Health insurance - Panama | Statista Market Forecast

The Health insurance market market in Panama is expected to witness significant growth in the coming years.
By 2024, the market size (gross written premium) is projected to reach US$414.20m, indicating a promising outlook for the industry in the country.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$91.47 in 2024.
This highlights the importance and increasing demand for Health insurance market coverage among the population in Panama.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 2.88%.
This growth trajectory is expected to result in a market volume of US$477.30m by 2029, indicating sustained expansion within the sector.
In terms of global comparison, it is worth noting that the United States is projected to generate the highest gross written premium in 2024, reaching a staggering US$1.7tn.
This showcases the dominance of the US market in the Health insurance market industry on a global scale.
Panama's health insurance market is experiencing a surge in demand due to the country's rapidly aging population.

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 few years, the Health insurance market in Panama has witnessed significant growth and transformation.

Customer preferences: Panamanian customers are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services and benefits. They prioritize insurance plans that offer access to quality healthcare facilities and specialists, as well as coverage for critical illnesses and preventive care.

Trends in the market: One notable trend in the Panamanian health insurance market is the growing popularity of private health insurance plans among the middle and upper-income segments of the population. This shift can be attributed to rising healthcare costs and the desire for more personalized and efficient medical services. Additionally, there is an increasing demand for health insurance products that cater to specific demographics, such as seniors or expatriates residing in Panama.

Local special circumstances: Panama's unique geographic location and status as a regional hub for international business have contributed to the development of a diverse health insurance market. The presence of multinational companies and expatriates in the country has led to the introduction of specialized health insurance products that meet the needs of a multicultural population. Moreover, Panama's robust regulatory framework ensures consumer protection and promotes competition among insurance providers, driving innovation and product differentiation in the market.

Underlying macroeconomic factors: The steady economic growth and increasing disposable income levels in Panama have played a crucial role in driving the expansion of the health insurance market. As more individuals and families can afford health insurance coverage, the market experiences a surge in demand for various insurance products and services. Furthermore, the government's efforts to improve healthcare infrastructure and services have bolstered the overall attractiveness of health insurance as a means to access quality medical care in Panama.

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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