Health insurance - Togo | Statista Market Forecast

The Health insurance market market in Togo is expected to reach a projected market size (gross written premium) of US$98.99m in 2024.
The average spending per capita in the Health insurance market market is estimated to be US$10.69 in 2024.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 8.69%, resulting in a market volume of US$150.10m by 2029.
It is worth noting that in global comparison, the United States is projected to generate the highest gross written premium, amounting to US$1.7tn in 2024.
In Togo, the health insurance market is experiencing a surge in demand due to the government's efforts to improve healthcare access and affordability for its citizens.

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 Togo is experiencing significant growth and development.

Customer preferences: Customers in Togo are increasingly seeking health insurance coverage to mitigate the financial risks associated with healthcare expenses. With rising awareness about the importance of health and well-being, individuals are more inclined to invest in insurance policies that offer comprehensive coverage.

Trends in the market: One of the key trends in the health insurance market in Togo is the introduction of innovative insurance products tailored to the specific needs of the population. Insurance providers are offering flexible plans with a focus on preventative care and wellness benefits to attract more customers. Additionally, there is a growing trend towards digitalization in the industry, with the use of technology to streamline processes and improve access to healthcare services.

Local special circumstances: In Togo, the government has been taking steps to promote universal health coverage, which has created a favorable environment for the growth of the health insurance market. With initiatives aimed at expanding access to healthcare services and improving the overall health infrastructure, there is a growing recognition of the importance of health insurance as a means to achieve healthcare affordability and sustainability.

Underlying macroeconomic factors: The economic stability and growth in Togo have also played a significant role in the development of the health insurance market. As the economy continues to expand, there is a corresponding increase in disposable income levels, allowing more individuals to afford health insurance premiums. Moreover, regulatory reforms and favorable government policies have further supported the growth of the health insurance sector in the country.

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.