The Health insurance market in North Macedonia has been experiencing significant growth and development in recent years.
Customer preferences: Customers in North Macedonia are increasingly seeking comprehensive health insurance coverage to ensure financial protection against rising healthcare costs. They are looking for insurance plans that offer a wide range of benefits, including coverage for hospitalization, outpatient services, and prescription drugs. Additionally, there is a growing demand for health insurance policies that provide access to a network of quality healthcare providers.
Trends in the market: One of the key trends in the health insurance market in North Macedonia is the increasing adoption of digital technologies. Insurers are leveraging digital platforms to streamline the insurance process, enhance customer experience, and offer innovative health management tools. Moreover, there is a growing trend towards customization, with insurers developing tailored health insurance products to meet the diverse needs of customers. Another notable trend is the rising popularity of group health insurance plans, especially among employers looking to provide benefits to their employees.
Local special circumstances: North Macedonia's health insurance market is influenced by the country's healthcare system, which faces challenges such as limited funding and resources. As a result, there is a greater reliance on private health insurance to supplement the gaps in the public healthcare system. The regulatory environment also plays a significant role in shaping the health insurance market, with the government introducing reforms to improve access to healthcare services and enhance the quality of care.
Underlying macroeconomic factors: The growth of the health insurance market in North Macedonia is supported by favorable macroeconomic conditions, including stable economic growth and a rising middle-class population. As disposable incomes increase, more individuals and families are able to afford health insurance coverage, driving market expansion. Additionally, the government's focus on healthcare reforms and initiatives to promote universal health coverage is creating opportunities for insurers to expand their offerings and reach a wider customer base.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
