July 18th, 2022 at 06:30 am
UAE HEALTH INSURANCE MARKET OUTLOOK IN 2022
There are quite a number of trends that act as a driving force for the UAE health Insurance market. Some of these include stringent regulations by government authorities which is catalyzing market growth. Also, this situation has propelled a high demand for health insurance in UAE over the forecasted period.
In this article, we shall take a study or have an outlook on the UAE health Insurance Market in 2022.
AN OUTLOOK OF THE UAE INSURANCE MARKET
According to a report circulated by MARC Group, the UAE health insurance market has reached a value of US$7. 1 billion, which exhibits a CAGR of 7. 5% in 2022. Their report on the Insurance Market was however titled “UAE Health Insurance Market: Trends, Share, Size, Growth, and Forecast “.
According to the report, it is health insurance that represents a risk management service. It also adds that the health insurance companies fund several expenditures from medicine, hospitalization, and other day-care costs. In the report, some types of health insurance markets were stated. Some of these are individual, and family health insurance markets.
Additionally, the report indicates that COVID-19 also had a direct effect on the health insurance market.  In relation to this, the report states how various companies are providing cover for medical expenses incurred, as a result of the sudden outbreak of the COVID-19 pandemic.
This is due to the fact that it is another factor that has induced significant growth in the health insurance market. Nonetheless, due to the diversification and continuous migration, the per capita expenditure on health care services has risen to a high level. The report also gives an in-depth insight into the insurance market with all of its essential aspects. The report indicates a critical look at the industry performance, recent trends, key market drivers and challenges, as well as a SWOT analysis.
IN CONCLUSION
Further outlook on the UAE Health Insurance Market suggests that some factors accounting for the size, and growth of the health insurance market include, cancer, stroke, diabetes, kidney failure, etc.
Moreover, other factors that were taken into consideration include the focus on digitizing claim processing and policy management. Which has resulted in high demand for health insurance in UAE. Also, there are several advancements in technology to ensure very transparent communication among parties that are involved in this. This according to the report has fuelled the UAE health insurance market over the forecasted period.
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