Middle East and Africa Health Insurance Market Introduction and Overview
According to SPER Market Research, the Middle East and Africa Health Insurance Market is estimated to reach USD XX billion by 2033 with a CAGR 6.27%.
The report includes an in-depth analysis of the Middle East and Africa Health Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. A type of insurance known as health insurance covers all surgery costs and the cost of medical care resulting from an illness or accident. It covers the whole or partial cost of a certain set of medical services and can be applied to a wide or narrow range of services. Because it pays for all medical costs incurred when the policyholder is hospitalized for treatment, it offers financial help to the policyholder. Additionally, it pays for costs related to both before and after hospitalization.
- October 2021, Munich Re sold the remaining 20% of The National Health Insurance Company (Daman) ownership to Abu Dhabi sovereign wealth fund, ADQ. According to ADQ, obtaining the remaining share will enable Daman to expand on its operational excellence, creative solutions, worthwhile products, and government relationships while also assisting in the evolution of healthcare insurance.
- In June 2021, ADNIC partnered with the Ajman Free Zone, a haven for over 9,000 businesses, investors, and entrepreneurs from more than 160 nations. A health insurance plan is made available to registered investors and entities through this cooperation. This procedure makes ADNIC a vital interface for all services pertaining to insurance.
Market Opportunities and Challenges
Opportunities: Financial assistance is provided by health insurance in the event of a serious illness or accident. Globally, rising medical service expenses for surgeries and hospital stays have sparked a new financial crisis. The price of surgery, a doctor's visit, a hospital stay, an ER visit, and diagnostic testing are all included in the price of medical services. Thus, the market is growing as a result of the rising cost of medical services. Furthermore, the market for health and medical insurance in the Middle East and North Africa is expanding rapidly. Medical costs resulting from illnesses, accidents, diseases, etc. are covered by the health insurance market. The people can make an insurance claim with the provider in the event of any unavoidable circumstances, such as accidents or medical procedures. The market is driven by the public's unhealthy lifestyle, population expansion, demographic transitions, and the healthcare industry's rising need.
Challenges: Every kind of medical treatment expense is covered by health insurance. Since it pays for all medical costs incurred when the policyholder is admitted to the hospital for treatment, it offers financial support to the policyholder. Hospitalization-related costs are also covered by health insurance. The policyholder must pay insurance premiums on a regular basis in order to maintain the health insurance policy's validity. Based on the insurance plan, the cost of the premium is usually expensive, which is impeding the market's expansion.
Furthermore, The Middle East and African health insurance markets are confronted with very formidable obstacles that impede their expansion and efficacy. Due to the high frequency of chronic illnesses and rising healthcare expenses in the Middle East, the insurance systems are under pressure to meet these demands, which puts a burden on them.
Market Competitive Landscape
The MENA region's players have overtaken each other in this fragmented market. The Dubai Health Insurance Corporation alone grants licenses to around 75 businesses in Dubai. Additionally, the National Health Insurance Company (Daman), the biggest insurance payer in Abu Dhabi and the third-largest in Dubai, controls the majority of the health insurance market in the United Arab Emirates. It offers insurance plans like Ishad, Saada, Enaya, and Thiqa.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Policy Type
|
| Regions covered | Qatar, Saudi Arabia, United Arab Emirates, Egypt, Morocco, Nigeria, South Africa, Rest of Middle-East and Africa |
| Companies Covered | ADNIC, Aetna Inc., Allianz, AXA Group, Bupa Global, Cigna, Delta Life Insurance Company Limited, Dhofar Insurance Company SAOG, MetLife Services and Solutions LLC, Misr Life Insurance, and National Health Insurance Company (Daman). |
COVID-19 Impact on Middle East and Africa Health Insurance Market
COVID-19 caused transit limitations, workplace closures, and supply chain disruptions, which had an impact on a variety of manufacturing and service-related enterprises. Still, the mismatch between supply and demand and how it affects prices is only temporary, and once the pandemic passes, prices should stabilize. Since COVID-19 has spread over the world, there has been a dramatic rise in the need for health insurance. Additionally, the market for health insurance expanded during the epidemic due to rising medical costs and pandemic-related anxiety. The medical expenses for treating insurers afflicted with COVID-19 were also covered by new plans and solutions offered by health insurance firms.
Key Target Audience:
- Individuals and Families
- Employers and Corporations
- Government and Public Sector Entities
- Healthcare Providers and Institutions
- High Net-Worth Individuals
- Senior Citizens and Retirees
Our in-depth analysis of the Middle East and Africa Health Insurance Market includes the following segments:
| By Type: | Personal InsuranceCorporate Insurance |
| By Policy Type: | Individual PolicyGroup Policy |
Key Topics Covered in the Report:
- Middle East and Africa Health Insurance Market Size (FY’2024-FY’2033)
- Overview of Middle East and Africa Health Insurance Market
- Segmentation of Middle East and Africa Health Insurance Market By Type (Personal Insurance, Corporate Insurance)
- Segmentation of Middle East and Africa Health Insurance Market By Policy Type (Individual Policy, Group Policy)
- Expansion Analysis of Middle East and Africa Health Insurance Market
- Problems and Obstacles in Middle East and Africa Health Insurance Market
- Competitive Landscape in the Middle East and Africa Health Insurance Market
- Impact of COVID-19 and Demonetization on Middle East and Africa Health Insurance Market
- Details on Current Investment in Middle East and Africa Health Insurance Market
- Competitive Analysis of Middle East and Africa Health Insurance Market
- Prominent Players in the Middle East and Africa Health Insurance Market
- SWOT Analysis of Middle East and Africa Health Insurance Market
- Middle East and Africa Health Insurance Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Middle East and Africa Health Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Middle East and Africa Health Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Middle East and Africa Health Insurance Market
7. Middle East and Africa Health Insurance Market, By Type (USD Million) 2020-2033
7.1. Middle East and Africa Health Insurance Market Size, Share and Forecast, By Type, 2020-2026
7.2. Middle East and Africa Health Insurance Market Size, Share and Forecast, By Type, 2027-2033
7.3. Personal Insurance
7.4. Corporate Insurance
8. Middle East and Africa Health Insurance Market, By Policy Type (USD Million) 2020-2033
8.1. Middle East and Africa Health Insurance Market Size, Share and Forecast, By Policy Type, 2020-2026
8.2. Middle East and Africa Health Insurance Market Size, Share and Forecast, By Policy Type, 2027-2033
8.3. Individual Policy
8.4. Group Policy
9. Middle East and Africa Health Insurance Market Forecast, 2020-2033 (USD Million)
9.1. Middle East and Africa Health Insurance Market Size and Market Share
10. Middle East and Africa Health Insurance Market, By Region, 2020-2033 (USD Million)
10.1. Middle East and Africa Health Insurance Market Size and Market Share By Region (2020-2026)
10.2. Middle East and Africa Health Insurance Market Size and Market Share By Region (2027-2033)
10.3. Qatar
10.4. Saudi Arabia
10.5. United Arab Emirates
10.6. Egypt
10.7. Morocco
10.8. Nigeria
10.9. South Africa
10.10. Rest of Middle-East and Africa
11. Company Profile
11.1. ADNIC
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Aetna Inc.
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Allianz
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. AXA Group
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. Bupa Global
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Cigna
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Delta Life Insurance Company Limited
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Dhofar Insurance Company SAOG
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. MetLife Services and Solutions LLC
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Misr Life Insurance
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. National Health Insurance Company (Daman),
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Others
12. Conclusion
13. Reference Links
14. List of Abbreviations