MENA Health & Medical Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

MENA Health & Medical Insurance Market Analysis

The MENA Health And Medical Insurance Market size in terms of gross written premiums value is expected to grow from USD 17.30 billion in 2024 to USD 24.01 billion by 2029, at a CAGR of 6.78% during the forecast period (2024-2029).

The MENA health and medical insurance sector is robustly growing. Health insurance is a financial buffer, addressing medical costs from illnesses, injuries, and unexpected events. Individuals rely on their insurance providers for compensation in unfortunate scenarios, such as accidents or medical procedures. This market expansion is fueled by escalating health concerns tied to lifestyle choices, a burgeoning population, demographic transitions, and heightened demands from the healthcare sector. While the sector grappled with a spike in claims during the COVID-19 pandemic, many companies adeptly pivoted, rolling out pandemic-centric insurance policies.

Countries like Saudi Arabia and the UAE exhibit a pronounced penetration of health and medical insurance. The UAE stands out with its mandate for universal health insurance coverage for all residents. In accordance with Abu Dhabi's Law No. 23, employers are obligated to insure their employees and their dependents. In contrast, Egypt's health insurance domain is largely steered by the private sector. As the region emphasizes both access to and quality of healthcare, the Middle East's health insurance market is set to play a pivotal role in safeguarding the financial well-being of individuals and families in the years ahead.

MENA Health & Medical Insurance Market Trends

Health Challenges and Rising Demand for Insurance in the Region

MENA Health & Medical Insurance Industry Segmentation

Health insurance covers a range of medical treatments, including surgical expenses. 

The MENA health and medical insurance market is segmented by insurance providers, demographics, distribution channels, coverage, and country. By insurance providers, the market is segmented into public sector insurers, private sector insurers, and standalone health insurance companies. By demographics, the market is segmented into adults, minors, and senior citizens. By distribution channel, the market is segmented into direct sales, agents, online, bancassurance, and other distribution channels. By coverage, the market is segmented into individuals and families or groups. By country, the market is segmented into Saudi Arabia, United Arab Emirates, Egypt, Kuwait, Qatar, and Rest of Middle East and North Africa. The report offers market size and forecasts in value (USD) for all the above segments.