The Latin America health insurance market size is anticipated to reach USD 131.1 billion by 2030. The market is expected to expand at a CAGR of 5.2% from 2023 to 2030. Increased government initiatives, increasing need for health insurance and related benefits, and increasing acceptance of private health and dental insurance in the Latin America region are all driving the market’s growth during the forecast period.
The COVID-19 pandemic has boosted awareness of the importance of insurance, with various Latin American nations' insurance businesses experiencing promising results. For instance, Puerto Rico had the greatest density (premiums per capita) indices, as reported by Fundación MAPFRE Canarias in its 2020 report.
Governments are encouraging private companies to offer more affordable insurance options in Latin America to protect individuals from unexpected healthcare costs and gain access to higher-quality care. These initiatives are expected to increase the adoption of private health plans and lead to growth in the demand for private health insurance.
For instance, according to Fundación MAPFRE Canarias' 2021 report ''The Latin American Insurance Market'' shows that Honduras and Costa Rica's health insurance premiums contributions experienced year-over-year growth of 15.23% and 12.09%, respectively, in 2021. Consequently, the market for private health insurance in Honduras and Costa Rica is anticipated to experience the fastest growth in the region over the forecast period.
Companies are entering the insurance sector, including the health insurance market, using mergers and acquisitions to capitalize on existing customers and increase revenue share. For instance, in January 2019, FID Peru SA acquired La Positiva Seguros, a notable insurance company in Peru. This acquisition would enable FID Peru SA to gain a larger market share and increase its revenue.
Furthermore, according to a 2015 article from The ILO's Impact Insurance Facility (Impact Insurance.org), La Positiva Seguros' insurance offering, which includes Rapi-seguro Cancer (health insurance for cancer diagnostics), has reached the rural areas owing to its distribution network, giving FID Peru SA a potential customer base to expand into as a result of this acquisition.
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The COVID-19 pandemic has boosted awareness of the importance of insurance, with various Latin American nations' insurance businesses experiencing promising results. For instance, Puerto Rico had the greatest density (premiums per capita) indices, as reported by Fundación MAPFRE Canarias in its 2020 report.
Governments are encouraging private companies to offer more affordable insurance options in Latin America to protect individuals from unexpected healthcare costs and gain access to higher-quality care. These initiatives are expected to increase the adoption of private health plans and lead to growth in the demand for private health insurance.
For instance, according to Fundación MAPFRE Canarias' 2021 report ''The Latin American Insurance Market'' shows that Honduras and Costa Rica's health insurance premiums contributions experienced year-over-year growth of 15.23% and 12.09%, respectively, in 2021. Consequently, the market for private health insurance in Honduras and Costa Rica is anticipated to experience the fastest growth in the region over the forecast period.
Companies are entering the insurance sector, including the health insurance market, using mergers and acquisitions to capitalize on existing customers and increase revenue share. For instance, in January 2019, FID Peru SA acquired La Positiva Seguros, a notable insurance company in Peru. This acquisition would enable FID Peru SA to gain a larger market share and increase its revenue.
Furthermore, according to a 2015 article from The ILO's Impact Insurance Facility (Impact Insurance.org), La Positiva Seguros' insurance offering, which includes Rapi-seguro Cancer (health insurance for cancer diagnostics), has reached the rural areas owing to its distribution network, giving FID Peru SA a potential customer base to expand into as a result of this acquisition.
