The Nigerian Health Maintenance Organisation (HMO) industry (“the Industry”) is positioned as a crucial component in the broader global health insurance market, which was valued at approximately $2.04 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% through 2031. Key drivers of this growth include heightened awareness of health insurance due to the COVID-19 pandemic, an increase in chronic diseases, and a growing elderly population. In Nigeria, HMOs serve as intermediaries between enrollees and healthcare providers, facilitating access to affordable healthcare and promoting preventive measures.
The industry is regulated by the National Health Insurance Authority (NHIA), which oversees various contributory schemes designed for different sectors, including vulnerable groups. Despite its regulatory role, concerns about potential conflicts of interest have been raised regarding the NHIA’s dual function. A recent survey indicated that nearly half of employed respondents would consider switching HMOs if given more options, highlighting dissatisfaction and the need for improved consumer engagement in selecting health plans. Overall, while the HMO industry faces challenges such as rising costs and economic pressures, it remains integral to enhancing healthcare access and infrastructure in Nigeria.
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