Middle East Health Insurance Market: Trends & Opportunities (2015-2019)
Scope of the Report
The report titled “Middle East Health Insurance Market: Trends & Opportunities (2014-2019)” provides an insight into the health insurance industry of the Middle East countries. The report covers major GCC countries including UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.
The report assesses the market sizing and growth of GCC countries, the growth drivers of health insurance industry in these regions and various trends. The report assesses the market sizing, growth and segmentation on various parameters, the distribution structure and capabilities of the industry leaders. The report also discusses key factors driving growth of the industry, major trends and challenges faced by major players in the Middle East countries. Further, key players like Abu Dhabi National Insurance Company, Bupa Arabia, Bahrain National Holding Company, Dhofar Insurance Company, Gulf Insurance and Reinsurance Company and Qatar General Insurance and Reinsurance Company are profiled in the report.
Country Coverage
Health insurance is becoming an important segment of the non-life insurance industry in the Middle Eastern region. The major force behind the industry’s strength in recent years has been the implementation of compulsory health insurance schemes in various jurisdictions.
UAE and Saudi Arabia are the fastest growing health insurance markets in the GCC countries. A reasonable size of population, largely composed of expatriates and a receptive local community, makes the UAE and Saudi Arabia the largest insurance market in the Gulf. A combination of factors such as demographics, interest rate fluctuations, government spending and regulations, and economic growth all affect health insurance industry dynamics highly. Better health care facilities along with increasing spending on health care are favoring the growth of health insurance industry. Per capita income and GDP is increasing which aids in payment of rising premium amount. Along with this, increased awareness and individuals’ sense of health protection drives health care spending.
However with immense growth opportunities in the Middle East countries, the health insurance market faces challenges in terms of rising premium costs, inadequate regulatory regulations, and cyber risk mismanagement. Increased competition, huge government need, interest rate fluctuations are few other bottlenecks in the growth of the industry.
The report titled “Middle East Health Insurance Market: Trends & Opportunities (2014-2019)” provides an insight into the health insurance industry of the Middle East countries. The report covers major GCC countries including UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.
The report assesses the market sizing and growth of GCC countries, the growth drivers of health insurance industry in these regions and various trends. The report assesses the market sizing, growth and segmentation on various parameters, the distribution structure and capabilities of the industry leaders. The report also discusses key factors driving growth of the industry, major trends and challenges faced by major players in the Middle East countries. Further, key players like Abu Dhabi National Insurance Company, Bupa Arabia, Bahrain National Holding Company, Dhofar Insurance Company, Gulf Insurance and Reinsurance Company and Qatar General Insurance and Reinsurance Company are profiled in the report.
Country Coverage
- UAE Health insurance industry
- Saudi Arabia Health insurance industry
- Qatar Health insurance industry
- Kuwait Health insurance industry
- Oman Health insurance industry
- Bahrain Health insurance industry
- Abu Dhabi National Insurance Company
- Bupa Arabia
- Bahrain National Holding Company
- Dhofar Insurance Company
- Gulf Insurance and Reinsurance Company
- Qatar General Insurance and Reinsurance Company
Health insurance is becoming an important segment of the non-life insurance industry in the Middle Eastern region. The major force behind the industry’s strength in recent years has been the implementation of compulsory health insurance schemes in various jurisdictions.
UAE and Saudi Arabia are the fastest growing health insurance markets in the GCC countries. A reasonable size of population, largely composed of expatriates and a receptive local community, makes the UAE and Saudi Arabia the largest insurance market in the Gulf. A combination of factors such as demographics, interest rate fluctuations, government spending and regulations, and economic growth all affect health insurance industry dynamics highly. Better health care facilities along with increasing spending on health care are favoring the growth of health insurance industry. Per capita income and GDP is increasing which aids in payment of rising premium amount. Along with this, increased awareness and individuals’ sense of health protection drives health care spending.
