MENA Health and Medical Insurance Market Size (2024 - 2029)

MENA Health & Medical Insurance Market Analysis

• The MENA health and medical insurance market is expected to record a CAGR of more than 6% during the forecast period.
• The COVID-19 pandemic affected the health and medical insurance industry, as there was an increase in claims during the pandemic. Moreover, some companies leveraged the challenge into an opportunity by inducing insurance policies related to the pandemic in their portfolios.
• The MENA health and medical insurance market is experiencing significant growth. The health insurance sector covers medical expenses incurred owing to diseases, illness, fatalities, etc. In case of any inevitable situations such as accidents or medical treatments, the individuals can claim insurance from the provider. The market is driven by increasing demand from the healthcare sector, population growth, demographic shifts, and the unhealthy lifestyle of the public.
• The health and medical insurance industry has great market penetration in the Middle Eastern areas, such as Saudi Arabia and the United Arab Emirates. In the United Arab Emirates, health insurance is made mandatory for its residents. According to Abu Dhabi issued Law No. 23, all employers must provide health insurance to employees and dependents. Whereas in Egypt, the private sector drives the health insurance sector.

MENA Health & Medical Insurance Industry Segmentation

Health insurance is an insurance product that covers the medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. Medical insurance offers limited coverage for hospitalization expenses and treatment for pre-specified ailments and accidents. Medical insurance does not offer any add-on coverage like health insurance. The MENA Health and Medical Insurance Market is segmented by Type (Personal and Corporate Insurance), Policy type (Individual and Group), Country (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, Qatar, and Rest of Middle East & North Africa). The report offers market size and forecasts for the MENA Health and Medical Insurance Market in value (USD billion) for all the above segments.