Market Insights Financial Insurances Non-life insurances

Health insurance - Southern Europe

Southern Europe

The Health insurance market market in Southern Europe is projected to reach a market size (gross written premium) of €26.47bn by 2024.
On average, individuals in Southern Europe are expected to spend €111.80 per capita on Health insurance market in 2024.
The market is anticipated to grow at an annual rate of 3.40% (CAGR 2024-2029), resulting in a market volume of €31.28bn 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 €1,568.0bn in 2024.
In Southern Europe, the health insurance market in Italy is experiencing a rise in demand for comprehensive coverage plans.

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Analyst Opinion

The Health insurance market in Southern Europe is experiencing a notable shift in dynamics driven by evolving customer preferences, market trends, and local special circumstances.

Customer preferences: Customers in Southern Europe are increasingly seeking health insurance coverage that offers comprehensive benefits and flexibility in choosing healthcare providers. There is a growing demand for personalized insurance plans that cater to individual needs and preferences. Additionally, there is a rising interest in wellness programs and preventive healthcare services among policyholders.

Trends in the market: In countries like Spain, Italy, and Greece, the health insurance market is witnessing a trend towards digitalization and innovation. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer new digital services such as telemedicine and health tracking apps. Moreover, there is a growing emphasis on value-based care and outcome-driven insurance models to improve healthcare quality and cost-effectiveness.

Local special circumstances: Southern Europe faces unique challenges in its health insurance market, including an aging population, increasing prevalence of chronic diseases, and disparities in healthcare access. Insurers are adapting their offerings to address these specific needs, such as introducing specialized plans for elderly populations and expanding coverage for chronic condition management. Furthermore, regulatory frameworks and healthcare infrastructure vary across countries, influencing the competitive landscape and product offerings in the market.

Underlying macroeconomic factors: The economic landscape in Southern Europe plays a significant role in shaping the health insurance market. Factors such as GDP growth, unemployment rates, and public healthcare expenditure impact the affordability and uptake of private insurance. Economic fluctuations and government policies can influence consumer confidence and purchasing power, affecting the demand for health insurance products. Insurers must navigate these macroeconomic factors to stay competitive and sustainable in 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.