Published Date : Oct 23, 2017
ALBANY, New York, Oct 23, 2017 –MarketResearchReports.biz has announced the addition of a new report, titled “Middle East Health Insurance Market: Trends & Opportunities (2015-2019).” The comprehensive report on the Middle East health insurance market offers in-depth assessment of key drivers and restraints, notable trends and opportunities, lucrative avenues in various regions, major industry developments, various offerings of key insurers, and innovations in healthcare products. The study provides detailed insights into the key factors shaping the competitive landscape and recent technologies impacting the strategies of key players.
The reports takes a closer look at various distributional channels in various GCC countries, such as Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Oman, and Bahrain. The reports offers market sizing of prominent segments in these regions.
The health insurance market in the Middle East countries is growing at a healthy clip, driven broadly by marked resilience in the regional economy and a spate of favorable policies and regulatory measures. The introduction of mandatory health insurance in various GCC countries is boosting the insurance penetration in non-life segment. The noticeable shift toward private health care in several countries of the Middle East is another key factor catalyzing the growth of the market. In addition, the growing prominence of employer-sponsored private insurance in recent years has also boosted the market. The growing demand for health insurance from a swelling expatriate population in various GCC countries is another significant trend boosting the Middle East health insurance market.
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The rise in GDP in the UAE is one of the key factors driving the health insurance market in the country. The rising mortality rate due to growing prevalence of non-communicable diseases is a key trend accentuating the demand for health insurance in the GCC country. In Saudi Arabia, the presence of favorable demographics, together with favorable government regulations, are vital factors propelling the demand for health insurance. In addition, prudent underwriting methods are expected to bolster the uptake of health insurance. Growing awareness of the significance of non-life health insurance in the country is a key factor favorably impacting the Middle East market.
A significant chunk of population aged 60 years and above in Qatar, coupled with the introduction of favorable regulations in recent times, is a key factor propelling the demand for health insurance in the country. The rising healthcare spending in countries such as Kuwait and the recent improvement in penetration of overall insurance are key factors attributing the demand for health insurance among the residents of the country. Furthermore, growth in per capita income in countries such as Bahrain and Oman and the rising mortality rate are the key factors bolstering the demand for health insurance in the Middle East.
However, interest rate fluctuations and mismanagement of cyber risks are key challenges hindering the growth of the Middle East health insurance market. In addition, rising claims has hurt the profitability of market players to an extent. Nevertheless, the advent of new IT capabilities and the focus of the expatriate community on private healthcare are key factors expected to fortify the growth of the market. The advent of big data analytics is expected to unlock exciting opportunities for market players over the forecast period. Furthermore, a sustained rise in health insurance premiums in several Middle East countries is a prominent trend likely to accentuate the market in the coming years.
Key players vying for a sustained share in the market include Qatar General Insurance & Reinsurance Company SAQ, Gulf Insurance and Reinsurance Company, Dhofar Insurance Company, Bahrain National Holding Company, and Bupa Arabia for Cooperative Insurance.
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