The report ‘Healthcare in Emerging Markets: Exploring the Protection Gaps’ analyses the health protection gap as out-of-pocket spending that is financially stressful for households. The Geneva Association estimates the annual health protection gap in emerging markets at about USD 310 billion, or approximately 1% of these countries’ aggregate gross domestic product.
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Policymakers in emerging markets should harness private insurance as a means for an efficient transition to pre-funded healthcare schemes, says Kai-Uwe Schanz, Director Protection Gaps.
Current estimates don’t capture the costs of lack of access to medical services and the healthcare financial burden shifted from governments to households, says Kai-Uwe Schanz, Director Protection Gaps at The Geneva Association.
People in emerging markets are finding it difficult to fund their healthcare needs. Health protection gaps in emerging markets require flexible and creative responses from the private health insurance industry that address the needs of vulnerable people who have so far been denied suitable and affordable access to healthcare.
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A multi-stakeholder effort is required to narrow insurance protection gaps. The optimal mix depends on the maturity of markets and the specific nature of protection gaps. Certain tasks should be taken on by the private sector, others by governments, and some others call for public-private partnerships (PPPs).
This infographic accompanies the report: Understanding and Addressing Global Insurance Protection Gaps
There are multiple reasons why individuals, households and firms buy less insurance than is economically beneficial, related to both demand- and supply-side factors. Root causes also vary across stages of economic development.
This infographic accompanies the report: Understanding and Addressing Global Insurance Protection Gaps
Insurance can help address concerns about the sustainability of publicly-funded healthcare systems, as well as the unpredictability of cyber risk, says Kai-Uwe Schanz, Special Advisor at The Geneva Association.
Watch the previous interview, Root causes of insurance protection gaps lie with both demand- and supply-side factors.
On the demand side, factors include affordability and trust; and on the supply side, transaction costs and limits to insurability hold back insurance supply, say Kai-Uwe Schanz, Special Advisor at The Geneva Association.
Watch the second interview, Insurance protection gaps in healthcare and cyber feature distinctive challenges.
The insurance protection gaps in healthcare and cyber risks are not sufficiently researched even though their respective protection shortfalls are more dramatic than for natural catastrophe risk, according to the study Understanding and addressing global insurance protection gaps released today by The Geneva Association.
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