UAE – Mandatory cover accelerates health ins. Growth
Friday, 07 26 2019, Category: Insurance and Reinsurance, Country: U.A.E
The health insurance market in the UAE is growing at an accelerated pace thanks to the government's mandatory health insurance initiative, which is currently being implemented in Abu Dhabi, Dubai, Ajman and Sharjah, according to a recent Businessman report. 2018-2023.
The report states that the high growth of health insurance premiums over the period 2011-2015, with an annual growth of more than 20%, is the main driver of the two-digit growth of the UAE market in 2016-2017, at an annual rate growth of 13%. She grew up on the back of implementing Abu Dhabi's mandatory health insurance for almost a decade, then in Dubai and Sharjah, in the midst of private health care.
The report says the UAE is home to a wide range of government-sponsored and fast-growing private sector healthcare that provides a high level of health care for the population. Health insurance policies are an essential part of health services covering medical expenses, as well as surgical costs for policyholders.
The costs incurred during the treatment of the patient are paid in full by the insurance company in advance or indirectly by payment in accordance with predefined conditions. Expected growth of 12.1% between 2016-2021.
A report released by the Dubai-based Alpen Capital, a Dubai-based financial consulting firm, predicts that the UAE insurance market will see the fastest annual growth rate of 12.1% in 2016-2021. In addition to increasing of the population, projects to develop infrastructure and restore economic activity that have contributed to the country's growth. The implementation of the Compulsory Health Insurance Act has contributed to the increase in premiums written in the UAE in recent years.