Africa's health insurance market size is anticipated to reach USD 50.3 billion by 2030. The market is expected to expand at a CAGR of 5.26% from 2023 to 2030. The advantages of healthcare insurance in private and public sectors and the increase in the number of day care procedures are some of the factors driving the growth. Furthermore, an increase in healthcare expenditure is also a major factor propelling this growth.
Improving accessibility through expanded distribution and digital innovation is a major factor driving the regional market growth.In Africa, the transition to digital channels is already underway, and with it, new demands for service quality. Many insurers are currently beginning to digitize customer journeys.This trend has been accelerated by the COVID-19 epidemic, which has increased demand for digital and remote channels. It is anticipated that this trend will continue after the crisis. In several African nations, there will probably be a net rise in online and mobile banking of between 20 and 40 percent post-crisis.
Furthermore, key companies in the Africa health insurance industry undertake various strategic initiatives such as introducing new policies, partnerships, mergers, and acquisitions to expand and adoption of their insurance policies in the region. For instance, in June 2022, Santam acquired a South African insurance startup, JaSure.JaSure provides customers with digital insurance, which allows them to decide what they want to insure and when. This initiative was expected to strengthen the company’s position in the market.
Moreover, in July 2023, Sanlam entered into a partnership with Aetna Internationalto offer Africa’s most comprehensive health insurance plan. This new insurance plan will provide a wide range of advantages, a sizable direct billing medical network, adaptable payment alternatives, and improved member experiences with local in-country assistance.
Collaboration with governing agencies and regulatory organizations to help shape and boost the market’s growth. Many African nations are already taking advantage of new legislation, which has shown to be an expanded role of broader insurance penetration.The opportunity for insurers to work with regulators on issues like social security, solvency, and compliance requirements, as well as the tax advantages of life savings and pension products, is substantial.
On the other hand, because of the need for specialist risk-management capabilities and significant investment in security and information collecting, which has left the business fragmented and dependent on foreign investment, market penetration for life insurance has been gradual. The major market share of the continent's health insurance industry is made up of five nations: South Africa, Namibia, Kenya, Morocco, and Egypt.
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Improving accessibility through expanded distribution and digital innovation is a major factor driving the regional market growth.In Africa, the transition to digital channels is already underway, and with it, new demands for service quality. Many insurers are currently beginning to digitize customer journeys.This trend has been accelerated by the COVID-19 epidemic, which has increased demand for digital and remote channels. It is anticipated that this trend will continue after the crisis. In several African nations, there will probably be a net rise in online and mobile banking of between 20 and 40 percent post-crisis.
Furthermore, key companies in the Africa health insurance industry undertake various strategic initiatives such as introducing new policies, partnerships, mergers, and acquisitions to expand and adoption of their insurance policies in the region. For instance, in June 2022, Santam acquired a South African insurance startup, JaSure.JaSure provides customers with digital insurance, which allows them to decide what they want to insure and when. This initiative was expected to strengthen the company’s position in the market.
Moreover, in July 2023, Sanlam entered into a partnership with Aetna Internationalto offer Africa’s most comprehensive health insurance plan. This new insurance plan will provide a wide range of advantages, a sizable direct billing medical network, adaptable payment alternatives, and improved member experiences with local in-country assistance.
Collaboration with governing agencies and regulatory organizations to help shape and boost the market’s growth. Many African nations are already taking advantage of new legislation, which has shown to be an expanded role of broader insurance penetration.The opportunity for insurers to work with regulators on issues like social security, solvency, and compliance requirements, as well as the tax advantages of life savings and pension products, is substantial.
On the other hand, because of the need for specialist risk-management capabilities and significant investment in security and information collecting, which has left the business fragmented and dependent on foreign investment, market penetration for life insurance has been gradual. The major market share of the continent's health insurance industry is made up of five nations: South Africa, Namibia, Kenya, Morocco, and Egypt.