However with immense growth opportunities in the Middle East countries, the health insurance market faces challenges in terms of rising premium costs, inadequate regulatory regulations, and cyber risk mismanagement. Increased competition, huge government need, interest rate fluctuations are few other bottlenecks in the growth of the industry.
1. EXECUTIVE SUMMARY
2. HEALTH INSURANCE: AN INTRODUCTION
2.1 Overview of Health Insurance
2.2 Ways of Getting Health Insurance
2.2.1 Group Health Insurance
2.2.2 Individual Health Insurance
2.3 Channels of Purchase
3. MIDDLE EAST HEALTH INSURANCE MARKET: AN ANALYSIS
3.1 Middle East: Life & Non-Life Insurance Composition
3.2 Middle East Health Insurance Market: Size & Growth
4. UAE HEALTH INSURANCE MARKET: AN ANALYSIS
4.1 Market Sizing and Growth: Actual and Forecast
4.2 Distribution Channels of UAE Health Insurance Market
4.3 Growth Drivers of Health Insurance
4.3.1 Rising GDP
4.3.2 Rising Deaths – Non Communicable Diseases
4.3.3 Regulatory Elements in the UAE
5. SAUDI ARABIA HEALTH INSURANCE MARKET: AN ANALYSIS
5.1 Market Sizing and Growth: Actual and Forecast
5.2 Growth Drivers
5.2.1 Favorable Demographics
5.2.2 Compulsory Lines in Saudi Arabia
5.2.3 Growing Awareness
6. QATAR HEALTH INSURANCE MARKET: AN ANALYSIS
6.1 Market Sizing and Growth: Actual and Forecast
6.2 Growth Drivers
6.2.1 The Economic Factor
6.2.2 Increasing Senior Citizen Population
6.2.3 Higher incidence of lifestyle diseases
7. KUWAIT HEALTH INSURANCE MARKET: AN ANALYSIS
7.1 Market Sizing and Growth: Actual and Forecast
7.2 Growth Drivers
7.2.1 GDP-Impetus to Growth
7.2.2 Increasing Insurance Penetration
7.2.3 Rising Health Expenditure
8. OMAN HEALTH INSURANCE MARKET: AN ANALYSIS
8.1 Market Sizing and Growth: Actual and Forecast
8.2 Growth Drivers
8.1.1 Increasing Income
8.1.2 Increased Mortality Rates
9. BAHRAIN HEALTH INSURANCE MARKET: AN ANALYSIS
9.1 Market Sizing and Growth: Actual and Forecast
9.2 Growth Drivers of Health Insurance Market in Bahrain
9.2.1 Growing GDP
9.2.2 Rising Health Expenditure
10. MARKET DYNAMICS: GCC HEALTH INSURANCE INDUSTRY
10.1 Growth Drivers: Middle East Health Insurance Industry
10.1.1 Increasing trauma of Fatal Disease
10.1.2 Economic Development
10.1.3 Rising Health Care Spending
10.1.4 Growing and Aging Population
10.2 Market Trends: Middle East Health Insurance Industry
10.2.1 Life Cycle Change
10.2.2 New IT Capabilities
10.2.3 Interest rate fluctuations
10.2.4 Insurance Regulation
10.3 Challenges: Middle East Health Insurance Industry
10.3.1 Rising Premiums Costs
10.3.2 Government need
10.3.3 Cyber Risk Mismanagement
10.3.4 Rigorous Competition
11. COMPETITIVE LANDSCAPE: MIDDLE EAST HEALTH INSURANCE INDUSTRY
12. COMPANY PROFILES: MIDDLE EAST HEALTH INSURANCE INDUSTRY
12.1 Abu Dhabi National Insurance Company
12.1.1 Business Description
12.1.2 Financial Overview
12.1.3 Business Strategies
12.2 Bupa Arabia
12.2.1 Business Description
12.2.2 Financial Overview
12.2.3 Business Strategies
12.3 Bahrain National Holding Company
12.3.1 Business Description
12.3.2 Financial Overview
12.3.3 Business Strategies
12.4 Dhofar Insurance Company
12.4.1 Business Description
12.4.2 Financial Overview
