UAE Health Insurance Market Catalyzed by Mandatory Health Insurance Framework

The UAE health insurance market has witnessed stable growth over the past few years. This can be attributed to factors such as the implementation of mandatory health insurance framework for both nationals and expatriates.

Health insurance provides coverage for the medical or surgical expenses of an insured individual. As per the type of insurance, the person can either pay directly to the insurance provider or pay costs out of pocket and receive reimbursement. Over the past few years, medical routines and treatments have become costlier, leading to a rise in the number of health insurance providers. In the UAE, several emirates have introduced health insurance programs to secure their residents and government employees. For instance, the Department of Health in Abu Dhabi announced amendments to its health insurance programs for the benefit of its employees and residents. Moreover, in Dubai, the Dubai Health Insurance Corporation designs various new health insurance plans, protects the rights of policyholders, and ensures the provision of quality health insurance to the emirate’s citizens, residents and visitors.

According to the UAE health insurance market report by IMARC Group, the market reached US$ 5.3 Billion in 2018. the market is expected to grow at a CAGR of around 6% during 2019-2024, reaching a value of US$ 7.1 Billion by 2024.

Market Summary:

  • On the basis of the type, the market has been segmented into individual and group insurance. Currently, individual health insurance represents the leading segment.
  • The market has been analyzed on the basis of the service provider which mainly includes public and private. At present, private health insurance providers exhibit a clear dominance in the market, representing the largest segment.
  • Based on the emirates, the market has been categorized into Dubai, Abu Dhabi, Ras Al Khaimah, Fujairah, Ajman, Sharjah and Umm Al Quwain. Amongst these, Dubai represents the largest segment, holding the majority of the total market share. This can be attributed to the implementation of mandatory health insurance for all UAE nationals and expatriates in the emirate.

Browse full research report on UAE health insurance market with Table of Contents: https://www.imarcgroup.com/uae-health-insurance-market

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the lobster industry, which has enabled the clients to set up and expand their businesses successfully.

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