Health insurance - Russia

Russia

Highlights

The Health insurance market market in Russia is expected to see significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach US$2.41bn.
This indicates a rising demand for Health insurance market coverage in the country.
In addition, the average spending per capita in the Health insurance market market is estimated to be US$16.73 in 2024.
This suggests that individuals in Russia are willing to invest in their health and well-being.
Looking ahead, the Health insurance market market is anticipated to continue its growth trajectory.
With an annual growth rate (CAGR 2024-2029) of 1.38%, the gross written premium is expected to reach US$2.58bn by 2029.
This indicates a positive trend in the market and reflects the increasing importance of Health insurance market in Russia.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium in the Health insurance market market.
In 2024, the United States is expected to reach an impressive US$1.7tn.
This highlights the significant size and influence of the American Health insurance market.
Overall, the Health insurance market market in Russia is poised for growth and is expected to contribute to the overall expansion of the global Health insurance market industry.
The Russian health insurance market is experiencing a growing demand for comprehensive coverage plans among middle-class individuals.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Over the past few years, the Health insurance market in Russia has been experiencing significant growth and development.

Customer preferences: Customers in Russia are increasingly valuing health insurance as a means to secure access to quality healthcare services. With rising healthcare costs and an aging population, individuals are looking for comprehensive insurance coverage that can provide financial protection in case of medical emergencies. Moreover, there is a growing awareness among the population about the benefits of preventive healthcare, leading to an increased demand for health insurance policies that cover regular check-ups and screenings.

Trends in the market: One of the key trends in the Russian health insurance market is the shift towards digitalization. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative insurance products. Additionally, there is a growing trend towards customization, with insurers providing tailored insurance solutions to meet the specific needs of different customer segments. This personalization of insurance offerings is driving customer satisfaction and loyalty in the market.

Local special circumstances: Russia has a unique demographic profile, with a large population spread across a vast geographical area. This diversity presents challenges in terms of healthcare access and delivery, making health insurance a crucial tool in bridging the gap between urban and rural healthcare services. Furthermore, the regulatory environment in Russia is evolving, with the government taking steps to promote the growth of the health insurance market and ensure the financial sustainability of insurers.

Underlying macroeconomic factors: The growth of the health insurance market in Russia is also influenced by macroeconomic factors such as GDP growth, inflation rates, and government healthcare expenditure. As the economy continues to stabilize and incomes rise, more individuals are able to afford health insurance coverage. Moreover, government initiatives to improve the overall healthcare infrastructure and services are creating opportunities for private insurers to expand their market presence and offer innovative insurance products to a wider customer base.

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.