Health insurance - Ukraine | Statista Market Forecast

The Health insurance market market in Ukraine is expected to reach a gross written premium of US$92.35m in 2024.
The average spending per capita in the Health insurance market market is projected to be US$2.43 in 2024.
It is anticipated that the gross written premium will experience an annual growth rate of 5.70% (CAGR 2024-2029), resulting in a market volume of US$121.80m by 2029.
Comparatively, the United States is projected to generate the highest gross written premium of US$1.7tn in 2024.
The health insurance market in Ukraine is experiencing a surge in demand due to increasing awareness about the importance of healthcare 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 few years, the Health insurance market in Ukraine has been experiencing significant growth and development. Customer preferences in the Ukrainian health insurance market are shifting towards more comprehensive coverage options that include a wide range of medical services. Customers are increasingly looking for insurance plans that not only cover basic healthcare needs but also offer additional benefits such as access to specialist care, wellness programs, and preventive services. One of the key trends in the Ukrainian health insurance market is the increasing adoption of digital solutions. Insurers are leveraging technology to streamline processes, improve customer experience, and offer innovative services such as telemedicine and online consultations. This trend is driven by the growing demand for convenient and accessible healthcare services among tech-savvy consumers. Local special circumstances in Ukraine, such as an aging population and rising healthcare costs, are also influencing the development of the health insurance market. As the population ages, there is a greater need for comprehensive health insurance coverage to address age-related health issues and ensure access to quality care. Additionally, the increasing cost of healthcare services is prompting more individuals to seek insurance coverage as a means of managing and mitigating healthcare expenses. Underlying macroeconomic factors, such as economic growth and increasing disposable income, are contributing to the growth of the health insurance market in Ukraine. As the economy expands and incomes rise, more people are able to afford health insurance premiums, driving overall market growth. Moreover, the government's efforts to improve healthcare infrastructure and services are also creating opportunities for insurers to expand their offerings and attract new customers. Overall, the Health insurance market in Ukraine is evolving to meet the changing needs and preferences of customers, driven by technological advancements, demographic shifts, and macroeconomic factors.

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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