12.4.3 Business Strategies
12.5 Gulf Insurance and Reinsurance Company
12.5.1 Business Description
12.5.2 Financial Overview
12.5.3 Business Strategies
12.6 Qatar General Insurance and Reinsurance Company
12.6.1 Business Description
12.6.2 Financial Overview
12.6.3 Business Strategies
2. HEALTH INSURANCE: AN INTRODUCTION
2.1 Overview of Health Insurance
2.2 Ways of Getting Health Insurance
2.2.1 Group Health Insurance
2.2.2 Individual Health Insurance
2.3 Channels of Purchase
3. MIDDLE EAST HEALTH INSURANCE MARKET: AN ANALYSIS
3.1 Middle East: Life & Non-Life Insurance Composition
3.2 Middle East Health Insurance Market: Size & Growth
4. UAE HEALTH INSURANCE MARKET: AN ANALYSIS
4.1 Market Sizing and Growth: Actual and Forecast
4.2 Distribution Channels of UAE Health Insurance Market
4.3 Growth Drivers of Health Insurance
4.3.1 Rising GDP
4.3.2 Rising Deaths – Non Communicable Diseases
4.3.3 Regulatory Elements in the UAE
5. SAUDI ARABIA HEALTH INSURANCE MARKET: AN ANALYSIS
5.1 Market Sizing and Growth: Actual and Forecast
5.2 Growth Drivers
5.2.1 Favorable Demographics
5.2.2 Compulsory Lines in Saudi Arabia
5.2.3 Growing Awareness
6. QATAR HEALTH INSURANCE MARKET: AN ANALYSIS
6.1 Market Sizing and Growth: Actual and Forecast
6.2 Growth Drivers
6.2.1 The Economic Factor
6.2.2 Increasing Senior Citizen Population
6.2.3 Higher incidence of lifestyle diseases
7. KUWAIT HEALTH INSURANCE MARKET: AN ANALYSIS
7.1 Market Sizing and Growth: Actual and Forecast
7.2 Growth Drivers
7.2.1 GDP-Impetus to Growth
7.2.2 Increasing Insurance Penetration
7.2.3 Rising Health Expenditure
8. OMAN HEALTH INSURANCE MARKET: AN ANALYSIS
8.1 Market Sizing and Growth: Actual and Forecast
8.2 Growth Drivers
8.1.1 Increasing Income
8.1.2 Increased Mortality Rates
9. BAHRAIN HEALTH INSURANCE MARKET: AN ANALYSIS
9.1 Market Sizing and Growth: Actual and Forecast
9.2 Growth Drivers of Health Insurance Market in Bahrain
9.2.1 Growing GDP
9.2.2 Rising Health Expenditure
10. MARKET DYNAMICS: GCC HEALTH INSURANCE INDUSTRY
10.1 Growth Drivers: Middle East Health Insurance Industry
10.1.1 Increasing trauma of Fatal Disease
10.1.2 Economic Development
10.1.3 Rising Health Care Spending
10.1.4 Growing and Aging Population
10.2 Market Trends: Middle East Health Insurance Industry
10.2.1 Life Cycle Change
10.2.2 New IT Capabilities
10.2.3 Interest rate fluctuations
10.2.4 Insurance Regulation
10.3 Challenges: Middle East Health Insurance Industry
10.3.1 Rising Premiums Costs
10.3.2 Government need
10.3.3 Cyber Risk Mismanagement
10.3.4 Rigorous Competition
11. COMPETITIVE LANDSCAPE: MIDDLE EAST HEALTH INSURANCE INDUSTRY
12. COMPANY PROFILES: MIDDLE EAST HEALTH INSURANCE INDUSTRY
12.1 Abu Dhabi National Insurance Company
12.1.1 Business Description
12.1.2 Financial Overview
12.1.3 Business Strategies
12.2 Bupa Arabia
12.2.1 Business Description
12.2.2 Financial Overview
12.2.3 Business Strategies
12.3 Bahrain National Holding Company
12.3.1 Business Description
12.3.2 Financial Overview
12.3.3 Business Strategies
12.4 Dhofar Insurance Company
12.4.1 Business Description
12.4.2 Financial Overview
12.4.3 Business Strategies
12.5 Gulf Insurance and Reinsurance Company
