MENA Health & Medical Insurance Market Report 2022: 6% CAGR Expected on Increased Investment – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “MENA Region Medical and Health Insurance Market – Growth, Trends, COVID-19 Impact, and Forecast (2020-2027)” report has been added to from ResearchAndMarkets.com offer.

Highlights

  • The health and medical insurance market in the MENA region is expected to grow at a CAGR of over 6% during the forecast period.

  • The COVID-19 pandemic has affected the health and medical insurance industry as there is an increase in claims during the pandemic. Moreover, some companies have turned the challenge into an opportunity by inducing a pandemic-related insurance policy in their portfolio.

  • The health and medical insurance market in the MENA region is growing significantly. The health insurance industry covers medical expenses incurred due to sickness, disease, death, etc. In case of unavoidable situations such as accidents, medical treatment, individuals can claim the insurance from the provider. The market is driven by increasing demand from the healthcare sector, population growth, changing demographics and unhealthy lifestyle of the public.

  • The health and medical insurance sector has a large market penetration in the Middle East regions, such as Saudi Arabia and the United Arab Emirates. In the United Arab Emirates, health insurance is compulsory for its residents. According to Law No. 23 issued by Abu Dhabi, all employers must provide health insurance to employees and their dependents. Whereas in Egypt, the private sector is driving the health insurance industry.

Main market trends

Increased investment in the Egyptian health insurance system

  • Universal Health Insurance (UHI) is an Egyptian entity responsible for ensuring the provision of health care and insurance services to the people of the country.

  • In addition, several sources finance the UHI system such as the premiums paid by the citizens of the country, the state budget, the government subsidies to the poor, the general tax, the tax earmarked for tobacco, user fees (service fees ), etc.

  • In addition, under the Universal Health Law, the Egyptian health sector is improving the quality of insurance services and infrastructure provided to citizens. This law covers upgrading medical facilities, extending insurance coverage to family members, and providing a smart card system for the claims process.

  • In addition, the World Bank is investing $400 million in Egypt for the development of the universal health insurance system. This investment leverages the transformation of UHIS and the achievement of Universal Health Coverage (UHC) for higher quality public health care.

Individual insurance is experiencing lucrative growth

  • Modern lifestyle habits of individuals such as sedentary behavior leading to obesity, poor eating habits, lack of sleep and physical labor are leading to increase in health problems, thus indirectly benefiting from the growth of the sector health care and insurance.

  • Moreover, in the UAE, more than 68% of adults are overweight and the adult population is obsessed with 27%. Further leading to chronic diseases such as cardiovascular disease, cancer and diabetes.

  • These problematic lifestyles endanger public life, due to expensive medical treatment and financial burden. Set of factors resulting in growth of individual insurance policies to reduce financial stress.

  • Individual insurance backed by compulsory health insurance laws in different countries, such as Saudi Arabia and the United Arab Emirates.

  • This insurance policy covers benefits such as hospital services, outpatient services, maternity services, emergency services, etc.

Main topics covered:

1. INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW AND DYNAMICS

5 MARKET SEGMENTATION

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 APPENDIX

Companies cited

  • National Health Insurance Company (Daman),

  • ADNIC

  • National Life and Casualty Insurance Company SAOG

  • Global bupa

  • Allianz

  • Cigna

  • Aetna Inc.

  • Services and Solutions MetLife, LLC.

  • Misr life insurance

  • AXA Group

  • Delta Life Insurance Company Limited.

  • Dhofar Insurance Company SAOG

For more information about this report visit https://www.researchandmarkets.com/r/qeyo6y

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