Market Insights Financial Insurances Non-life insurances

Health insurance - Israel

Israel

The Health insurance market market in Israel is expected to reach a projected market size (gross written premium) of €2.04bn in 2024.
The average spending per capita in the Health insurance market market in Israel is estimated to be €218.60 in 2024.
The gross written premium is anticipated to exhibit an annual growth rate of 4.32% (CAGR 2024-2029), resulting in a market volume of €2.52bn by 2029.
In comparison to other countries worldwide, 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.
Israel's health insurance market is characterized by a high level of government regulation and a strong emphasis on universal coverage.

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Analyst Opinion

Over the past decade, the Health insurance market in Israel has experienced significant growth and development.

Customer preferences: In Israel, customers are increasingly seeking comprehensive health insurance coverage that includes a wide range of medical services and treatments. There is a growing demand for personalized health insurance plans that cater to individual needs and preferences. Customers are also placing a higher emphasis on digital solutions and online services offered by health insurance providers, making convenience and accessibility key factors in their decision-making process.

Trends in the market: One of the notable trends in the Health insurance market in Israel is the rise of supplementary health insurance policies. These policies offer additional coverage beyond what is provided by the standard public health insurance system, allowing individuals to access specialized treatments and services. Another trend is the increasing focus on preventive care and wellness programs, with insurance companies offering incentives for policyholders to adopt healthier lifestyles and participate in health promotion activities.

Local special circumstances: Israel has a unique healthcare system characterized by a combination of public and private providers. The presence of private health insurance companies alongside the public health insurance system creates a competitive market environment that drives innovation and product differentiation. Additionally, Israel has a diverse population with varying healthcare needs, leading to the development of specialized health insurance products tailored to specific demographic groups.

Underlying macroeconomic factors: The growth of the Health insurance market in Israel can be attributed to several macroeconomic factors, including a rising GDP per capita and increasing healthcare expenditure per capita. As the economy continues to expand, individuals have more disposable income to spend on health insurance, driving market growth. Furthermore, the government's initiatives to promote private health insurance as a supplement to the public healthcare system have also contributed to the development of the market.

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.