Africa Health Insurance Market Report Highlights
- Based on distribution channels, the brokers and individual agents dominated the market and accounted for the largest revenue share of over 67.54% in 2022. Brokers and agents serve as the client's long-term representatives for the duration of the policy about any changes
- Direct sales distribution channel is expected to hold a significant revenue share in the coming years owing to the high advantages of direct-to-consumer sales for insurance carriers
- Based on duration, the life-time coverage dominated in terms of revenue share in 2022 owing to the wide benefits offered by these insurance plans. The advantages include building tax-advantaged cash value, the same insurance premium for a lifetime
- By region, South Africa dominated the market in 2022. This is attributed to robust government support and the growing number of key players
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Table of Contents
Chapter 1 Africa Health Insurance Market: Methodology And Scope1.1 Market Segmentation
1.1.1 Segment Scope
1.1.2 Regional Scope
1.1.3 Estimates And Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 Internal Database
1.3.3 Secondary Sources
1.3.4 Primary Research
1.3.5 Details Of Primary Research
1.4 Information Or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis
1.6.1.1 Approach 1: Commodity Flow Approach
1.6.1.2 Approach 2: Country-Wise Market Estimation Using Bottom-Up Approach
1.6.1.3 Approach 2: Country-Wise Market Estimation Using Top-Down Approach
1.7 Global Market: CAGR Calculation
1.8 Regional Market: CAGR Calculation
1.9 List Of Secondary Sources
1.10 Objectives
1.10.1 Objective 1:
1.10.2 Objective 2:
1.11 List of Abbreviations
Chapter 2 Africa Health Insurance Market: Executive Summary
2.1 Africa Health Insurance: Market Outlook
2.2.1 Segment Outlook
2.2.2 Market Summary, 2022 (USD Billion)
Chapter 3 Africa Health Insurance Market: Industry Outlook
3.1 Market Lineage Outlook
3.1.1 Parent Market Lineage Outlook
3.1.2 Related/Ancillary Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 Advantages of Health Insurance Policies
3.3.1.2 Growing Healthcare Expenditure
3.3.1.3 Presence of Numerous Untapped Markets
3.3.2 Market restraint Analysis
3.3.2.1 Lack of knowledge of the advantages of health insurance
3.3.2.2 High insurance premium costs
3.4 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.5 Industry Analysis - Porter’s
3.7 Major Deals & Strategic Alliances
3.7.1 New Product Launch
3.7.2 Acquisition
3.7.3 Expansion
3.7.4 Partnerships
3.7.5 Marketing & Promotions
Chapter 4 Africa Health Insurance Market: Competitive Landscape
4.1 Recent developments & impact analysis, by key market participants
4.1.1 ANSOFF MATRIX
4.2 Company Categorization
4.2.1 Innovators
4.2.1.1 Market Differentiators
4.3 Vendor Landscape
4.3.1 List Of Key Distributors And Channel Partners
4.3.2 Key Customers
4.4 Public Companies
4.4.1 Competitive Dashboard Analysis
4.5 Private Companies
4.5.1 List Of Key Emerging Companies
4.6 Regional Network Map
Chapter 5 Africa Health Insurance Market: Duration Business Analysis
5.1 Africa Health Insurance Market: Duration Movement Analysis
5.2 Life-Time Coverage
5.2.1 Life-time coverage insurance market estimates and forecast, 2018 - 2030 (USD Billion)
5.3 Term Insurance
5.3.1 Term insurance market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 6 Africa Health Insurance Market: Distribution Channel Business Analysis
6.1 Africa Health Insurance Market: Distribution Channel Movement Analysis
6.2 Direct Sales
6.2.1 Direct sales insurance market estimates and forecast, 2018 - 2030 (USD Billion)
6.3 Brokers and Individual Agents
6.3.1 Brokers and individual agents insurance market estimates and forecast, 2018 - 2030 (USD Billion)
6.4 Bankers
6.4.1 Bankers insurance market estimates and forecast, 2018 - 2030 (USD Billion)
