MENA Health and Medical Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2020 - 2027)

The MENA Health and Medical Insurance Market is segmented by Type (Personal and Corporate Insurance), Policy Type (Individual and Group), Country (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, Qatar, and Rest of Middle East & North Africa). The report offers market size and forecasts for the MENA Health and Medical Insurance Market in value (USD billion) for all the above segments.

Market Snapshot

MENA Health and Medical Insurance Market Size
Study Period: 2022-2027
Base Year: 2021
CAGR: >6 %

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Market Overview

  • The MENA health and medical insurance market is expected to record a CAGR of more than 6% during the forecast period.
  • The COVID-19 pandemic affected the health and medical insurance industry, as there was an increase in claims during the pandemic. Moreover, some companies leveraged the challenge into an opportunity by inducing insurance policies related to the pandemic in their portfolios.
  • The MENA health and medical insurance market is experiencing significant growth. The health insurance sector covers medical expenses incurred owing to diseases, illness, fatalities, etc. In case of any inevitable situations such as accidents or medical treatments, the individuals can claim insurance from the provider. The market is driven by increasing demand from the healthcare sector, population growth, demographic shifts, and the unhealthy lifestyle of the public.
  • The health and medical insurance industry has great market penetration in the Middle Eastern areas, such as Saudi Arabia and the United Arab Emirates. In the United Arab Emirates, health insurance is made mandatory for its residents. According to Abu Dhabi issued Law No. 23, all employers must provide health insurance to employees and dependents. Whereas in Egypt, the private sector drives the health insurance sector.

Scope of the Report

Health insurance is an insurance product that covers the medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. Medical insurance offers limited coverage for hospitalization expenses and treatment for pre-specified ailments and accidents. Medical insurance does not offer any add-on coverage like health insurance. The MENA Health and Medical Insurance Market is segmented by Type (Personal and Corporate Insurance), Policy type (Individual and Group), Country (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, Qatar, and Rest of Middle East & North Africa). The report offers market size and forecasts for the MENA Health and Medical Insurance Market in value (USD billion) for all the above segments.

By Type
Personal Insurance
Corporate Insurance
By Policy Type
Individual Policy
Group Policy
By Country
Saudi Arabia
United Arab Emirates
Egypt
Kuwait
Qatar
Rest of Middle East & North Africa

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Key Market Trends

Increasing Investments in the Egyptian Health Insurance System

  • Universal Health Insurance (UHI) is an entity in Egypt that ensures the provision of healthcare services and insurance services to the people in the country.
  • Moreover, several sources finance the UHI system, such as premiums paid by country citizens, state budget, government subsidization of the poor, general tax, tobacco earmarked tax, and co-payments (service fees).
  • Furthermore, under the Universal Healthcare Act, the Egyptian healthcare sector is enhancing the quality of insurance services and infrastructure provided to the citizens. This act covers upgrading medical facilities, insurance coverage extension to family members, and providing a smart card system for claiming process.
  • Moreover, World Bank is investing USD 400 million in Egypt for the development of the Universal Health Insurance System. This investment leverages UHIS transformation and achieves universal health coverage (UHC) for a higher quality of public healthcare.
MENA Health and Medical Insurance Market Share

Individual Insurance Witnessing Lucrative Growth

  • The modern lifestyle habits of individuals, such as sedentary behavior leading to obesity, unhealthy eating habits, lack of sleep, and physical work, are leading to an increase in health issues, thus indirectly leveraging healthcare and insurance sector growth.
  • Moreover, in the United Arab Emirates, more than 68% of adult people are overweight, further resulting in chronic diseases such as cardiovascular diseases, cancer, and diabetes.
  • These problematic lifestyles endanger public lives, further driven by costly medical treatments and financial burdens. All the factors result in the growth of individual insurance policies to reduce financial stress.
  • Individual insurance is further leveraged by mandatory health insurance laws in different countries, such as Saudi Arabia and the United Arab Emirates.
  • This insurance policy covers benefits such as inpatient services, outpatient services, maternity services, emergency services, etc.
MENA Health and Medical Insurance Market Growth

Competitive Landscape

The market is fragmented in nature, and it is overcrowded by players across the MENA region. Alone in Dubai, more than 75 companies are given licenses by the Dubai Health Insurance Corporation. Furthermore, in the United Arab Emirates, the National Health Insurance Company (Daman) dominates the health insurance sector, which is the largest insurance payer in Abu Dhabi and the third largest in Dubai. It provides insurance programs such as Thiqa, Enaya, Saada, and Ishad.

Recent Developments

  • October 2021: Abu Dhabi sovereign wealth fund, ADQ, acquired the remaining 20 percent equity stake of The National Health Insurance Company (Daman) from Munich Re. ADQ said that acquiring the remaining stake will help Daman to further evolve in healthcare insurance and build on its operational excellence, innovative solutions, valuable products, and government partnerships.
  • June 2021: ADNIC entered a partnership with Ajman Free Zone, which is home to more than 9,000 companies, investors, and entrepreneurs from over 160 countries. This partnership provides a health insurance scheme for registered investors and entities. This process enables ADNIC as a key touch point for all insurance-related services.
  • February 2021: Health insurance company Cigna offered family health cover to expatriate employees in an international small- or medium-sized enterprise (SME) with comprehensive healthcare. This offer ensures the well-being of expatriates and their family members with access to high-quality healthcare from any location.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Drivers

      2. 4.2.2 Restraints

    3. 4.3 Government Regulations and Initiatives

    4. 4.4 Supply Chain/Value Chain Analysis

    5. 4.5 Porter's Five Forces Analysis

    6. 4.6 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Personal Insurance

      2. 5.1.2 Corporate Insurance

    2. 5.2 By Policy Type

      1. 5.2.1 Individual Policy

      2. 5.2.2 Group Policy

    3. 5.3 By Country

      1. 5.3.1 Saudi Arabia

      2. 5.3.2 United Arab Emirates

      3. 5.3.3 Egypt

      4. 5.3.4 Kuwait

      5. 5.3.5 Qatar

      6. 5.3.6 Rest of Middle East & North Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 National Health Insurance Company (Daman),

      2. 6.2.2 ADNIC

      3. 6.2.3 National Life & General Insurance Company SAOG

      4. 6.2.4 Bupa Global

      5. 6.2.5 Allianz

      6. 6.2.6 Cigna

      7. 6.2.7 Aetna Inc.

      8. 6.2.8 MetLife Services and Solutions LLC

      9. 6.2.9 Misr Life Insurance

      10. 6.2.10 AXA Group

      11. 6.2.11 Delta Life Insurance Company Limited

      12. 6.2.12 Dhofar Insurance Company SAOG

    3. *List Not Exhaustive
    4. 6.3 Other Companies in the Market

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. APPENDIX

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Frequently Asked Questions

The MENA Health and Medical Insurance Market market is studied from 2022 - 2027.

The MENA Health and Medical Insurance Market is growing at a CAGR of >6% over the next 5 years.

National Health Insurance Company (Daman), Bupa Global, Cigna,  Allianz , ADNIC are the major companies operating in MENA Health and Medical Insurance Market.

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