Report Overview

UAE Health and Medical Insurance Market – Trends & Forecast Report, 2029

The UAE health and medical insurance market size is projected to grow at a CAGR of 5.22% during the forecast period between 2023 and 2029. The healthcare sector in the UAE is government-funded, extensive, and continually advancing, providing excellent healthcare to its citizens. Health insurance policies play an essential role in this healthcare infrastructure, covering the costs of medical and surgical expenses incurred by policyholders. Insurance companies either pay the costs upfront or reimburse them based on predetermined terms and conditions. A comprehensive health insurance plan should offer a variety of services, including diagnosis and treatment of illnesses, psychiatric care, rehabilitation, therapy, emergency transportation, in-patient management, maternity care, and dental care.

UAE Health and Medical Insurance Market- Overview

Health insurance provides coverage for medical expenses related to the treatment of physical or mental ailments or injuries. The policyholder pays a monthly or yearly premium or a payroll tax, and in return, the insurer compensates for healthcare costs. The policy duration determines the coverage of medical expenses, and the extent of coverage may vary based on factors such as age group, specific illnesses, government regulations, and more.

Growth Drivers

Rising Demand for Specialized Healthcare Services

The UAE is witnessing an increasing demand for quality healthcare services among the growing expatriate population. The UAE has a significant expatriate population, and they require access to reliable and affordable health insurance coverage. Also, the UAE government has mandated health insurance coverage for all residents, further driving demand for health and medical insurance products. With the increasing awareness of the benefits of health insurance, coupled with the rising cost of medical treatments, insurers are introducing new products and expanding their service offerings to cater to this growing demand. Thus, the UAE health and medical insurance market is expected to continue growing during the forecast period.

Restraints

Increasing Cost of Health Insurance Premiums

Due to the rise in healthcare costs, including the price of medications, hospital admission fees, and the cost of numerous medical treatments, insurance providers have raised the cost of insurance premiums. Also, the majority of consumers across the UAE have one or more chronic conditions including diabetes, Alzheimer's, or heart disease. For the treatment of many chronic disorders, healthcare experts have imposed excessive costs. Therefore, it is the responsibility of insurance firms to solve the inflated cost of claim settlement, which restrains market expansion.

Impact of COVID-19 on the UAE Health and Medical Insurance Market

The COVID-19 pandemic significantly impacted the UAE health and medical insurance market. With the rising number of COVID-19 cases, the demand for health insurance increased as people became more aware of the importance of having adequate coverage. Thus, insurance companies experienced a surge in demand for health insurance policies. However, the pandemic also resulted in increased medical expenses, leading to higher claim ratios and losses for insurance companies. Therefore, insurers had to adjust their premiums and coverage to maintain profitability. Overall, the pandemic highlighted the importance of health insurance and its role in mitigating financial risks associated with medical emergencies.

UAE Health and Medical Insurance Market

Segmental Coverage

UAE Health and Medical Insurance Market - By Type

On the basis of type, UAE health and medical insurance market is divided into Individual and Group segments. The individual segment dominates the UAE health and medical insurance market by type. Many individuals prefer buying personalized health plans as they provide greater flexibility in choosing deductibles, co-pays, and benefit limits, and are not tied to employment status. The corporate segment is projected to grow rapidly at a significant rate during the forecast period, likely due to the lower cost associated with corporate plans compared to individual plans. Corporate plans offer affordable coverage for better conditions and pre-existing conditions are easier to cover. However, such plans are only applicable while the employee is employed.

UAE Health and Medical Insurance Market – By Provider

By provider, the UAE health and medical insurance market is divided into Public/ Social Health Insurance and Private Health Insurance segments. The public/social health insurance segment dominates the UAE health and medical insurance market. The primary insurer and direct provider of healthcare services is the government. Also, public healthcare insurance is less expensive than private healthcare insurance as it often does not need co-pays or deductibles and has reduced administrative costs. During the forecast period, the private sector is expected to grow at a faster rate. Hence, the number of private insurers offering customized plans has increased.

