Health insurance is now the fastest-growing segment of South Africa’s private healthcare market, driven by consumers seeking more affordable options than traditional medical aid.
Momentum Health estimates the health insurance market is growing by 14% to 16% annually, significantly outpacing the largely stagnant medical scheme sector.
Over 1.2 million principal members now hold health insurance policies, covering nearly 2 million beneficiaries, including dependants. In comparison, South Africa’s medical schemes cover about 8 million beneficiaries.