The Health insurance market in MENA is experiencing significant growth and development, driven by various factors influencing the region.
Customer preferences: Customers in the MENA region are increasingly valuing the importance of health insurance as a means to access quality healthcare services without significant financial burden. With rising awareness about the benefits of health insurance and an increasing focus on preventive healthcare measures, individuals are more inclined towards investing in comprehensive health insurance plans to secure their well-being.
Trends in the market: In countries like the UAE and Saudi Arabia, there is a growing trend towards mandatory health insurance coverage for residents and expatriates, boosting the overall penetration of health insurance in the region. Additionally, the market is witnessing a shift towards digital health insurance solutions, making it more convenient for customers to purchase and manage their policies online. Moreover, there is an increasing demand for specialized health insurance products tailored to specific demographics, such as senior citizens or individuals with pre-existing conditions.
Local special circumstances: In countries like Qatar and Kuwait, where the healthcare infrastructure is rapidly expanding, there is a growing need for health insurance to cover the costs of advanced medical treatments and procedures. Furthermore, in markets like Egypt and Jordan, governments are introducing healthcare reforms to increase access to health insurance for underserved populations, driving the growth of the health insurance market in these countries.
Underlying macroeconomic factors: The overall economic growth in the MENA region, coupled with a rising middle-class population and increasing urbanization, is contributing to the expansion of the health insurance market. As disposable incomes rise, individuals are more willing to allocate a portion of their earnings towards health insurance premiums, further fueling the growth of the market. Additionally, regulatory reforms and initiatives by governments to promote universal health coverage are playing a crucial role in shaping the health insurance landscape in the region.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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