12.5.1 Business Description
12.5.2 Financial Overview
12.5.3 Business Strategies
12.6 Qatar General Insurance and Reinsurance Company
12.6.1 Business Description
12.6.2 Financial Overview
12.6.3 Business Strategies
LIST OF FIGURES AND TABLES
Figure 1: Fastest growing distribution channels (no. of mentions)
Figure 2: Size and Composition of the GCC Non-Life Direct Insurance Market- GWP, (In US$ Billions), 2009- 2013
Figure 3: Breakdown of Life and Non-life Insurance Segments in the GCC, 2009-2013
Figure 4: Market Size of Health Insurance in Middle Eastern countries countries1 - GWP (In US$ Billions), 2009-2013
Figure 5: Forecasted Market Size of Health Insurance in Middle Eastern countries- GWP (In US$ Billions), 2014-2019
Figure 6: Market Size of Health Insurance in UAE Market - GWP (In US$ Billions), 2009-2013
Figure 7: Forecasted Market Size of Health Insurance in UAE Market - GWP (In US$ Billions), 2014-2019
Figure 8: Key Distribution Channels in UAE Health Insurance Market, 2013
Figure 9: UAE’s Gross Domestic Product, (In US$ Billions), 2009-2013
Figure 10: UAE -Number of Deaths, Under 70 Years, Females, (In Units), 2009-2013
Figure 11: UAE - Number of Deaths, Under 70 Years, Males, (In Units), 2009-2013
Figure 12: Market Size of Health Insurance in Saudi Arabia Market-GWP (In US$ Billions), 2009-2013
Figure 13: Forecasted Market Size of Health Insurance in Saudi Arabia Market- GWP (In US$ Billions), 2014-2019
Figure 14: Total Health Insurance Density, (In US$ Per Capita) 2009 to 2013
Figure 15: Breakup of Insurance Industry in Saudi Arabia, 2014
Figure 16: Saudi Arabia Medical Insurance Market Share by Major Holding Companies, 2014
Figure 17: Age Structure in Saudi Arabia, 2013
Figure 18: Market Size of Health Insurance in Qatar Market - GWP (In US$ Millions), 2009-2013
Figure 19: Forecasted Market Size of Health Insurance in Qatar Market - GWP (In US$ Millions), 2013-2019
Figure 20: Gross Domestic Product in Qatar (In US$ Billions), 2009-2013
Figure 21: Population Aged 60 Years and Above as a Percentage of Total Population
Figure 22: Market Size of Health Insurance in Kuwait Market - GWP (In US$ Millions), 2009-2013
Figure 23: Forecasted Market Size of Health Insurance in Kuwait Market- GWP (In US$ Millions), 2014-2019
Figure 24: Kuwait’s Gross Domestic Product, (In US$ Billions), 2009-2013
Figure 25: Non- Life Insurance Penetration in Kuwait, 2009-2013
Figure 26: Health Expenditure per Capita, (In US$) 2009-2013
Figure 27: Market Size of Health Insurance in Oman Market – GWP (In US$ Millions), 2009-2013
Figure 28: Forecasted Market Size of Health Insurance in Oman Market – GWP (In US$ Millions), 2014- 2019
Table 1: Oman - Insurance Market Features, 2013
Figure 29: Non-Life Insurance Density & Penetration in Oman, 2009-2013
Figure 30: Breakup of Net Premiums in Oman, 2013
Figure 31: Gross Domestic Product in Oman (In US$ Billions), 2009-2013
Figure 32: Proportional mortality (% of total deaths, all ages, both sexes), 2013
Figure 33: Number of Casualties in Oman, (In Thousands) 2009-2013
Figure 34: Market Size of Health Insurance in Bahrain Market - GWP (In US$ Millions), 2009-2013
