Market Snapshot
| Study Period: | 2017- 2026 |
| Base Year: | 2020 |
| CAGR: | 5 % |
|
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Market Overview
The compulsory health cover initiatives taken by the government in all of its seven Emirates lead to the massive growth of health insurance in the first half of this decade. Health insurance penetration has witnessed significant growth on the back of the introduction of mandatory health insurance in Abu Dhabi, nearly a decade ago, and, more recently, in Dubai and Sharjah, with a shift toward private healthcare.
UAE Ministry of Health oversees the health care facilities in most of the regions of the UAE. Some of the Northern Emirates have established their own health care system which also looks over health insurance. Each emirate has its own healthcare and insurance program. For example, Under the ‘Thiqa’ program Abu Dhabi Government provides full medical coverage for all UAE nationals living in Abu Dhabi. Citizens get a Thiqa card, through which they get comprehensive access to many private and public healthcare providers registered within Daman's network. Similarly, for the citizen of Emirates of Dubai, there is a health insurance program named ‘Saada”. It provides insurance coverage to citizens who do not currently benefit from any government health program in the emirate of Dubai. The program provides treatment through a large network of healthcare providers in the private sector and DHA healthcare centers and Sharjah Government initially provided health coverage only to Sharjah Government employees, their dependents and Senior Emiratis (those who are 60 years old or above) but in January 2020, it extended its health insurance coverage to all the citizen of Sharjah.
Scope of the Report
Health and Medical Insurance cover the expenses that arise due to illness or an accident. It covers the costs related to the hospitalization, Medicines, Doctor's consultation, etc. The UAE Health and Medical Insurance Market can be segmented by Providers (Public/Social Health Insurance and Private), Term of Coverage (Short-term and Long-term), Product Type (Personal Accident, Individual, and Group), Channel of Distribution (Agents, Brokers, Banks, Online Sales, Other Channels of Distribution). An understanding of the Health and Medical Insurance Market in UAE along with the key players, their business model, and detailed market segmentation is included in this report. Furthermore, key market trends, changes in market dynamics, sizes and forecasts for the various segments, and insights on growth and opportunities are also included in this report.
| By Provider | |
| Public/ Social Health Insurance | |
| Private Health Insurance |
| By Product Type | |
| Personal Accident | |
| Group Health Insurance | |
| Individual Health Insurance |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Banks | |
| Online Sales | |
| Other Distribution Channel |
Key Market Trends
THE GWP FROM NATIONAL INSURANCE COMPANIES IS RAISING FASTER THAN OF FOREIGN COMPANIES
Out of 62 insurance companies in UAE, 35 are national insurance companies and the remaining 27 are foreign insurance companies. The Gross written premium from the national companies is growing with a larger percentage compared to the GWP from the foreign companies. For the year 2019, the share of National Insurance Companies in total health insurance gross premium was 75%, and the remaining 25% was contributed by the foreign insurance companies. The United Arab Emirates is home to a wide range of government-funded and rapidly evolving private healthcare sectors, which delivers a high standard of healthcare to the population. With the mandatory health insurance plan, the share of health insurance from the national companies is increasing.
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GROUP HEALTH INSURANCE IS THE LARGEST HEALTH INSURANCE SEGMENT
The three main types of health insurance are Personal accident insurance, Group health insurance, and Individual health insurance. The group health insurance is the largest of the health insurance and had contributed more than 95% of the premium for 2019. Similarly, Agents, Brokers, Banks, Online Channels, and Others are the major distribution channel for health insurance. The easiest way of procurement of health insurance nowadays has been online purchase. However, the traditional methods of the distribution of health insurance include direct sales forces, brokers, and bancassurance. Among the conventional methods, direct sales serve as a main channel for generating premiums, while brokers enhance the face-to-face distribution of varied products by reaching out to untapped markets.
Competitive Landscape
The UAE health insurance sector is overcrowded, with too many players competing for too little market share in the overall market. There are players with less than 0.01% market share within the industry. The Dubai Health Authority had granted licenses to 50 of the UAE's 62 insurance companies, 23 of the 25 third-party administrators (TPAs) licensed by the UAE Insurance Authority, and 103 out of 201 of the brokers or intermediaries that operate in the market.
The UAE health insurance industry is predominantly lead by ‘Daman’, the largest insurance payer in Abu Dhabi and the third-largest in Dubai, which is a joint stock company where 80% is owned by the Abu Dhabi government and 20% by Munich Re. It effectively manages the public health programs of ‘Thiqa’ for UAE nationals in Abu Dhabi, and also covers the Abu Dhabi basic health plan for low income expats in the emirate.
Recent Developments
- In January 2020, the Sharjah Department of Health Insurance which oversees health insurance coverage for UAE nationals in the emirate of Sharjah extended its health coverage insurance to all citizens of Sharjah, earlier it was available only for Sharjah Government employees, their dependents, and Senior Emiratis.
- In September 2021, The Ministry of Health and Prevention (MoHAP) has introduced a new service to link insurance companies and health care providers to help them exchange patient data easily. The service will be implemented from January 2022 and is part of MoHAP’s ‘Riayati’ platform, UAE’s national platform for health information exchange that connects public and private hospitals and clinics.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insight Into Government Regulation In UAE Health Insurance
4.7 Insight Into Technological Innovation
4.8 Insights Into Consumer Behavior
4.9 Insights into Key Performance Indicator ( Expense Ratio, Combined Ratio, Commission Ratio) For Health Insurance
5. MARKET SEGMENTATION
5.1 By Provider
5.1.1 Public/ Social Health Insurance
5.1.2 Private Health Insurance
5.2 By Product Type
5.2.1 Personal Accident
5.2.2 Group Health Insurance
5.2.3 Individual Health Insurance
5.3 By Distribution Channel
5.3.1 Agents
5.3.2 Brokers
5.3.3 Banks
5.3.4 Online Sales
5.3.5 Other Distribution Channel
6. COMPETITIVE LANDSCAPE
6.1 Competitors Market Share
6.2 Competitors Profile
6.2.1 AXA Gulf Insurance
6.2.2 DAMAN Health Insurance
6.2.3 Emirates Insurance Company
6.2.4 Abu Dhabi National Insurance Company
6.2.5 Ras Al Khaimah National Insurance Company
6.2.6 Dubai Islamic Insurance and Reinsurance Co
6.2.7 Oman Insurance Company
6.2.8 Alliance Insurance
6.2.9 Orient Insurance
6.2.10 Sehteq
6.2.11 Watania
7. MARKET OPPORTUNITY AND FUTURE TREND
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Frequently Asked Questions
What is the study period of this market?
The UAE Health and Medical Insurance Market market is studied from 2017 - 2026.
What is the growth rate of UAE Health and Medical Insurance Market?
The UAE Health and Medical Insurance Market is growing at a CAGR of 5% over the next 5 years.
Who are the key players in UAE Health and Medical Insurance Market?
AXA Gulf Insurance, Abu Dhabi National Insurance Company (ADNIC)/ MSH International, National Health Insurance Company (Daman), Orient Insurance Company/Allianz are the major companies operating in UAE Health and Medical Insurance Market.