Competitive Landscape

Major players in the UAE health and medical insurance market include Daman Insurance, AXA Gulf Insurance, Oman Insurance Company, Abu Dhabi National Insurance Company, National Health Insurance Company – Daman, Dubai National Insurance and Reinsurance, Bupa Arabia for Cooperative Insurance, Takaful Emarat Insurance, MetLife ALICO, and Aetna International. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In January 2020 - The Sharjah Department of Health Insurance, which oversees health insurance coverage for UAE nationals in the emirate of Sharjah, extended its health coverage insurance to all citizens of Sharjah. Earlier, it was available only for Sharjah Government employees, their dependents, and Senior Emiratis.

• In September 2021 - The Ministry of Health and Prevention (MoHAP) introduced a new service to link insurance companies and health care providers to help them exchange patient data easily. The service is implemented from January 2022 and is part of MoHAP’s ‘Riayati’ platform, UAE’s national platform for health information exchange that connects public and private hospitals and clinics.

Scope of the Report

By Type

• Individual
• Group

By Provider

• Public/ Social Health Insurance
• Private Health Insurance

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. UAE Health and Medical Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing population and the subsequent rise in demand for healthcare services
         2. Growing awareness about the benefits of health insurance among the population
         3. Rise in lifestyle diseases such as diabetes, hypertension, and obesity
      2. Restraints
         1. High cost of insurance premiums
         2. Limited coverage of certain medical conditions by insurance policies
      3. Opportunities
         1. Technological advancements in healthcare, such as telemedicine, increases access to healthcare services
         2. Development of mandatory health insurance laws
         3. Challenges
         4. Rapidly changing healthcare landscape and consumer expectations
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. UAE Health and Medical Insurance Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Individual
         2. Group
      2. By Provider
         1. Public/ Social Health Insurance
         2. Private Health Insurance
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. UAE Health and Medical Insurance Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on UAE Health and Medical Insurance Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Daman Insurance
   2. AXA Gulf Insurance
   3. Oman Insurance Company
   4. Abu Dhabi National Insurance Company
   5. National Health Insurance Company - Daman
   6. Dubai National Insurance and Reinsurance
   7. Bupa Arabia for Cooperative Insurance
   8. Takaful Emarat Insurance
   9. MetLife ALICO
   10. Aetna International
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       UAE Health and Medical Insurance Segmentation   

Figure 2       UAE Health and Medical Insurance Market Value Chain Analysis 

Figure 3       Company Market Share Analysis, 2022

Figure 4       UAE Health and Medical Insurance Market Size, By Value (USD Million), 2019–2029 

Figure 5       UAE Health and Medical Insurance Market Share, By Type, By Value, 2019–2029         

Figure 6       UAE Health and Medical Insurance Market Share, By Provider, By Value, 2019–2029 

List of Tables

Table 1        UAE Health and Medical Insurance Market Size, By Value (USD Million), 2019–2029

Table 2        UAE Health and Medical Insurance Market Size, By Type, By Value, 2019–2029

Table 3        UAE Health and Medical Insurance Market Size, By Provider, By Value, 2019–2029

Table 4        Daman Insurance Company Overview

Table 5        Daman Insurance Financial Overview

Table 6        AXA Gulf Insurance Company Overview

Table 7        AXA Gulf Insurance Financial Overview

Table 8        Oman Insurance Company Company Overview

Table 9        Oman Insurance Company Financial Overview

Table 10      Abu Dhabi National Insurance Company Company Overview

Table 11      Abu Dhabi National Insurance Company Financial Overview

Table 12      National Health Insurance Company - Daman Company Overview

Table 13      National Health Insurance Company - Daman Financial Overview

Table 14      Dubai National Insurance and Reinsurance Company Overview

Table 15      Dubai National Insurance and Reinsurance Financial Overview

Table 16      Bupa Arabia for Cooperative Insurance Company Overview

Table 17      Bupa Arabia for Cooperative Insurance Financial Overview

Table 18      Takaful Emarat Insurance Company Overview

Table 19      Takaful Emarat Insurance Financial Overview

Table 20      MetLife ALICO Company Overview

Table 21      MetLife ALICO Financial Overview

Table 22      Aetna International Company Overview

Table 23      Aetna International Financial Overview

Table 24      Other Prominent Players Company Overview

Table 25      Other Prominent Players Financial Overview