Health insurance - Romania | Statista Market Forecast

The Health insurance market market in Romania is projected to reach a market size (gross written premium) of US$129.90m in 2024.
In the same year, the average spending per capita in the Health insurance market market is expected to amount to US$6.62.
Furthermore, the gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 7.49%, resulting in a market volume of US$186.40m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium, reaching US$1.7tn in 2024.
Romania's health insurance market is experiencing a surge in demand due to the increasing focus on preventive healthcare and rising healthcare costs.

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 Romania is experiencing significant growth and development, driven by various factors influencing consumer behavior and market dynamics.

Customer preferences: Consumers in Romania are increasingly prioritizing their health and well-being, leading to a growing demand for health insurance products. With rising awareness about the importance of health coverage and access to quality healthcare services, individuals are seeking comprehensive insurance plans that offer a wide range of benefits and coverage options.

Trends in the market: One notable trend in the Romanian health insurance market is the shift towards digitalization and technology integration. Insurers are leveraging digital platforms to offer convenient and efficient services to customers, such as online policy management, telemedicine consultations, and health tracking tools. This trend not only enhances the overall customer experience but also improves operational efficiency for insurance providers. Another trend shaping the market is the increasing popularity of customizable health insurance plans. Consumers are looking for flexibility in choosing coverage options that align with their specific healthcare needs and budget constraints. As a result, insurance companies are diversifying their product offerings to cater to individual preferences and requirements, thereby driving competition and innovation in the market.

Local special circumstances: Romania's healthcare system faces challenges in terms of accessibility and quality of services, prompting individuals to seek private health insurance as a means to ensure timely and adequate medical treatment. The public healthcare system's limitations have contributed to the growing reliance on private insurance for better healthcare outcomes and peace of mind. Moreover, the regulatory environment in Romania is evolving to promote transparency and consumer protection in the insurance sector. As the government introduces reforms to enhance market oversight and enforce compliance standards, insurers are adapting their practices to meet regulatory requirements and build trust among policyholders.

Underlying macroeconomic factors: Economic growth and increasing disposable incomes in Romania have bolstered the demand for health insurance among the population. With a growing middle class and rising awareness of financial planning, more individuals are willing to invest in insurance products to safeguard their health and financial well-being. This economic stability and upward mobility create a favorable environment for the expansion of the health insurance market in Romania.

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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