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UAE Health and Medical Insurance Market (2020 - 2025)

UAE Health and Medical Insurance Market (2020 - 2025)

  • July 2020
  • 230 pages
  • ID: 5948962
  • Format: PDF
  • Mordor Intelligence LLP
Up to $975 off Until Sep 20th 2020


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The market is growing at a faster rate, owing to the compulsory health cover initiative taken by the governments in all of its seven emirates, which is currently under implementation phase in the four emirates, viz., Abu Dhabi, Dubai, Ajman, and Sharjah. The high growth in health insurance premiums, during the period of 2011-2015, with a CAGR of more than 20%, has been the key driver for the overall UAE market’s double-digit growth in 2016-2017, with a CAGR of 13%. Health insurance penetration has witnessed significant growth on the back of the introduction of mandatory health insurance in Abu Dhabi, nearly a decade ago, and, more recently, in Dubai and Sharjah, with a shift toward private healthcare.

Below listed are few of the key drivers for the UAE health insurance market:
- Countries growing economic diversification and continuous inward migration

- Increasing per capita health expenditure

- Increasing incidences of the lifestyle diseases

- Rising medical costs and the effect of growing medical inflation on the premiums paid out

Key Market Trends
Mandatory health insurance evolutionary trends in UAE

The United Arab Emirates is home to a wide-range of government-funded and a rapidly evolving private healthcare sector, which delivers high standard of healthcare to the population. The health insurance policies are an essential part of the healthcare services, as they cover the costs related to the medical, as well as surgical expenses of the policyholders. The costs incurred during the treatment of the patient are either fully paid by the insurance company in advance, or indirectly through reimbursement, depending upon the pre-decided terms and conditions.

Since 2014, health insurance in the country had witnessed fastest growth pertaining to the government’s roll out of a three-year plan, to cover the health needs of all workers in the country, including that of foreign workers who constitute about 80% of the entire working population in the country.

In 2016, the Health Authority of Abu Dhabi (HAAD) had made certain amendments in its health insurance program, with people getting health benefits at private healthcare facilities receive about 80% of the coverage of the fees for treatment, whereas those who get government health assistance receive 100% coverage. The introduction of mandatory health insurance in Abu Dhabi has resulted in immediate rise in the healthcare services of over 40%.

With this mandatory basic health insurance plan to locals, as well as expats, there is a huge scope for local, as well as foreign insurers to tap the rising demand. For expats, the government had made it a mandate to either renew or receive Emirates visa. For locals, even those with less than AED 4,000. also have adequate access to health, as a result of the compulsory mandate.

Insights on the Various Channels of Health Insurance Distribution in the United Arab Emirates

It is important to understand the way health insurance reaches a person, when one is in dire need of it. The easiest way of procurement of health insurance nowadays has been online purchase. However, the traditional methods of the distribution of health insurance include direct sales forces, brokers, and bancassurance. Among the conventional methods, direct sales serve as a main channel for generating premiums, while brokers enhance the face-to-face distribution of varied products by reaching out to untapped markets.

Bancassurance has, however, been a key channel for many health insurance providers to emphasize the enhancements of their B2C tie ups with the banking market. For example, one of the most prominent sharia compliant life and health insurance providers in the country, i.e.,Takaful Emarat, has signed up distribution agreements with RAK (Ras Al Khaimah) Bank and Emirates Islamic Bank, with more expected to happen in the future, which may extend the company’s access to significant number of potential new customers, in order to receive health benefits.

Competitive Landscape
The UAE health insurance sector is overcrowded, with too many players competing for too little market share in the overall market. There are players with less than 0.01% market share within the industry. The Dubai Health Authority had granted licenses to 50 of the UAE’s 62 insurance companies, 23 of the 25 third-party administrators (TPAs) licensed by the UAE Insurance Authority, and 103 out of 201 of the brokers or intermediaries that operate in the market.

The UAE health insurance industry is predominantly lead by ‘Daman’, the largest insurance payer in Abu Dhabi and the third-largest in Dubai, which is a joint stock company where 80% is owned by the Abu Dhabi government and 20% by Munich Re. It effectively manages the public health programs of ‘Thiqa’ for UAE nationals in Abu Dhabi, and also covers the Abu Dhabi basic health plan for low income expats in the emirate.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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