Over the past few years, the Health insurance market in Portugal has shown significant growth and development.
Customer preferences: Customers in Portugal are increasingly valuing the peace of mind and security that health insurance provides, especially in times of economic uncertainty. They are seeking comprehensive coverage that includes a wide range of medical services and treatments, as well as fast and efficient customer support.
Trends in the market: One noticeable trend in the Portuguese health insurance market is the rise of digital health solutions. Insurers are incorporating telemedicine services, online consultations, and health tracking apps into their offerings to meet the growing demand for convenient and accessible healthcare. Additionally, there is a shift towards personalized insurance plans that cater to the unique needs and preferences of individual policyholders.
Local special circumstances: Portugal's aging population is a significant factor driving the growth of the health insurance market. As the elderly population increases, there is a greater need for healthcare services, leading to higher demand for health insurance products. Moreover, the public healthcare system in Portugal faces challenges such as long waiting times and limited coverage, prompting individuals to turn to private health insurance for more timely and comprehensive care.
Underlying macroeconomic factors: The improving economic conditions in Portugal have contributed to the expansion of the health insurance market. With rising disposable incomes and a growing middle class, more individuals and families are able to afford health insurance premiums. Additionally, government initiatives to promote private sector involvement in healthcare have created a favorable environment for insurance companies to offer innovative products and services.
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.
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