Latin America Health Insurance Market Report Highlights
- Based on type, the private insurance segment is expected to grow rapidly over the forecast period due to the rising demand for covering increased healthcare costs
- Senior population and subsequent rise in healthcare costs have led to increased demand for its healthcare services, resulting in the seniors demographic segment dominating the market in 2022
- Brazil held the largest revenue share in 2022, attributed to the growing demand for insurance, increased government initiatives, and technological advances
- Costa Rica is anticipated to witness the fastest growth rate over the forecast period, due to the increasing adoption of private health insurance in the country
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Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation and Scope
1.2. Market Definitions
1.2.1. Type
1.2.2. Demographics
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased Database
1.4.2. Internal Database
1.4.3. Secondary Sources & Third-Party Perspectives
1.4.4. Primary Research
1.4.5. Details of Primary Research
1.5. Information Analysis
1.5.1. Data Analysis Models
1.6. Market Formulation & Data Visualization
1.6.1. Bottom-Up Market Estimation
1.7. Data Validation & Publishing
1.8. Latin America Health Insurance Market: CAGR Calculation
1.9. List of Abbreviations
1.10. Objectives
1.10.1. Objective - 1
1.10.2. Objective - 2
1.10.3. Objective - 3
1.10.4. Objective - 4
1.11. List of Secondary Sources
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segmental Snapshot
2.3. Competitive Insights Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Latin America Health Insurance Market - Market Dynamics
3.1.1. Market Driver Analysis
3.1.1.1. Increasing adoption of private health insurance
3.1.1.2. Increasing public and private organization initiatives
3.1.1.3. Rising aging population
3.1.1.4. Technological innovations - increased adoption of health assistance devices
3.1.2. Market Restraint Analysis
3.1.2.1. An increasingly complex regulated and high-cost private insurance premiums
3.2. Business Environmental Tools Analysis: Latin America Health Insurance Market
3.2.1. Porter’s Five Forces Analysis
3.2.2. PESTLE Analysis
3.3. Regulatory Framework
3.4. Covid-19 Impact Analysis
Chapter 4. Latin America Health Insurance Market: Type Estimates & Trend Analysis
4.1. Latin America Health Insurance Market, By Type: Key Takeaways
4.2. Latin America Health Insurance Market: Type Movement & Market Share Analysis, 2022 & 2030
4.3. Public
4.3.1. Public Market Estimates And Forecasts, 2018 - 2030 (USD Million)
4.4. Private
4.4.1. Private Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Latin America Health Insurance Market: Demographics Estimates & Trend Analysis
5.1. Latin America Health Insurance Market, By Demographics: Key Takeaways
5.2. Latin America Health Insurance Market: Demographics Movement & Market Share Analysis, 2022 & 2030
5.3. Seniors
5.3.1. Seniors Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
5.4. Adults
5.4.1. Adults Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
5.5. Minors
5.5.1. Minors Market Estimates And Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Latin America Health Insurance Market: Country Estimates & Trend Analysis
6.1. Latin America Health Insurance Market: Country Movement Analysis, 2022 & 2030
6.2. Brazil
6.2.1. Brazil Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.3. Mexico
6.3.1. Mexico Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.4. Guatemala
6.4.1. Guatemala Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.5. Costa Rica
6.5.1. Costa Rica Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.6. Panama
6.6.1. Panama Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.7. Dominican
6.7.1. Dominican Republic Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.8. Puerto Rico
6.8.1. Puerto Rico Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.9. Colombia
6.9.1. Colombia Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.10. Peru
6.10.1. Peru Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.11. Chile
6.11.1. Chile Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.12. Venezuela
6.12.1. Venezuela Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
6.13. Others
6.13.1. Others ( Honduras, El Salvador, Paraguay, Nicaragua, Ecuador, Bolivia, Argentina, Uruguay) Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Company Market Share Analysis, 2022
7.3. Strategy Mapping
7.4. Company Profiles/Listing
7.4.1. BUPA
7.4.1.1. Overview
7.4.1.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.1.3. Product Benchmarking
7.4.1.4. Strategic Initiatives
7.4.2. MAPFRE
7.4.2.1. Overview
7.4.2.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.2.3. Product Benchmarking
7.4.2.4. Strategic Initiatives
7.4.3. EMPRESAS BANMÉDICA
7.4.3.1. Overview
7.4.3.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.3.3. Product Benchmarking
7.4.3.4. Strategic Initiatives
7.4.4. SAGICOR LIFE INSURANCE COMPANY (SAGICOR)
7.4.4.1. Overview
7.4.4.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.4.3. Product Benchmarking
7.4.4.4. Strategic Initiatives
7.4.5. ALLIANZ CARE
7.4.5.1. Overview
7.4.5.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.5.3. Product Benchmarking
7.4.5.4. Strategic Initiatives
7.4.6. ASSICURAZIONI GENERALI S.P.A.
7.4.6.1. Overview
7.4.6.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.6.3. Product Benchmarking
