Kenya Healthcare Insurance Market Report 2022 to 2030

Kenya Healthcare Insurance Market Analysis

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The Kenya healthcare insurance market is projected to grow from $1.42 Bn in 2022 to $2.77 Bn by 2030, registering a CAGR of 8.7% during the forecast period of 2022 - 2030. The main factors driving the growth would be the rising population, government support, innovation and technology and increasing awareness. The market is segmented by component, the provider, coverage, by health insurance plans and end-user. Some of the major players include Jubilee Insurance, AAR Insurance, APA Insurance and UAP Old Mutual.

ID: IN10KEHS008 CATEGORY: Healthcare Services GEOGRAPHY: Kenya AUTHOR: Neha Davda

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Kenya Healthcare Insurance Market Executive Summary

The Kenya healthcare insurance market is projected to grow from $1.42 Bn in 2022 to $2.77 Bn by 2030, registering a CAGR of 8.7% during the forecast period of 2022 - 2030. As a proportion of its GDP, Kenya's national spending in 2019 was 4.59% or $83 per person. While being low by global standards, healthcare spending in the country is higher than in some of its neighbours, like Ethiopia and Sudan.

The Kenya healthcare insurance market is a developing industry which is quickly growing to meet the demands of the diverse population of the nation. Over time, the nation has made major improvements to its healthcare system, which has increased the demand for health insurance. Public and private health insurance are both main segments of the Kenyan healthcare insurance market. The National Hospital Insurance Fund (NHIF) is a government-funded agency that provides health insurance to all Kenyan citizens and residents. Some private businesses offer private health insurance, which is typically targeted towards middle-class and upper-class consumers.

NHIF is Kenya's largest health insurance provider which serves over 8 Mn people. It offers a full range of advantages, such as hospital and outpatient treatment, maternity care, emergency services, and speciality care. The group charges its member's monthly premiums that are dependent on their income and uses the money to subsidise the purchase of services. In Kenya, the number of private health insurance companies has significantly grown in recent years. These businesses provide a wide variety of health insurance plans to meet various requirements and price ranges.

Kenya Healthcare Insurance Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The Kenya Healthcare Insurance market is expected to be driven by factors such as:

Rising population- The current population of Kenya population of 54 Mn, is quickly expanding. There is an increasing need for healthcare services, including health insurance, as a result of this rising population
Government support- The Kenyan government has made policies to increase people's access to and affordability in availing healthcare services. This includes the NHIF's expansion and the implementation of Universal Health Coverage (UHC), a program which aims to give all Kenyan citizens access to high-quality healthcare services
Innovation and technology- The Kenyan healthcare sector is using advanced technologies and procedures, which are enhancing patient outcomes and lowering the cost of healthcare. To ease the customer’s access and management of their health insurance plans, health insurance providers have started using innovative technologies to offer digital health insurance solutions
Increasing awareness- In Kenya, people are becoming more educated and aware of the benefits of health insurance. The demand for health insurance products is rising as more people become aware of the advantages of having health insurance

Market Restraints

The following factors are expected to limit the growth of the healthcare insurance market in Kenya:

Low-income levels- Many Kenyans have a low level of income which makes it difficult for them to pay for health insurance premiums. This reduces the number of people who can afford to have health insurance, particularly in the private sector which restricts the market growth
Inadequate healthcare infrastructure- Access to healthcare services is hampered by Kenya's underdeveloped healthcare infrastructure, which is especially the case in rural areas in Kenya. Individuals who don't have access to high-quality medical treatment or who live in places with inadequate healthcare infrastructure might not recognize the benefit of buying health insurance which will hinder the market growth
Limited regulatory framework- Both insurance providers and the customer may experience uncertainty due to Kenya's regulatory framework for the healthcare insurance sector which is still under development

Competitive Landscape

Key Players

Jubilee Insurance (KEN)- The largest proportion in Kenya, at about 10%, belongs to Jubilee health insurance. As a result, Jubliee is now well-known in Kenya for its health insurance. J-care, J-seniors, and J-care juniors are some of its insurance programs
AAR Insurance (KEN)- Leading health insurance company in Kenya, AAR Insurance provides a variety of products, including medical, dental, and vision insurance
APA Insurance (KEN)- Individual health insurance plans from APA insurance come with improved coverage at an affordable price. APA insurance offers Jamii Plus and Afya Naffu as its two alternatives
UAP Old Mutual (KEN)- One of the top health insurance providers in Kenya, Old Mutual Insurance offers a variety of health insurance. Afya Imara, Afya Imara Seniors, Afya Imara Executive, and Afya Country are the four cover options offered in Kenya
Top Kenyan insurtech startups- MotiSure, Kakbima, Bismart Insurance, Bluewave insurance and Lami InsurTech

Notable Deals

September 2019- AAR Insurance has partnered with CarePay to allow its customers to access their services via Safaricom's M-Tiba platform. In the recent wake of technology improvement, the collaboration provides clients the comfort of utilising their mobile phones to monitor their accounts through access to mini-statements, ensure transparency of medical bills and subsequently, minimise occurrences of bill inflation.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Kenya Healthcare Insurance Market Segmentation

By Provider (Revenue, USD Billion):

It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.

Public
Private

By Coverage Type (Revenue, USD Billion):

In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes

Life Insurance
Term Insurance

By Health Insurance Plans (Revenue, USD Billion):

Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Exclusive Provider Organization (EPO)
Point of Service (POS)
High Deductible Health Plan (HDHP)

By Demographics (Revenue, USD Billion):

Minors
Adults
Seniors

There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.

By End-user (Revenue, USD Billion):

Individuals
Corporates

A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.