According to the latest report by IMARC Group, titled “UAE Health Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the UAE health insurance market size reached US$ 7.1 Billion in 2021. Health insurance refers to a risk management service that provides financial aid for medical and surgical expenses incurred from an illness or injury. It is generally offered by an employer, wherein premiums are partially paid by employees, and the rest is covered by the company. Some of the expenditures funded by health insurance companies include hospitalization, medicine, doctor consultation, ambulance, and daycare costs. Moreover, they offer multiple arrangements to the insurance holder, such as managed care, indemnity, and point-of-service (POS) plans. Some of the common types of health insurance include individual, family, senior citizen, group, top-up and critical illness health insurance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
UAE Health Insurance Market Trends:
The increasing prevalence of chronic diseases, along with the inflating costs of healthcare services, is primarily driving the UAE health insurance market growth. In line with this, the Government of UAE is enforcing laws to provide compulsory health insurance to citizens, which is acting as a major growth-inducing factor. The market is also supported by the emergence of several private players that are providing additional healthcare benefits to clients. Moreover, rapid technological advancements and digitization in healthcare processes, such as the adoption of cloud-based services and big data analytics, have enabled transparent communication between involved parties, which is catalyzing the growth of the market. Apart from this, amidst the coronavirus disease (COVID-19) pandemic, several companies in the country are offering to cover the expenses incurred by employees during the treatment of the disease, which, in turn, is positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 7.5% during 2022-2027.
- Based on the type, the market has been bifurcated into individual and group insurance. At present, group health insurance represents the leading segment.
- The market has been analyzed on the basis of the service provider into public and private segments. Currently, private health insurance providers exhibit a clear dominance in the market, representing the largest segment.
- The report has also analyzed the competitive landscape of the market along with the profiles of the key players.
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