Insurance Growth In Middle East Unprecedented
Demand for health insurance in Middle East has risen impressively as both individual and corporate look to protect them from rising health expenditure and on rising uncertainty. The insurance sector still is at nascent stage when compared with developed nations of the world. Demand for non life insurance products is expected to grow over 20% between 2009 and 2012. The growth will be attributable to motor insurance followed by health and medical insurance.
The rising expatriate workforce in Middle East has shown strong inclination towards employment benefits like insurance coverage. The emigrants may not have same level of access to health care system and hence it becomes important to choose right expatriate health insurance in Middle East. The rising competition within regional economies has brought wide range of benefits with employer offering better health products to retain qualified and experienced professional. The local insurance providers are also partnering foreign players to match global standards and to meet rising expectation of the people. The more interesting developments are the liberal measures taken by governments to ensure that is sector is protected and in growth stage.
Below are few snapshots of medical facilities available across Middle East.
BAHRAIN: Availability of general and specialized hospital makes full medical insurance compulsory.
IRAQ: Health Insurance including emergency repatriation is compulsory. Cash payment is expected for any medical related services.
ISREAL: excellent and modernized medical facilities. Medical Insurance is recommended.
OMAN: extensive public health services. Medical costs are higher for foreigners and hence international medical insurance cover is essential.
SAUDI ARABIA: Medical treatments are expensive and hence coverage is essential.
SYRIA: With close to 200 hospitals and 20000 doctors, medical care are freely available for those who cannot afford.
UNITED ARAB EMIRATES: Private insurance coverage is essential as facilities are high quality and expensive.
With strong demographic advantage and growing insurance awareness, the Middle East Insurance sector is poised for growth in coming years.
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