Forecast: Supplementary Private Health Insurance Coverage in Canada

The data on supplementary private health insurance coverage in Canada from 2013 to 2023 reveals a fairly static trend with incremental increases in specific years. The coverage stood at 67 units from 2013 to 2016, saw a slight uptick to 68 units in 2017 and 2018, and increased to 69 units in 2019, where it has since plateaued through 2023. The year-on-year variation was insignificant from 2013 to 2020, except for increases of 1.49% and 1.47% in 2017 and 2019, respectively. The Compound Annual Growth Rate (CAGR) over the last five years leading up to 2023 stood at 0.29%. Forecasts from 2024 through 2028 show no further growth, indicating stability in the coverage at 69 units.

Future trends to watch for include:

• Potential policy changes influencing private health insurance demand.
• Economic factors affecting consumer affordability and willingness to purchase supplementary insurance.
• Innovations in insurance products that could spur increased coverage uptake.