Published Date : May 15, 2017
Albany, New York, May 15, 2017: MarketResearchReports.biz has announced the addition of a research report, titled “Middle East Health Insurance Market: Trends & Opportunities (2014-2019)” to its large database. The report offers qualitative and quantitative insight into the health insurance industry of the Middle East countries. The report extensively covers markets in GCC countries, which are the U.A.E, Qatar, Saudi Arabia, Oman, Kuwait, and Bahrain.
The report reviews the various trends and opportunities in the health insurance industry in the Middle East and estimates the future of the market based on them. It segments the market based on various criteria and analyzes them in terms of volume as well as value. It provides a comprehensive study of the distribution structure and capabilities of key players. The key players profiled in the report are Bupa Arabia, Abu Dhabi National Insurance Company, Dhofar Insurance Company, Bahrain National Holding Company, Qatar General Insurance and Reinsurance Company, and Gulf Insurance and Reinsurance Company.
The health insurance sector is gradually gaining momentum and is becoming a vital part of the non-life insurance landscape in the Middle East region. The foremost force behind the remarkable growth of the sector over the past few years is the implementation of schemes demanding compulsory health insurance in various jurisdictions.
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The rapidly rising population and improving economic conditions are among the primary factors augmenting the Middle East health insurance market. The improving healthcare infrastructure along with increasing spending on healthcare are also providing a fillip to the market in the Middle East. Moreover, the rising awareness regarding the merits of getting health insurance is driving the market. Additionally, the burgeoning efforts by market players to increase awareness regarding their offerings and make it as transparent as possible is working in favor of the market. The integration of solutions through cloud computing, data analytics, and other modeling techniques is also escalating the growth of the market.
Despite an array of drivers, the growing premium costs are leading to unwillingness among people to opt for health insurance. Furthermore, the cyber risk mismanagement puts the personal data of consumers at stake, which inculcates a sense of skepticism among consumers and adversely affects the rate of adoption of insurance policies, thereby hampering the growth of the market. Besides this, inadequate regulatory framework, intensifying competition among market players, and fluctuating interest rates are acting as bottlenecks in the growth of the market in the Middle East.
The U.A.E and Saudi Arabia are the most promising markets for health insurance in the Middle East countries. The sizable population, which chiefly includes expatriates and a receptive local community, renders Saudi Arabia and the U.A.E highly attractive markets. Moreover, the rising per capita incomes of people in these countries are making it possible for them to pay hefty premiums.
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