UAE Health and Medical Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.51 Billion |
| Market Size (2029) | USD 18.83 Billion |
| CAGR (2024 - 2029) | 12.38 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Health and Medical Insurance Market Analysis
The UAE Health and Medical Insurance Market size is estimated at USD 10.51 billion in 2024, and is expected to reach USD 18.83 billion by 2029, growing at a CAGR of 12.38% during the forecast period (2024-2029).
Regional authorities of the UAE have made several changes to the regulatory oversight in recent years to bring in more transparency and discipline, while also promoting consolidation. Such reforms are likely to improve the insurer’s credit profiles and asset quality in the long term, while also making the overall insurance sector more transparent, competitive, efficient, and sustainable. Insurance companies in the UAE will witness further pressure on margins due to increased VAT rates in the region and the costs incurred to remain compliant with new policies.
The UAE Ministry of Health oversees the healthcare facilities in most of the regions of the UAE. Some of the Northern Emirates have established their health care system which also looks over health insurance. Each emirate has its own healthcare and insurance program.
The Abu Dhabi Government provides full medical coverage for all UAE nationals living in Abu Dhabi. Similarly, for the citizens of the Emirates of Dubai, the government provides insurance coverage to citizens who do not currently benefit from any government health program in the emirate of Dubai. The government provides treatment through a large network of healthcare providers in the private sector and DHA healthcare centers.
The COVID-19 pandemic has brought about increased awareness in UAE, as people have begun to reassess their priorities lay more importance on insurance coverage, and shield themselves and their families from risks posed by such uncertainties.
UAE Health and Medical Insurance Market Trends
National Insurance Companies are Dominating the Market
There are currently 62 registered and regulated insurance companies, of which 35 are national and 27 are branches of foreign insurance companies. The Gross written premium from the national companies is growing with a larger percentage compared to the GWP from the foreign companies. The United Arab Emirates is home to a wide range of government-funded and rapidly evolving private healthcare sectors, which deliver healthcare to the population. With the mandatory health insurance plan, the share of health insurance from the national companies is increasing. Even government programs such as Saada, Thiqa, and many more are driving the national insurance.
Group Health Insurance Segment is Dominating the Market
The three main types of health insurance are Personal accident insurance, Group health insurance, and Individual health insurance. The group health insurance is the largest of the health insurance and has contributed more than 95% of the premium in the current year. The group type dominates the UAE health insurance market since it caters to organizations, associations, and other clusters, providing coverage for their members or employees. This leads to a diverse array of plans with varying benefits, deductibles, and premium structures, offering the masses more choices that align with their specific needs. Also, group health insurance plans often provide more affordable coverage compared to individual plans. The plans can be customized to suit the specific needs of the group.
UAE Health and Medical Insurance Industry Overview
The UAE health insurance sector is overcrowded, with too many players. The report covers the major players operating in the UAE health and medical insurance market. In terms of market share, too many players are currently competing for too little market share in the overall market. Some of the major players currently dominating the market include AXA Gulf Insurance, Abu Dhabi National Insurance Company (ADNIC)/ MSH International, National Health Insurance Company (Daman), Emirates Insurance, and Ras Al Khaimah National Insurance, among others.
UAE Health and Medical Insurance Market Leaders
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AXA Gulf Insurance
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Abu Dhabi National Insurance Company (ADNIC)/ MSH International
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National Health Insurance Company (Daman)
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Emirates Insurance
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Ras Al Khaimah National Insurance
*Disclaimer: Major Players sorted in no particular order
UAE Health and Medical Insurance Market News
- January 2023: Dubai National Insurance (DNI), an Insurance company in the UAE, has entered into a strategic partnership with Takalam, a UAE-based online counseling platform for mental well-being. With this partnership, individuals, as part of their DNI package, will be offered private and easy access to mental health professionals, tools, and solutions.
- December 2022: Turtlefin, the insurtech platform, announced a partnership with The Continental Group, one of the UAE’s insurance intermediaries and financial services solutions providers. The company was expected to provide its software-as-a-service platform modules, enabling The Continental Group’s distribution teams to access relevant information and customize proposals for their clients seamlessly.
UAE Health and Medical Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Digitalization is Driving the Market
4.3 Market Restraints
4.3.1 Economic Disparities are Restraining the Market
4.4 Market Opportunities
4.4.1 Introduction of Innovative Products will Create Opportunities for New Entrants
4.5 Industry Attractiveness: Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights Into Technological Innovations in the UAE Health and Medical Insurance Market
4.7 Insights Into Government Regulations In UAE Health and Medical Insurance
4.8 Impact of COVID 19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Single/Individual Health Insurance
5.1.2 Group Health Insurance
5.2 By Provider
5.2.1 Public/ Social Health Insurance
5.2.2 Private Health Insurance
5.3 By Distribution Channel
5.3.1 Agents
5.3.2 Brokers
5.3.3 Banks
5.3.4 Online Sales
5.3.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 AXA Gulf Insurance
6.2.2 DAMAN Health Insurance
6.2.3 Emirates Insurance Company
6.2.4 Abu Dhabi National Insurance Company
6.2.5 Ras Al Khaimah National Insurance Company
6.2.6 Dubai Islamic Insurance and Reinsurance Co
6.2.7 Oman Insurance Company
6.2.8 Alliance Insurance
6.2.9 Orient Insurance
6.2.10 Islamic Arab Insurance Company
6.2.11 Al Ain Al Ahilia Insurance Company
6.2.12 Al Buhaira National Insurance Company*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
UAE Health and Medical Insurance Industry Segmentation
Health and medical insurance cover the expenses that arise due to illness or an accident. It covers the costs related to hospitalization, medicines, doctor's consultations, etc. An understanding of the health and medical insurance market in the UAE, along with the key players, their business models, and detailed market segmentation, is included in this report. Furthermore, key market trends, changes in market dynamics, sizes and forecasts for the various segments, and insights on growth and opportunities are also included in this report.
The UAE health and medical insurance market can be segmented by product type (single or individual health insurance products, group health insurance products), by provider (public or social health insurance, private health insurance), and by distribution channel (agents, brokers, banks, online sales, and other distribution channels).
The report offers market size and forecasts for the UAE's health and medical insurance in terms of value (USD) for all the above segments.
| By Product Type | |
| Single/Individual Health Insurance | |
| Group Health Insurance |
| By Provider | |
| Public/ Social Health Insurance | |
| Private Health Insurance |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Banks | |
| Online Sales | |
| Other Distribution Channels |
UAE Health and Medical Insurance Market Research Faqs
How big is the UAE Health and Medical Insurance Market?
The UAE Health and Medical Insurance Market size is expected to reach USD 10.51 billion in 2024 and grow at a CAGR of 12.38% to reach USD 18.83 billion by 2029.
What is the current UAE Health and Medical Insurance Market size?
In 2024, the UAE Health and Medical Insurance Market size is expected to reach USD 10.51 billion.
Who are the key players in UAE Health and Medical Insurance Market?
AXA Gulf Insurance, Abu Dhabi National Insurance Company (ADNIC)/ MSH International, National Health Insurance Company (Daman), Emirates Insurance and Ras Al Khaimah National Insurance are the major companies operating in the UAE Health and Medical Insurance Market.
What years does this UAE Health and Medical Insurance Market cover, and what was the market size in 2023?
In 2023, the UAE Health and Medical Insurance Market size was estimated at USD 9.35 billion. The report covers the UAE Health and Medical Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Health and Medical Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Health and Medical Insurance Industry Report
Statistics for the 2024 UAE Health and Medical Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Health and Medical Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
