Health insurance - Oman | Statista Market Forecast

The Health insurance market market in Oman is projected to reach a market size (gross written premium) of US$319.00m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$67.67 in the same year.
The gross written premium is expected to grow annually at a rate of 6.39% (CAGR 2024-2029), resulting in a market volume of US$434.80m 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.
The demand for comprehensive health insurance coverage in Oman has risen significantly in recent years due to the country's expanding healthcare system and increased awareness of the importance of health insurance.

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

Over the past decade, the Health insurance market in Oman has witnessed significant growth and transformation.

Customer preferences: Customers in Oman are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as outpatient services, maternity care, and coverage for pre-existing conditions. This shift in preferences can be attributed to the rising awareness about the importance of health insurance and the desire for financial security in case of medical emergencies.

Trends in the market: One notable trend in the Health insurance market in Oman is the increasing adoption of digital technologies for insurance services. Insurers are leveraging digital platforms to offer convenient and efficient services to customers, such as online policy purchase, claims processing, and virtual consultations with healthcare providers. This trend is in line with global advancements in Insurtech and is aimed at enhancing customer experience and improving operational efficiency.

Local special circumstances: In Oman, the government plays a significant role in shaping the Health insurance market through regulations and initiatives aimed at expanding healthcare coverage to the population. The introduction of mandatory health insurance for expatriates and the implementation of the National Health Insurance scheme have contributed to the growth of the market. Additionally, the presence of a young and growing population in Oman is driving the demand for health insurance products and services.

Underlying macroeconomic factors: The economic stability and steady growth of Oman's economy have had a positive impact on the Health insurance market. As disposable incomes rise and living standards improve, more individuals and families are investing in health insurance to safeguard their well-being. Moreover, the increasing healthcare costs and the growing burden of non-communicable diseases in Oman are prompting people to prioritize health insurance as a means of managing healthcare expenses.

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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