7.4.6.4. Strategic Initiatives
7.4.7. AETNA INC.
7.4.7.1. Overview
7.4.7.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.7.3. Product Benchmarking
7.4.7.4. Strategic Initiatives
7.4.8. SURAMERICANA S.A.
7.4.8.1. Overview
7.4.8.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.8.3. Product Benchmarking
7.4.8.4. Strategic Initiatives
7.4.9. AXA
7.4.9.1. Overview
7.4.9.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.9.3. Product Benchmarking
7.4.9.4. Strategic Initiatives
7.4.10. CHUBB
7.4.10.1. Overview
7.4.10.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.10.3. Product Benchmarking
7.4.10.4. Strategic Initiatives
7.4.11. GRUPO NACIONAL PROVINCIAL (GNP)
7.4.11.1. Overview
7.4.11.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
7.4.11.3. Product Benchmarking
7.4.11.4. Strategic Initiatives
List of Tables
Table 1 List of secondary sources
Table 2 List of abbreviations
Table 3 Latin America health insurance market, by country, 2018 - 2030 (USD Billion)
Table 4 Latin America health insurance market, by type, 2018 - 2030 (USD Billion)
Table 5 Latin America health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 6 Mexico Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 7 Mexico Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 8 Guatemala Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 9 Guatemala Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 10 Costa Rica Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 11 Costa Rica Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 12 Panama Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 13 Panama Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 14 Dominican Republic Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 15 Dominican Republic Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 16 Puerto Rico Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 17 Puerto Rico Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 18 Colombia Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 19 Colombia Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 20 Brazil Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 21 Brazil Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 22 Peru Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 23 Peru Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 24 Chile Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 25 Chile Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 26 Venezuela Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 27 Venezuela Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 28 Others (Honduras, El Salvador, Paraguay, Nicaragua, Ecuador, Bolivia, Argentina, Uruguay) Health Insurance Market, by type, 2018 - 2030 (USD Billion)
Table 29 Others (Honduras, El Salvador, Paraguay, Nicaragua, Ecuador, Bolivia, Argentina, Uruguay) Health Insurance Market, by demographics, 2018 - 2030 (USD Billion)
Table 30 Participant’s overview
Table 31 Financial performance
Table 32 Key companies undergoing expansions
Table 33 Key companies undergoing acquisitions
Table 34 Key companies undergoing collaborations
Table 35 Key companies launching new products/services
Table 36 Key companies undergoing partnerships
Table 37 Key companies undertaking other strategies
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value-chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 Market snapshot, 2022 (USD Billion)
Fig. 9 Market segmentation insights
Fig. 10 Competitive landscape
Fig. 11 Market driver impact
Fig. 12 Market restraint impact
Fig. 13 Porter’s analysis
Fig. 14 PESTLE analysis
Fig. 15 Latin America health insurance market: Type outlook and key takeaways
Fig. 16 Latin America health insurance market: Type movement analysis
Fig. 17 Latin America health Insurance Market: Demographics outlook and key takeaways
Fig. 18 Latin America health Insurance Market: Demographics movement analysis
Fig. 19 Latin America Health Insurance Market: Country outlook and key takeaways
Fig. 20 Latin America Health Insurance Market: Key country dynamics
Fig. 21 Mexico Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 22 Guatemala Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 23 Costa Rica Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 24 Panama Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 25 Dominican Republic Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 26 Puerto Rico Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 27 Colombia Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 28 Brazil Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 29 Peru Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 30 Chile Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 31 Venezuela Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 32 Others ( Honduras, El Salvador, Paraguay, Nicaragua, Ecuador, Bolivia, Argentina, Uruguay) Health Insurance Market estimates and forecast, 2018 - 2030 (USD Billion)
Fig. 33 Market participant categorization
Fig. 34 Latin America Health Insurance Market Position analysis, 2022
Fig. 35 Strategy framework
Companies Mentioned
- BUPA
- MAPFRE
- EMPRESAS BANMÉDICA
- SAGICOR LIFE INSURANCE COMPANY (SAGICOR)
- ALLIANZ CARE
- ASSICURAZIONI GENERALI S.P.A.
- AETNA INC.
- SURAMERICANA S.A.
- AXA
- CHUBB
- GRUPO NACIONAL PROVINCIAL (GNP)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 86.4 Billion |
| Forecasted Market Value ( USD | $ 131.1 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Latin America |
| No. of Companies Mentioned | 11 |
