco is the introduction of innovative insurance products tailored to meet the specific needs of different customer segments. Insurers are offering a variety of plans with varying coverage levels, including basic packages for essential healthcare needs and premium packages with additional benefits such as international coverage and wellness programs. Moreover, there is a notable trend towards digitalization in the health insurance sector, with an increasing number of insurers offering online platforms for purchasing policies, accessing healthcare providers, and managing claims. This digital transformation is not only enhancing customer convenience but also improving operational efficiency for insurance companies.

Local special circumstances: In Morocco, the government plays a significant role in shaping the health insurance market. The introduction of mandatory health insurance for certain groups, such as public sector employees, has increased the overall penetration of health insurance in the country. Additionally, ongoing healthcare reforms and initiatives aimed at improving the quality and accessibility of healthcare services are driving the demand for health insurance among the population.

Underlying macroeconomic factors: The growing middle class and increasing urbanization in Morocco are contributing to the expansion of the health insurance market. As more individuals move to urban areas and experience rising incomes, there is a greater ability and willingness to invest in health insurance as a means of safeguarding against unexpected medical expenses. Furthermore, favorable regulatory policies and a competitive insurance landscape are fostering innovation and growth in the sector.

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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