UAE Health and Medical Insurance Market Size Set to Grow at Steady CAGR of 5.22% During 2023–2029

Published | 09 May 2023

The UAE health and medical insurance market is growing due to mandatory health insurance requirements and an increasing demand for quality healthcare services.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE health and medical insurance market size is projected to grow at a significant CAGR of 5.22% by 2029. The UAE's healthcare sector is government-funded, vast, and constantly evolving, offering care to its residents. Health insurance policies play an important part in the healthcare infrastructure by paying policyholders' medical and surgical expenses. Insurance firms either pay the costs in advance or repay them according to predefined terms and circumstances. A comprehensive health insurance plan should cover a wide range of services, such as sickness diagnosis and treatment, 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 many factors, such as age group, specific illnesses, and government regulations.

Sample Request @ https://www.blueweaveconsulting.com/report/uae-health-and-medical-insurance-market/report-sample

Impact of COVID-19 on 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 become 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 - By Provider

On the basis of provider, 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 health 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. The number of private insurers offering customized plans has increased.

Competitive Landscape

UAE health and medical insurance market is competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the health and medical insurance market.

Don’t miss the business opportunity in the UAE Health and Medical Insurance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of UAE Health and Medical Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the UAE Health and Medical Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com