Health insurance - Myanmar | Statista Market Forecast

The projected market size (gross written premium) of the Health insurance market market in Myanmar is expected to reach US$1.17m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$0.02 in 2024.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 18.49%, resulting in a market volume of US$2.74m by 2029.
In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium of US$1.7tn in 2024.
Myanmar's health insurance market is experiencing rapid growth as the country's healthcare system continues to develop and more individuals seek coverage for medical expenses.

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 Myanmar is experiencing a significant growth trajectory driven by various factors.

Customer preferences: Customers in Myanmar are increasingly recognizing the importance of health insurance as a means to safeguard their well-being and financial stability. With rising healthcare costs and a growing awareness of the benefits of insurance coverage, individuals and families are seeking comprehensive health insurance plans to ensure access to quality medical services without incurring high out-of-pocket expenses.

Trends in the market: One noticeable trend in the health insurance market in Myanmar is the emergence of innovative insurance products tailored to meet the specific needs of the local population. Insurers are introducing affordable health insurance packages that cover a wide range of medical services, including outpatient care, hospitalization, and specialized treatments. Additionally, there is a growing trend towards digitalization in the industry, with insurers leveraging technology to enhance customer experience, streamline claims processing, and improve overall operational efficiency.

Local special circumstances: Myanmar's health insurance market is also influenced by unique local circumstances, such as the country's evolving regulatory environment and infrastructure challenges. The government's efforts to promote universal health coverage and regulate the insurance sector are shaping the market landscape and driving insurers to innovate and expand their offerings. Moreover, the limited availability of healthcare facilities in certain regions of Myanmar underscores the importance of health insurance in providing access to quality medical services for the population.

Underlying macroeconomic factors: The growth of the health insurance market in Myanmar is further supported by positive macroeconomic factors, including steady economic development, rising disposable incomes, and a growing middle-class population. As more individuals and families move up the socioeconomic ladder, the demand for health insurance is expected to increase, driving market growth and attracting new players to the industry. Additionally, ongoing investments in the healthcare sector and improvements in healthcare infrastructure are contributing to the overall development of the health insurance market in Myanmar.

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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