Market Size of MENA Health and Medical Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
MENA Health & Medical Insurance Market Analysis
- The MENA health and medical insurance market is expected to record a CAGR of more than 6% during the forecast period.
- The COVID-19 pandemic affected the health and medical insurance industry, as there was an increase in claims during the pandemic. Moreover, some companies leveraged the challenge into an opportunity by inducing insurance policies related to the pandemic in their portfolios.
- The MENA health and medical insurance market is experiencing significant growth. The health insurance sector covers medical expenses incurred owing to diseases, illness, fatalities, etc. In case of any inevitable situations such as accidents or medical treatments, the individuals can claim insurance from the provider. The market is driven by increasing demand from the healthcare sector, population growth, demographic shifts, and the unhealthy lifestyle of the public.
- The health and medical insurance industry has great market penetration in the Middle Eastern areas, such as Saudi Arabia and the United Arab Emirates. In the United Arab Emirates, health insurance is made mandatory for its residents. According to Abu Dhabi issued Law No. 23, all employers must provide health insurance to employees and dependents. Whereas in Egypt, the private sector drives the health insurance sector.
MENA Health & Medical Insurance Industry Segmentation
Health insurance is an insurance product that covers the medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. Medical insurance offers limited coverage for hospitalization expenses and treatment for pre-specified ailments and accidents. Medical insurance does not offer any add-on coverage like health insurance. The MENA Health and Medical Insurance Market is segmented by Type (Personal and Corporate Insurance), Policy type (Individual and Group), Country (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, Qatar, and Rest of Middle East & North Africa). The report offers market size and forecasts for the MENA Health and Medical Insurance Market in value (USD billion) for all the above segments.
| By Type | |
| Personal Insurance | |
| Corporate Insurance |
| By Policy Type | |
| Individual Policy | |
| Group Policy |
| By Country | |
| Saudi Arabia | |
| United Arab Emirates | |
| Egypt | |
| Kuwait | |
| Qatar | |
| Rest of Middle East & North Africa |
MENA Health and Medical Insurance Market Size Summary
The MENA health and medical insurance market is poised for substantial growth, driven by factors such as increasing healthcare demand, population expansion, and lifestyle-related health issues. The sector is witnessing a surge in market penetration, particularly in countries like Saudi Arabia and the United Arab Emirates, where health insurance is mandatory. The COVID-19 pandemic has further influenced the market, with an increase in claims prompting some insurers to expand their offerings to include pandemic-related policies. The market's expansion is also supported by regulatory frameworks and initiatives like the Universal Health Insurance system in Egypt, which aims to enhance healthcare services and insurance coverage through various funding sources and government support.
The market landscape is characterized by a high level of competition, with numerous players operating across the region. In the United Arab Emirates, the National Health Insurance Company (Daman) holds a significant position, supported by strategic acquisitions and partnerships to enhance its service offerings. The fragmented nature of the market is evident with over seventy-five licensed companies in Dubai alone, catering to a diverse clientele. Companies like Bupa Global, Cigna, and Allianz are also key players, offering comprehensive insurance solutions to meet the needs of expatriates and local residents. The focus on improving healthcare infrastructure and insurance services, coupled with investments from entities like the World Bank, underscores the region's commitment to achieving universal health coverage and improving the quality of public healthcare.
MENA Health and Medical Insurance Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Dynamics
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1.2.1 Drivers
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1.2.2 Restraints
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1.3 Government Regulations and Initiatives
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1.4 Supply Chain/Value Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Personal Insurance
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2.1.2 Corporate Insurance
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2.2 By Policy Type
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2.2.1 Individual Policy
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2.2.2 Group Policy
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2.3 By Country
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2.3.1 Saudi Arabia
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2.3.2 United Arab Emirates
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2.3.3 Egypt
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2.3.4 Kuwait
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2.3.5 Qatar
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2.3.6 Rest of Middle East & North Africa
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MENA Health and Medical Insurance Market Size FAQs
What is the current MENA Health and Medical Insurance Market size?
The MENA Health and Medical Insurance Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in MENA Health and Medical Insurance Market?
National Health Insurance Company (Daman), Bupa Global, Cigna, Allianz and ADNIC are the major companies operating in the MENA Health and Medical Insurance Market.
