Market Insights Financial Insurances Non-life insurances

Health insurance - Europe

Europe

The Health insurance market market in Europe is expected to see significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach €215.30bn by 2024.
Additionally, the average spending per capita in the Health insurance market market is anticipated to amount to €255.10 in 2024.
Furthermore, the Health insurance market market is expected to maintain a steady annual growth rate (CAGR 2024-2029) of 3.32%.
This growth trajectory is projected to result in a market volume of €253.50bn by 2029.
In comparison to other countries globally, the United States is expected to generate the highest gross written premium in the Health insurance market market, reaching a staggering €1,584.0bn in 2024.
This highlights the significant market dominance of the United States in the Health insurance market sector.
In Europe, the health insurance market in Germany is characterized by a strong emphasis on comprehensive coverage and a high level of customer satisfaction.

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Analyst Opinion

Over the past few years, the Health insurance market in Europe has been experiencing significant growth and development.

Customer preferences: Customers in Europe are increasingly valuing comprehensive health insurance plans that cover a wide range of services, including preventive care, specialist consultations, and hospitalization. They are also showing a preference for digital solutions, such as telemedicine services and online claims processing, which provide convenience and accessibility.

Trends in the market: In countries like Germany and France, there is a growing trend towards private health insurance as individuals seek to supplement the coverage provided by the public health system. This trend is driven by factors such as long wait times for certain medical procedures in the public system and the desire for more personalized care. Additionally, there is a noticeable shift towards value-based insurance design, where insurers are focusing on improving health outcomes and reducing costs by incentivizing healthy behaviors among policyholders.

Local special circumstances: In the United Kingdom, the Health insurance market is influenced by the presence of the National Health Service (NHS), which provides free healthcare to residents. As a result, private health insurance is often viewed as a complement to the public system, covering services and treatments not available through the NHS, such as elective surgeries and shorter wait times for specialist appointments. This unique dynamic shapes the preferences of customers in the UK market.

Underlying macroeconomic factors: The overall economic stability and income levels in Europe play a significant role in the growth of the Health insurance market. As disposable incomes rise and individuals become more health-conscious, the demand for private health insurance increases. Moreover, regulatory changes and government initiatives aimed at improving healthcare access and quality also impact the development of the market across different European countries.

Methodology

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.