UAE Health and Medical Insurance Market Analysis – Size and Share, Trends, Growth, CAGR Status, Top Companies, Forecast 2023-2033: SPER Market Research
Health insurance covers medical expenses associated to the treatment of physical or mental illnesses or injuries. The policyholder pays a monthly or annual premium, or a payroll tax, and the insurer reimburses them for healthcare costs. The duration of the insurance influences the extent of medical expense coverage, which might vary depending on criteria such as age, specific illnesses, government laws, and more.
According to SPER Market Research, ‘UAE Health and Medical Insurance Market Size- By Provider, By Product Type, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033′ states that the UAE Health and Medical Insurance Market is estimated to reach USD 30.34 billion by 2033 with a CAGR of 12.60%.
Drivers: Positive market expansion is being driven by the increasing number of people adopting health insurance as a result of patients’ growing need for better healthcare services. Due to the prevalence of chronic illnesses like obesity, diabetes, asthma, arthritis, and heart disease, more and more people are obtaining health insurance. Their bad dietary habits and shifting lifestyles are the reasons behind these problems. There is a good outlook for the UAE health insurance market because health insurance coverage supports the ongoing management and treatment of these conditions, including prescription drugs, routine check-ups, and specialised consultations that help to improve health outcomes and lower healthcare costs over time.
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Restraints:
The rising cost of health insurance premiums – Insurance carriers have boosted insurance premiums in response to rising healthcare costs, which include the cost of pharmaceuticals, hospital admission fees, and a variety of medical procedures. Furthermore, the vast majority of UAE consumers suffer from one or more chronic illnesses, such as diabetes, Alzheimer’s, or heart disease. Healthcare professionals have set exorbitant prices for the treatment of numerous chronic diseases. As a result, it is the obligation of insurance companies to address the high cost of claim settlement, which limits market expansion.
The COVID-19 pandemic had a huge impact on the UAE’s health and medical insurance markets. The rising number of COVID-19 cases raised demand for health insurance, as people became more aware of the significance of having proper coverage. As a result, insurance firms reported an increase in demand for health insurance plans. However, the pandemic caused increased medical expenses, resulting in greater claim ratios and losses for insurance companies. As a result, insurers have to modify their premiums and coverage to remain profitable. Overall, the pandemic demonstrated the value of health insurance and its role in lowering financial risks linked with medical emergencies.
Dubai is the market leader for health and medical insurance in the United Arab Emirates because of its strong government initiatives, excellent healthcare infrastructure, huge expatriate community, and obligatory insurance legislation. Major market participants include Abu Dhabi National Insurance Company, Aetna International, AXA Gulf Insurance, Bupa Arabia for Cooperative Insurance, Daman Insurance, and others.
Key Target Audience:
- Individuals and Families
- Employers and businesses
- Senior Citizen
- Students
- Others
UAE Health and Medical Insurance Market Segmentation:
By Provider:
- Private Health Insurance
- Public/Social Health Insurance
By Product Type:
- Individual Health Insurance
- Group Health Insurance
- Personal Accident
By Distribution Channel:
- Agents
- Banks
- Brokers
- Online Sales
By Region:
- Abu Dhabi
- Dubai
- Sharjah
- Rest of UAE
For More Information, refer to below link –
Dubai Health and Medical Insurance Market Share
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
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