Figure 35: Forecasted Market Size of Health Insurance in Bahrain Market – GWP (In US$ Millions), 2009-2013
Figure 36: Breakup of Insurance Market in Bahrain, 2013
Figure 37: Gross Domestic Product in Bahrain (In US$ Billions), 2009-2013
Figure 38: Health Expenditure per Capita, (In US$) 2009-2013
Figure 39: Growth in Diabetes and Affected Population (In Thousands), 2013
Figure 40: Comparison of GDP growth rates, 2009-2013 versus 2014-2019
Figure 41: Healthcare Spending as % of GDP in Middle East Countries, 2013
Figure 42: Population Growth in the Middle East Countries (In Millions), 2014-2019
Figure 43: Middle-East: Population Aged 60 Years and Above as a Percentage of Total Population, 2012 versus 2050
Figure 44: Middle East and North Africa Life Expectancy at Birth (In Years), 2009-2013
Table 2: Smartphone Penetration by Country
Table 3: Global Insurance Companies, 2013
Figure 45: Gross Written Premium of Abu Dhabi Insurance, (In US$ Millions), 2009-2013
Figure 46: Total Investment Return, (In US$ Millions), 2012-2013
Figure 47: Total Revenue of Bupa Arabia, (In US$ Millions), 2009-2013
Figure 48: Gross Written Premium of Bupa Arabia (In US$ Millions), 2009-2013
Figure 49: Bupa Arabia - Geographical Analysis of Sales and Marketing, 2013
Figure 50: Gross Written Premium of Bahrain National Holding Company, (In US$ Millions), 2010-2014
Figure 51: Breakup of Revenue of Bahrain National Holding, 2014
Figure 52: Gross Written Premium of Dhofar Insurance Company, (In US$ Millions), 2011-2014
Figure 53: Gross Written Premium of GIRI, (In US$ Millions), 2009-2013
Figure 54: GIG Revenue breakup by Geographic Regions, 2014
Figure 55: Gross Written Premium of Qatar General Insurance and Reinsurance, (In US$ Millions), 2009-2013
Figure 1: Fastest growing distribution channels (no. of mentions)
Figure 2: Size and Composition of the GCC Non-Life Direct Insurance Market- GWP, (In US$ Billions), 2009- 2013
Figure 3: Breakdown of Life and Non-life Insurance Segments in the GCC, 2009-2013
Figure 4: Market Size of Health Insurance in Middle Eastern countries countries1 - GWP (In US$ Billions), 2009-2013
Figure 5: Forecasted Market Size of Health Insurance in Middle Eastern countries- GWP (In US$ Billions), 2014-2019
Figure 6: Market Size of Health Insurance in UAE Market - GWP (In US$ Billions), 2009-2013
Figure 7: Forecasted Market Size of Health Insurance in UAE Market - GWP (In US$ Billions), 2014-2019
Figure 8: Key Distribution Channels in UAE Health Insurance Market, 2013
Figure 9: UAE’s Gross Domestic Product, (In US$ Billions), 2009-2013
Figure 10: UAE -Number of Deaths, Under 70 Years, Females, (In Units), 2009-2013
Figure 11: UAE - Number of Deaths, Under 70 Years, Males, (In Units), 2009-2013
Figure 12: Market Size of Health Insurance in Saudi Arabia Market-GWP (In US$ Billions), 2009-2013
Figure 13: Forecasted Market Size of Health Insurance in Saudi Arabia Market- GWP (In US$ Billions), 2014-2019
Figure 14: Total Health Insurance Density, (In US$ Per Capita) 2009 to 2013
Figure 15: Breakup of Insurance Industry in Saudi Arabia, 2014
Figure 16: Saudi Arabia Medical Insurance Market Share by Major Holding Companies, 2014
Figure 17: Age Structure in Saudi Arabia, 2013
