Sultan bin Saeed Al Mansouri, Minister of the Economy and President of the Insurance Directorate, said the UAE became the major global hub for insurance services not only in the Arab Arab countries but also in the region in general.
Speaking at the opening of the fifth session of the Dubai Health Insurance Conference in the presence of more than 100 UAEs and international experts in the area of insurance and health care, he said that the local market became the largest in terms of level and organization in the Arab world, and the variety of insurance areas .
He stressed the strength and solvency of the local market as one of the most important tools for dealing with risks and protecting individuals and assets from potential risks.
He noted that the sector has become one of the most active sectors of the economy and plays a vital role in serving the national economy and increasing the rate of GDP growth, leading to the first places in Arab countries and North Africa in terms of premiums written over the past ten years.
Speaking on behalf of Dr. Mariam Al Suwaidi, Executive Vice-President for Authorization, Supervision and Enforcement of Securities Regulators (SCA), the Minister of Economy stated that the implementation of compulsory health insurance for residents of Dubai and Abu Dhabi has contributed to the diversification of insurance and the provision of excellent medical services to insurance clients.
He noted that the volume of premiums for the country's insurance market increased to 44 billion dirhams by the end of last year compared to 40 billion in 2016, while total premiums for property and liability insurance companies increased from 29.4 billion in 2016 to 32, 8 billion in 2017, 50.1% of the total.
Khalid Al Badi, chairman of the Emirate insurance company, said that health care has become a necessary condition in community life. Encouragement and development of health services and availability of individuals is an urgent need given the high cost of treatment.
Speaking to reporters at the margins of the conference, Farid Lutfi said the health insurance sector was the biggest growth in recent years with the completion of a compulsory health insurance system in Dubai to a stable growth stage, expected to grow by 8 to 10% per year to exceed 20 billions of dirhams a year What constitutes 47% of the premium.
Karim Deeb, co-founder of ADINDA for Block Qin in the insurance sector, said rates of abuse of health insurance on the domestic and international markets high, pointing out that some studies estimate the magnitude of misuse of about $ 1 billion in UAE, between 10 and 15% in the local market, close to global levels.
According to a recent report by Business Monitor International, at the end of this year, the amount of health insurance premiums at the end of this year amounted to AED 16.86 billion, an increase of 11.4%, accounting for 54.6% of total public insurance premiums.
Health insurance premiums increased by 11.3% to AED 18.77 billion in 2019, which makes 56.6% of total premiums in the country, including health insurance, vehicle insurance, property and transportation.