Market Insights Financial Insurances Non-life insurances

Health insurance - Germany

Germany

The Health insurance market market in Germany is expected to reach a projected market size (gross written premium) of €54.33bn by 2024.
In the same year, the average spending per capita in the Health insurance market market is estimated to be €0.65k.
It is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2024-2029) of 3.52%, leading to a market volume of €64.58bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium in the Health insurance market market, amounting to €1,584.0bn in 2024.
Germany's health insurance market is characterized by a strong emphasis on social welfare and a high level of mandatory coverage.

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Analyst Opinion

Germany has one of the most comprehensive and well-established health insurance markets in Europe.

Customer preferences: Customers in Germany prioritize access to a wide network of healthcare providers and comprehensive coverage when selecting health insurance plans. They value transparency in pricing and benefits, as well as personalized customer service to address their specific healthcare needs.

Trends in the market: One notable trend in the German health insurance market is the increasing demand for digital health services and telemedicine. Insurers are adapting by offering online consultations, digital health apps, and remote monitoring solutions to cater to the evolving needs of customers. Additionally, there is a growing trend towards preventive care and wellness programs, with insurers focusing on promoting healthy lifestyles to reduce long-term healthcare costs.

Local special circumstances: Germany operates under a dual healthcare system, where residents can choose between statutory health insurance (SHI) and private health insurance (PHI). This unique system creates competition between the two sectors, leading to innovative offerings and competitive pricing. The presence of both SHI and PHI options gives customers the flexibility to select insurance plans that best suit their preferences and financial capabilities.

Underlying macroeconomic factors: The stability of the German economy and high employment rates contribute to the growth of the health insurance market. With a strong social welfare system and emphasis on quality healthcare, the demand for health insurance remains consistently high. Additionally, an aging population and increasing healthcare costs drive the need for innovative insurance products and services to ensure sustainable coverage for all demographics.

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.