Health insurance - Puerto Rico | Statista Market Forecast

The Health insurance market market in Puerto Rico is expected to reach a projected market size (gross written premium) of US$257.00m in 2024.
Furthermore, the average spending per capita in the Health insurance market market is estimated to be US$78.62 in the same year.
Looking ahead, the gross written premium is anticipated to experience an annual growth rate (CAGR 2024-2029) of 1.84%, leading to a market volume of US$281.60m by 2029.
In a global perspective, the United States is projected to generate the highest gross written premium of US$1.7tn in 2024.
Health insurance coverage in Puerto Rico is expanding to meet the growing demand for affordable healthcare services.

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

The Health insurance market in Puerto Rico is experiencing significant growth and transformation.

Customer preferences: Customers in Puerto Rico are increasingly seeking health insurance policies that offer comprehensive coverage at affordable prices. With the rising healthcare costs and uncertainties in the healthcare system, individuals and families are looking for insurance plans that provide a wide range of benefits and services, including coverage for pre-existing conditions and access to a network of healthcare providers.

Trends in the market: One notable trend in the Puerto Rican health insurance market is the increasing popularity of managed care plans, such as Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). These plans offer cost-effective options for consumers while ensuring quality care and services. Additionally, there is a growing demand for supplemental insurance policies to cover gaps in primary coverage, such as dental, vision, and prescription drug benefits.

Local special circumstances: In Puerto Rico, the health insurance market is influenced by unique factors, such as the island's geographic location and its status as a territory of the United States. The local regulatory environment, including government healthcare programs and insurance regulations, plays a significant role in shaping the market dynamics. Additionally, the impact of natural disasters, such as hurricanes, can disrupt the healthcare system and drive changes in insurance coverage and policies.

Underlying macroeconomic factors: The economic conditions in Puerto Rico, including income levels, employment rates, and overall economic stability, have a direct impact on the health insurance market. As the economy continues to recover from past challenges, the demand for health insurance is expected to increase. Government initiatives and healthcare reforms also play a crucial role in shaping the market landscape and driving innovation in insurance 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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.