MENA Health and Medical Insurance Market Report 2022: 6% Annual Growth Expected Driven By Increasing Investment - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "MENA Health and Medical Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2020 - 2027)" report has been added to ResearchAndMarkets.com's offering.

Key Highlights

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

Key Market Trends

Increasing Investments in Egypt Health Insurance System

• Universal Health Insurance (UHI) is an entity in Egypt to ensure provision of health care 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, co-payments (service fees), etc.
• Furthermore, under the Universal Healthcare Act, Egypt healthcare sector enhancing the quality of insurance services and infrastructure provided to the citizens. This act covers upgrading medical facilities, insurance coverage extension to family memebers, and providing smart card system for claiming process.
• Moreover, World Bank is investing USD 400 Million in Egypt for the development of Universal Health Insurance System. This investment leverages UHIS transformation and achieving universal health coverage (UHC) for higher quality of public health care.

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 increase in health issues, thus indirectly leveraging health care and insurance sector growth.
• Moreover, in UAE more than 68% of adult people are over weighed and adult population are obsessed by 27%. 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 burden. All the factors resulting in growth of individual insurance policies to reduce financial stress.
• Individual insurance further leveraged by mandatory health insurance laws in different countries, such as Saudi Arabia, United Arab Emirates.
• This insurance policy covers benefits such as inpatient services, out patient services, maternity services, emergency services, etc.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS

5 MARKET SEGMENTATION

6 COMPETITIVE LANDSCAPE

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 APPENDIX

Companies Mentioned

• National Health Insurance Company (Daman),
• ADNIC
• National Life & General Insurance Company SAOG
• Bupa Global
• Allianz
• Cigna
• Aetna Inc.
• MetLife Services and Solutions, LLC.
• Misr Life Insurance
• AXA Group
• Delta Life Insurance Company Limited.
• Dhofar Insurance Company S.A.O.G.

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