According to the main findings of the report, and of prime interest to international health insurance providers, is that the value of the health insurance market in the United Arab Emirates reached US$6.6 billion in 2020. Looking forward, the publisher expects the market to exhibit strong growth during 2021-2026.
Rapidly evolving private healthcare sector
Research and Markets’ report found: “The UAE has a wide-ranging, government-funded and rapidly evolving private healthcare sector delivering high standard of health care to the population. The health insurance policies are an integral part of the healthcare infrastructure as they cover the cost associated with medical and surgical expenses of the policyholders.”
The key health insurance providers in the UAE were identified in the report as being AXA Gulf Insurance, Abu Dhabi National Insurance Company (ADNIC), Emirates Insurance Company, Oman Insurance Company. All revenues, said the report, are driven by governmental policies that encourage health insurance uptake among the local population, as well as mandating it for expatriates.
Research and Markets stated: “With a population of around 9.6 million, the UAE is among the GCC region's fastest growing economy. Moreover, the government is also playing a major role in increasing the penetration of health insurance in the region. In Abu Dhabi and Dubai, the government provides health insurance for all its citizens. Similarly, the government of Ajman provides all its employees with health insurance. Additionally, both Abu Dhabi and Dubai also mandate employers to provide health insurance coverage to their employees. Moreover, due to the country's increasing economic diversification and continued inward migration, the per capita expenditure on health care services have increased. Other factors such as increasing occurrences of lifestyle diseases and rising costs of medical treatments are also driving the market positively.”