Market Insights Financial Insurances Non-life insurances

Health insurance - Mozambique

Mozambique

In Mozambique, the Health insurance market market is anticipated to witness a significant growth in the coming years.
The market size, measured by its gross written premium, is projected to reach US$17.21m in 2024.
This indicates a positive trend in the demand for Health insurance market coverage within the country.
Furthermore, the average spending per capita in the Health insurance market market is expected to amount to US$0.49 in 2024.
This indicates the level of financial commitment individuals are willing to make towards their Health insurance market coverage.
Looking ahead, the gross written premium in the Health insurance market market is predicted to exhibit an annual growth rate, specifically a Compound Annual Growth Rate (CAGR) of 7.28% between 2024 and 2028.
This growth rate translates into a market volume of US$22.80m by the year 2028.
This signifies a positive outlook for the Health insurance market sector in Mozambique, with an increasing number of individuals recognizing the importance of having health coverage.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium in the Health insurance market market, reaching a staggering US$1,607.0bn in 2024.
This highlights the significant scale of the market the United States compared to other countries, including in Mozambique.
In Mozambique, the health insurance market is experiencing significant growth as more individuals seek financial protection against rising healthcare costs.

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Analyst Opinion

The Health insurance market in Mozambique is experiencing significant growth and development.

Customer preferences: Customers in Mozambique are increasingly valuing the security and peace of mind that health insurance provides, especially as the healthcare costs continue to rise. They are looking for comprehensive coverage that includes a wide range of medical services and treatments to ensure their well-being.

Trends in the market: One of the prominent trends in the Mozambican health insurance market is the increasing demand for tailored insurance products that cater to specific medical needs. Insurers are adapting by offering specialized plans that cover critical illnesses, maternity care, and outpatient services. Additionally, there is a growing trend towards digitalization in the sector, with more insurance companies providing online platforms for easy access to information and services.

Local special circumstances: Mozambique's health insurance market is also influenced by local factors such as the country's healthcare infrastructure and access to quality medical facilities. Limited public healthcare services drive individuals towards private insurance options for better treatment and faster service. Moreover, the rising middle-class population in urban areas is fueling the demand for health insurance as people seek better healthcare options.

Underlying macroeconomic factors: The growth of the health insurance market in Mozambique is closely tied to the overall economic development of the country. As the economy continues to expand, disposable incomes are increasing, allowing more individuals to afford health insurance. Additionally, government initiatives to improve the healthcare system and regulations supporting the insurance industry are further driving the market growth.

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.