Market Trends of UAE Health and Medical Insurance Industry
National Insurance Companies are Dominating the Market
There are currently 62 registered and regulated insurance companies, of which 35 are national and 27 are branches of foreign insurance companies. The Gross written premium from the national companies is growing with a larger percentage compared to the GWP from the foreign companies. The United Arab Emirates is home to a wide range of government-funded and rapidly evolving private healthcare sectors, which deliver healthcare to the population. With the mandatory health insurance plan, the share of health insurance from the national companies is increasing. Even government programs such as Saada, Thiqa, and many more are driving the national insurance.
Group Health Insurance Segment is Dominating the Market
The three main types of health insurance are Personal accident insurance, Group health insurance, and Individual health insurance. The group health insurance is the largest of the health insurance and has contributed more than 95% of the premium in the current year. The group type dominates the UAE health insurance market since it caters to organizations, associations, and other clusters, providing coverage for their members or employees. This leads to a diverse array of plans with varying benefits, deductibles, and premium structures, offering the masses more choices that align with their specific needs. Also, group health insurance plans often provide more affordable coverage compared to individual plans. The plans can be customized to suit the specific needs of the group.
