There is a demand: how war in Ukraine affected the health insurance market

If 2022 became a test for the health insurance market, when there was a great uncertainty about the financial capabilities of people and companies and in general the future of the whole country. The year 2023 brought some recovery: the health insurance market increased by 18% compared to the previous year. However, this growth was largely due to the increase in prices for insurance products, not an increase in the number of insured persons.

Interestingly, the customers who initially canceled insurance contracts later returned to insurance companies. The reason is the high costs of medical services abroad and the inaccessibility of insurance products of the same level. According to the results of the nine months of 2024, the market continues to grow. The Insurance Company Inso, which is a leader in this segment, provided medical care worth more than UAH 353. 3 million, which exceeds last year by 9%.

Sergey Maistrenko predicts an increase in demand for health insurance and later. Informing the population about the benefits of insurance products, the development of client service and the introduction of new technologies. An important factor will be the integration of insurance into beneficiary packages for corporate sector employees. However, the health insurance market will continue to be consolidated.

Now 82% of the PMS payments are on the TOP-10 insurers, and this trend is likely to intensify. For market development, insurance companies should invest in quality services, modern IT solutions and expansion of a network of partners. Maistrenko predicts that the proportion of large operators on the market will increase, because health insurance is a low marginal and difficult business. Less, even in difficult conditions, demonstrates the potential for development.

Responsibility for their health and introduction of new decisions create the basis for expanding the culture of insurance, which in the long run can change the approach of Ukrainians to financial planning. According to Sergiy Maistrenko, the actual forecast of the voluntary health insurance market (LCA) in Ukraine for 2025 depends on several key factors: economic stability, legislative and regulatory changes and demand for medical services.

The war continues, so there will be increased attention to health and medical protection, - the expert said. People will continue to look for means to compensate for certain restrictions on state medicine, which will stimulate the demand for voluntary health insurance (LCA). At the same time, businesses can more actively implement corporate insurance programs to support their employees.

In recent years, the classic structure of filling the LCA policy has been formed, which is currently considered optimal: outpatient care, hospital and emergency care. The rest is an additional coating that can be added to the policy at your own discretion. It is about covering dental services and some additional services. For example, related to the treatment of certain critical diseases such as diabetes and oncology. Or some preventive services such as examinations, vaccination, etc.

This allows you to either prevent the disease or expose the disease in the early stages, which usually has a significant effect on health. Also, Sergei Masistrenko celebrates a new type of insurance programs - kobrands. Their fundamental difference is that the insured receive medical services only in medical institutions of a particular brand. This insurance allows you to combine all the benefits of insurance and private medicine.

Insurers are getting better with new needs, offering not only traditional medical costs, but also telemedicine services, psychological support or rehabilitation. This trend will continue, in particular, INGO plans to work on the modernization of its insurance programs. Over the last year, the cost of health insurance has increased by about 20%. The increase in the cost of medical services and medicines and general inflationary processes contributed to the rise in costs.

The insured began to seek medical help more often, the nature and type of diseases have changed. People have reduced the waiting time for planned assistance. Previously, they could not plan to receive urgent assistance within 3-6 months, now this period has decreased to 1 month. Also, if the diseases of the type of SARS type were dominated by the insured, today cardio of the disease and neurological diseases come to the fore.

Accordingly, this influenced the growth of the average check of one disease. Interest in health insurance products is increasing, but accustoms to the use of these services mainly corporate segment. It is employers who bring a culture of health insurance and stimulate its development in Ukraine. Enterprises are increasingly trying to protect their employees. It also allows them to increase their attractiveness in the labor market in the conditions of growing personnel famine.

Often, voluntary health insurance policy is issued by the employer as part of an employment contract, which significantly adds the values ​​of the offer. Economic uncertainty can limit the capabilities of individual clients and small businesses to buy insurance policies. Risks related to the long -lasting effects of war (injury, stress) can affect insurers and tariffs.