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Health insurance - United Arab Emirates

United Arab Emirates

The Health insurance market market in the United Arab Emirates is projected to reach a market size (gross written premium) of €2.64bn in 2024.
The average spending per capita in the Health insurance market market is estimated to be €275.40 in 2024.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 7.04%, resulting in a market volume of €3.71bn by 2029.
In comparison to other countries globally, the United States is expected to generate the highest gross written premium of €1,584.0bn in 2024.
The demand for comprehensive health insurance coverage is rising among UAE residents due to the country's high standards of healthcare and growing population.

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Analyst Opinion

The Health insurance market in United Arab Emirates has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the United Arab Emirates are increasingly seeking comprehensive health insurance coverage that includes a wide range of benefits such as coverage for pre-existing conditions, access to high-quality healthcare facilities, and wellness programs. There is a growing demand for customizable insurance plans that cater to individual needs and preferences.

Trends in the market: One of the key trends in the health insurance market in the United Arab Emirates is the rise of digital health insurance services. Insurers are leveraging technology to provide seamless and convenient services to customers, such as online policy management, telemedicine consultations, and digital claims processing. Additionally, there is a growing focus on preventive healthcare services and wellness programs to promote overall health and well-being among policyholders.

Local special circumstances: The United Arab Emirates has a diverse population with a high expatriate presence, which has a significant impact on the health insurance market. Expatriates often require health insurance coverage as a mandatory requirement for residency visas, leading to a large customer base for insurance providers. Additionally, the government plays a key role in regulating the health insurance market and ensuring that all residents have access to quality healthcare services.

Underlying macroeconomic factors: The strong economic growth and increasing GDP per capita in the United Arab Emirates have contributed to the expansion of the health insurance market. As disposable incomes rise, more individuals and families are able to afford health insurance coverage, driving market growth. Moreover, the government's focus on healthcare infrastructure development and initiatives to promote health insurance coverage have further stimulated the market.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.