6.5 Others
6.5.1 Others insurance market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 7 Africa Health Insurance Market: Regional Business Analysis
7.1 Market Share Analysis by Country, 2022 & 2030
7.1.5 AFRICA
7.1.5.1 Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.2 South Africa
7.1.5.2.1 South Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.2.2 Key Country Dynamics
7.1.5.2.3 Target Disease Prevalence
7.1.5.2.4 Competitive Scenario
7.1.5.2.5 Regulatory Framework
7.1.5.2.6 Reimbursement Scenario
7.1.5.3 Francophone Africa
7.1.5.3.1 Francophone Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.3.2 Key Country Dynamics
7.1.5.3.3 Target Disease Prevalence
7.1.5.3.4 Competitive Scenario
7.1.5.3.5 Regulatory Framework
7.1.5.3.6 Reimbursement Scenario
7.1.5.4 Anglophone West Africa
7.1.5.4.1 Anglophone West Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.4.2 Key Country Dynamics
7.1.5.4.3 Target Disease Prevalence
7.1.5.4.4 Competitive Scenario
7.1.5.4.5 Regulatory Framework
7.1.5.4.6 Reimbursement Scenario
7.1.5.5 Southern Africa
7.1.5.5.1 Southern Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.5.2 Key Country Dynamics
7.1.5.5.3 Target Disease Prevalence
7.1.5.5.4 Competitive Scenario
7.1.5.5.5 Regulatory Framework
7.1.5.5.6 Reimbursement Scenario
7.1.5.6 North Africa
7.1.5.6.1 North Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.6.2 Key Country Dynamics
7.1.5.6.3 Target Disease Prevalence
7.1.5.6.4 Competitive Scenario
7.1.5.6.5 Regulatory Framework
7.1.5.6.6 Reimbursement Scenario
7.1.5.7 East Africa
7.1.5.7.1 East Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.7.2 Key Country Dynamics
7.1.5.7.3 Target Disease Prevalence
7.1.5.7.4 Competitive Scenario
7.1.5.7.5 Regulatory Framework
7.1.5.7.6 Reimbursement Scenario
7.1.5.8 Angola
7.1.5.8.1 Angola Africa market estimates and forecast, 2018 - 2030 (USD Billion)
7.1.5.8.2 Key Country Dynamics
7.1.5.8.3 Target Disease Prevalence
7.1.5.8.4 Competitive Scenario
7.1.5.8.5 Regulatory Framework
7.1.5.8.6 Reimbursement Scenario
Chapter 8 Critical Illness Insurance Market: Company Profiling
8.1 Company Profiles
8.1.1 Santam
8.1.1.1 Company overview
8.1.1.2 Financial performance
8.1.1.3 Product benchmarking
8.1.1.4 Strategic initiatives
8.1.2 Allianz Care
8.1.2.1 Company overview
8.1.2.2 Financial performance
8.1.2.3 Product benchmarking
8.1.2.4 Strategic initiatives
8.1.3 Cigna Global
8.1.3.1 Company overview
8.1.3.2 Financial performance
8.1.3.3 Product benchmarking
8.1.3.4 Strategic initiatives
8.1.4 Aetna International
8.1.4.1 Company overview
8.1.4.2 Financial performance
8.1.4.3 Product benchmarking
8.1.4.4 Strategic initiatives
8.1.5 Globality Health
8.1.5.1 Company overview
8.1.5.2 Financial performance
8.1.5.3 Product benchmarking
8.1.5.4 Strategic initiatives
8.1.6 Bupa Global
8.1.6.1 Company overview
8.1.6.2 Financial performance
8.1.6.3 Product benchmarking
8.1.6.4 Strategic initiatives
8.1.7 Clements Worldwide
8.1.7.1 Company overview
8.1.7.2 Financial performance
8.1.7.3 Product benchmarking
8.1.7.4 Strategic initiatives
8.1.8 Global Underwriters
8.1.8.1 Company overview
8.1.8.2 Financial performance
8.1.8.3 Product benchmarking
8.1.8.4 Strategic initiatives
8.1.9 IMG
8.1.9.1 Company overview
8.1.9.2 Financial performance
8.1.9.3 Product benchmarking
8.1.9.4 Strategic initiatives
8.1.10 Insured Nomads
8.1.10.1 Company overview
8.1.10.2 Financial performance
8.1.10.3 Product benchmarking
8.1.10.4 Strategic initiatives
8.2 List of Other Key Players
List of Tables
Table 1 Information Procurement
TABLE 2 List of Secondary Sources
TABLE 3 List of Abbreviations
TABLE 4 Africa Health Insurance Market by Region, 2018 - 2030 (USD Billion)
