Health insurance - Zimbabwe | Statista Market Forecast

The Health insurance market market in Zimbabwe is projected to reach a market size (gross written premium) of US$392.40m in 2024.
The average spending per capita in the Health insurance market market is expected to amount to US$23.05 in the same year.
With an annual growth rate (CAGR 2024-2029) of 0.03%, the gross written premium is forecasted to result in a market volume of US$393.00m by 2029.
When compared globally, the United States is expected to generate the highest gross written premium, reaching US$1.7tn in 2024.
In Zimbabwe, the health insurance market is witnessing a surge in demand due to the 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

The Health insurance market in Zimbabwe is experiencing a shift towards increased demand for comprehensive coverage and innovative insurance products.

Customer preferences: Customers in Zimbabwe are showing a growing interest in health insurance plans that offer a wide range of benefits, including coverage for hospitalization, outpatient services, and medication. There is a preference for customizable plans that cater to individual needs and provide value for money. Additionally, there is an increasing demand for wellness programs and preventive care services as part of health insurance packages.

Trends in the market: One of the notable trends in the Zimbabwean health insurance market is the rise of digital solutions and Insurtech companies. These companies are leveraging technology to streamline processes, improve customer experience, and offer more accessible insurance options to the population. Another trend is the collaboration between health insurance providers and healthcare providers to create integrated healthcare systems that offer seamless services to policyholders.

Local special circumstances: Zimbabwe's health insurance market is influenced by the country's healthcare system, which faces challenges such as limited access to quality healthcare facilities and medical professionals. As a result, the demand for private health insurance has been on the rise as individuals seek alternative options for reliable medical services. The market is also impacted by regulatory frameworks and government policies that shape the insurance landscape in the country.

Underlying macroeconomic factors: The development of the health insurance market in Zimbabwe is closely linked to the overall economic conditions in the country. Factors such as inflation rates, currency stability, and GDP growth play a significant role in shaping the affordability and accessibility of health insurance for the population. Economic stability and growth contribute to an increase in disposable income, which can drive the demand for health 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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