The insurance sector in UAE is regulated by “Health Authority for the Emirates of Abu Dhabi”. The body implements, monitors and ensures compliance for all the participants in health care sector. This sector comprise of life/health insurance and non life insurance which had boomed in last few years seeing many new foreign entrants in the market. Non life insurance dominates majority of the sector in respect of total premium. The number of operating establishment in UAE remains equally proportioned between foreign and local player. Dubai dominates the UAE insurance sector.
There are few options available within health insurance like one can choose Individual health plan, Family plan, Group plans and travel plans. As the number of expatriates living and working in UAE are increasing it become necessary to cover yourself while being away from home or native country. The benefits of international health insurance plan supersede the other local health insurance. It gives the freedom of choice of doctor and hospital across the globe. The international health insurance plans also comes with guaranteed renewal for life along with other benefits like maternity coverage, dental treatment, out-patient consultation and complimentary therapies, which otherwise is not available in Local insurance. The low-income person can also enjoy the benefit of health insurance by enrolling themselves under Abu Dhabi plan which comes as the latest amendment introduced by Abu Dhabi council.
Undoubtedly Middle East is in the center of economic development undergoing drastic change in lifestyle. There are few challenges which it needs overcome in long run like the not existence of insurance product when compared with developed nation such USA and UK. Raising public awareness about both life and non life insurance will also be crucial for the sector to develop.