TABLE 5 Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 6 Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 7 Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 8 Francophone Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 9 Francophone Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 10 Francophone Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 11 Anglophone West Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 12 Anglophone West Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 13 Anglophone West Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 14 Southern Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 15 Southern Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 16 Southern Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 17 North Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 18 North Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 19 North Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 20 East Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 21 East Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 22 East Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 23 Angola Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 24 Angola Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 25 Angola Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
TABLE 26 South Africa Health Insurance Market by Service Provider, 2018 - 2030 (USD Billion)
TABLE 27 South Africa Health Insurance Market by Distribution Channel, 2018 - 2030 (USD Billion)
TABLE 28 South Africa Health Insurance Market by Type of Insurance Provider, 2018 - 2030 (USD Billion)
List of Figures
Fig. 1 List of Secondary Sources
FIG. 2 Information Procurement
FIG. 3 Primary Research Pattern
FIG. 4 Market Research Approaches
FIG. 5 Value Chain-Based Sizing & Forecasting
FIG. 6 Market Formulation & Validation
FIG. 7 Health Insurance Market, Market Segmentation
FIG. 8 Market Driver Relevance Analysis (Current & Future Impact)
FIG. 9 Market Restraint Relevance Analysis (Current & Future Impact)
FIG. 10 Market Challenge Relevance Analysis (Current & Future Impact)
FIG. 11 Penetration & Growth Prospect Mapping
FIG. 12 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
FIG. 13 Porter’s Five Forces Analysis
FIG. 14 Market Penetration Vs Growth Prospect Mapping, 2021
FIG. 15 Regional Marketplace: Key Takeaways
FIG. 16 Africa Health Insurance Market for Life-Time Coverage, 2018 - 2030 (USD Billion)
FIG. 17 Africa Health Insurance Market for Term Insurance, 2018 - 2030 (USD Billion)
FIG. 18 Africa Health Insurance Market for Public Sector Insurers, 2018 - 2030 (USD Billion)
FIG. 19 Africa Health Insurance Market for Private Sector Insurers, 2018 - 2030 (USD Billion)
FIG. 20 Africa Health Insurance Market for Direct Sales, 2018 - 2030 (USD Billion)
FIG. 21 Africa Health Insurance Market for Brokers and Individual Agents, 2018 - 2030 (USD Billion)
FIG. 22 Africa Health Insurance Market for Bankers, 2018 - 2030 (USD Billion)
FIG. 23 Africa Health Insurance Market for Others, 2018 - 2030 (USD Billion)
FIG. 24 Regional Outlook, 2021 & 2030
FIG. 25 Francophone Africa Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 26 Anglophone West Africa Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 27 Southern Africa Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 28 North Africa Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 29 East Africa Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 30 Angola Health Insurance Market, 2018 - 2030 (USD Billion)
FIG. 31 st of Secondary Sources
FIG. 32 Information Procurement
FIG. 33 Market, 2018 - 2030 (USD Billion)
FIG. 34 South Africa Health Insurance Market, 2018 - 2030 (USD Billion)
Companies Mentioned
- Santam
- Allianz Care
- Cigna Global
- Aetna International
- Globality Health
- Bupa Global
- Clements Worldwide
- Global Underwriters
- IMG
- Insured Nomads
Methodology
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