Health insurance - Peru | Statista Market Forecast

The Health insurance market market in Peru is expected to reach a projected market size (gross written premium) of US$453.10m in 2024.
By that year, the average spending per capita in the Health insurance market market is estimated to be US$13.06.
Looking ahead, the gross written premium is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 3.97%, resulting in a market volume of US$550.50m by 2029.
Comparatively, the United States is anticipated to generate the highest gross written premium in the global market, with a projected amount of US$1.7tn in 2024.
Peru's health insurance market is experiencing a surge in demand due to the country's growing middle class and increased awareness of the importance of healthcare.

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 Peru has seen steady growth and development.

Customer preferences: Peruvian customers are increasingly valuing the security and peace of mind that health insurance provides, especially as the middle class continues to expand. With rising incomes, individuals are more willing to invest in comprehensive health coverage to protect themselves and their families from unexpected medical expenses.

Trends in the market: One notable trend in the Peruvian health insurance market is the increasing demand for specialized health insurance products tailored to specific demographics or health needs. This trend is driven by a growing awareness of the benefits of preventive care and the desire for more personalized healthcare solutions. Additionally, the market is seeing a rise in digital health insurance services, making it more convenient for customers to access and manage their policies.

Local special circumstances: In Peru, the health insurance market is influenced by the country's unique healthcare system, which consists of both public and private providers. This duality creates opportunities for health insurance companies to offer a range of products that complement the services available through the public system. Moreover, cultural factors play a role in shaping customer preferences, with Peruvians placing a high value on family health and well-being.

Underlying macroeconomic factors: The growth of the health insurance market in Peru is also supported by favorable macroeconomic conditions, including a stable economy and a growing population. As the country continues to experience economic development and urbanization, more individuals are seeking access to quality healthcare services, driving the demand for health insurance products. Additionally, regulatory reforms aimed at improving the efficiency and quality of healthcare services are contributing to the overall growth and competitiveness of the health insurance market in Peru.

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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