Health insurance - Sweden | Statista Market Forecast

The Health insurance market market in Sweden is expected to reach a projected market size (gross written premium) of US$921.00m in 2024.
In the same year, the average spending per capita in the Health insurance market market is estimated to be US$86.29.
Looking ahead, the gross written premium is anticipated to experience an annual growth rate (CAGR 2024-2029) of 3.17%.
This growth is projected to lead to a market volume of US$1.08bn by 2029.
In a global context, the United States is forecasted to generate the highest gross written premium in the Health insurance market market, amounting to US$1.7tn in 2024.
Sweden's health insurance market is characterized by a strong emphasis on preventive care and a high level of government involvement in providing universal coverage.

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

Over the past decade, the Health insurance market in Sweden has experienced significant growth and transformation.

Customer preferences: Swedish consumers are increasingly valuing health insurance plans that offer comprehensive coverage for a wide range of medical services, including preventative care, specialist consultations, and hospitalization. There is a growing demand for customizable insurance packages that cater to individual needs and preferences. Additionally, customers are showing a preference for digital solutions that provide easy access to healthcare services and streamline the claims process.

Trends in the market: One notable trend in the Swedish health insurance market is the rise of private health insurance as a supplement to the public healthcare system. As waiting times for certain medical procedures in the public sector have increased, individuals are turning to private insurance to access quicker treatment and specialized care. Moreover, there is a growing trend of employers offering health insurance as part of their employee benefits package, further driving the market growth.

Local special circumstances: Sweden's universal healthcare system, which is funded through taxes and provides high-quality care to all residents, influences the dynamics of the health insurance market. The presence of a strong public healthcare system means that private health insurance is often viewed as a complement rather than a substitute. Additionally, the country's aging population and increasing healthcare costs are shaping the demand for health insurance products tailored to the needs of older individuals.

Underlying macroeconomic factors: The overall economic stability and high standard of living in Sweden contribute to the willingness of individuals to invest in health insurance. As disposable incomes rise, more people can afford to purchase private health insurance to supplement their healthcare needs. Furthermore, the government's efforts to promote competition and innovation in the healthcare sector are driving the development of new insurance products and services in the market.

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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