Over the past few years, the Health insurance market in Sri Lanka has been experiencing significant growth and development.
Customer preferences: Customers in Sri Lanka are increasingly valuing health insurance as a means to secure their well-being and access quality healthcare services. With rising awareness about the importance of health coverage, individuals are more inclined to invest in insurance policies that offer comprehensive coverage for medical expenses.
Trends in the market: One noticeable trend in the Sri Lankan health insurance market is the shift towards more personalized and customizable insurance products. Insurance providers are adapting to the evolving needs of customers by offering tailored plans that cater to specific health concerns and preferences. Additionally, there is a growing trend of digitalization in the industry, with insurers leveraging technology to enhance customer experience and streamline processes.
Local special circumstances: Sri Lanka's rapidly aging population is contributing to the growth of the health insurance market, as elderly individuals are more likely to seek insurance coverage for healthcare needs. Moreover, the increasing prevalence of non-communicable diseases in the country is driving up the demand for health insurance among the population. The government's efforts to promote universal health coverage are also influencing the dynamics of the health insurance market in Sri Lanka.
Underlying macroeconomic factors: The overall economic growth and stability in Sri Lanka are playing a crucial role in the development of the health insurance market. As the country's economy continues to expand, more individuals are able to afford health insurance premiums, leading to an increase in market penetration. Additionally, regulatory reforms aimed at strengthening the insurance sector and enhancing consumer protection are creating a more conducive environment for the growth of the health insurance market in Sri Lanka.
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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