Figure 18: Market Size of Health Insurance in Qatar Market - GWP (In US$ Millions), 2009-2013
Figure 19: Forecasted Market Size of Health Insurance in Qatar Market - GWP (In US$ Millions), 2013-2019
Figure 20: Gross Domestic Product in Qatar (In US$ Billions), 2009-2013
Figure 21: Population Aged 60 Years and Above as a Percentage of Total Population
Figure 22: Market Size of Health Insurance in Kuwait Market - GWP (In US$ Millions), 2009-2013
Figure 23: Forecasted Market Size of Health Insurance in Kuwait Market- GWP (In US$ Millions), 2014-2019
Figure 24: Kuwait’s Gross Domestic Product, (In US$ Billions), 2009-2013
Figure 25: Non- Life Insurance Penetration in Kuwait, 2009-2013
Figure 26: Health Expenditure per Capita, (In US$) 2009-2013
Figure 27: Market Size of Health Insurance in Oman Market – GWP (In US$ Millions), 2009-2013
Figure 28: Forecasted Market Size of Health Insurance in Oman Market – GWP (In US$ Millions), 2014- 2019
Table 1: Oman - Insurance Market Features, 2013
Figure 29: Non-Life Insurance Density & Penetration in Oman, 2009-2013
Figure 30: Breakup of Net Premiums in Oman, 2013
Figure 31: Gross Domestic Product in Oman (In US$ Billions), 2009-2013
Figure 32: Proportional mortality (% of total deaths, all ages, both sexes), 2013
Figure 33: Number of Casualties in Oman, (In Thousands) 2009-2013
Figure 34: Market Size of Health Insurance in Bahrain Market - GWP (In US$ Millions), 2009-2013
Figure 35: Forecasted Market Size of Health Insurance in Bahrain Market – GWP (In US$ Millions), 2009-2013
Figure 36: Breakup of Insurance Market in Bahrain, 2013
Figure 37: Gross Domestic Product in Bahrain (In US$ Billions), 2009-2013
Figure 38: Health Expenditure per Capita, (In US$) 2009-2013
Figure 39: Growth in Diabetes and Affected Population (In Thousands), 2013
Figure 40: Comparison of GDP growth rates, 2009-2013 versus 2014-2019
Figure 41: Healthcare Spending as % of GDP in Middle East Countries, 2013
Figure 42: Population Growth in the Middle East Countries (In Millions), 2014-2019
Figure 43: Middle-East: Population Aged 60 Years and Above as a Percentage of Total Population, 2012 versus 2050
Figure 44: Middle East and North Africa Life Expectancy at Birth (In Years), 2009-2013
Table 2: Smartphone Penetration by Country
Table 3: Global Insurance Companies, 2013
Figure 45: Gross Written Premium of Abu Dhabi Insurance, (In US$ Millions), 2009-2013
Figure 46: Total Investment Return, (In US$ Millions), 2012-2013
Figure 47: Total Revenue of Bupa Arabia, (In US$ Millions), 2009-2013
Figure 48: Gross Written Premium of Bupa Arabia (In US$ Millions), 2009-2013
Figure 49: Bupa Arabia - Geographical Analysis of Sales and Marketing, 2013
Figure 50: Gross Written Premium of Bahrain National Holding Company, (In US$ Millions), 2010-2014
Figure 51: Breakup of Revenue of Bahrain National Holding, 2014
Figure 52: Gross Written Premium of Dhofar Insurance Company, (In US$ Millions), 2011-2014
Figure 53: Gross Written Premium of GIRI, (In US$ Millions), 2009-2013
Figure 54: GIG Revenue breakup by Geographic Regions, 2014
Figure 55: Gross Written Premium of Qatar General Insurance and Reinsurance, (In US$ Millions), 2009-2013
