UAE Medical Insurance Poised to Grow 45%

RNCOS, in its new research report "UAE Insurance Market Forecast to 2012", says that medical insurance in the UAE is expected to grow at a CAGR of over 45% (local currency) between 2009 and 2012. It has recently observed the highest growth among all the insurance segments in the country. The demand for medical insurance witnessed CAGR growth of around 54% from 2006 to 2008 following the enactment of a law mandating health coverage for expatriate workers. Private sector companies in certain cities such as Abu Dhabi and the free trade zones must provide all their employees and families with a private medical plan. Consequently, majority of multinationals in the UAE (85%) provide a supplementary medical insurance policy, usually through an insured arrangement.

We expect that medical insurance in the UAE will continue to observe robust growth due to increasing number of expatriates and enhanced government support like the establishment of separate regulatory authority for health insurance and allowing private institutions to sell policies. The establishment of a federal health insurance authority to regulate the industry in the UAE will definitely help the industry to move a step ahead. The authority will have its own rules and regulations regarding new establishments and foreign investment cap. This will help in attracting foreign investments and will enable the regulator to monitor the performance of the medical insurance more closely.

"UAE Insurance Market Forecast to 2012" contains an extensive research and in-depth analysis of insurance market in the UAE, with focus on key products and services. The report gives an overview of insurance market structure and studies the market trends to help clients to analyze the leading-edge opportunities in the UAE insurance Industry. Detailed data and analysis help investors, financial service providers and global insurance players to navigate through the evolving insurance sector in the country.

The report also gives forecast on various segments of the insurance industry, including life insurance, medical insurance, accident & liability, fire and other non-life insurances.

For more information visit: http://www.rncos.com/Report/IM023.htm