NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2010/06/21 - The medical insurance industry in UAE is projected to grow at a CAGR of around 42% during 2010-2013, owing to the introduction of compulsory medical insurance.
As per our latest research report “UAE Insurance Market Forecast to 2012”, the medical insurance industry in UAE is expected to show noteworthy growth rates in coming years and is projected to grow at a CAGR of around 42% during 2010-2013. Future of the industry remains promising despite the growing concerns of lack of awareness among the majority of the population. We have found that the growth in the medical insurance industry will be mainly driven by rising healthcare costs and prospering middle class population in the country, which would encourage people to secure their health by taking medical coverage. Further, government initiatives including the introduction of compulsory medical insurance from the year 2010 will drive the optimistic performance of the industry.
Our research indicates that presently the insurance penetration is around 2% in UAE as against the US and the UK where the penetration rates are in the range of 5-15%. This signifies that there is tremendous scope for growth in this area. The low penetration rate will be covered by a slew of innovative schemes and better coverage for urban as well as rural population. We have also evaluated various factors that will propel the growth of health insurance market in UAE over the forecast period (2010-2013).
We have done extensive research and analysis of the UAE insurance industry in order to understand the factors that will continue to serve as the growth drivers for the country’s insurance market over the coming years. We have identified that various factors such as low insurance penetration, strong economic growth and favorable demographic statistics have been propelling the market growth. The report also gives insight into the role of private players in the rapid growth of UAE insurance industry.
The report “UAE Insurance Market Forecast to 2012” gives an overview of insurance market structure and studies the market trends to help clients 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 of the country. The report also gives forecast on various segments of the insurance industry, including life insurance, medical insurance, accident and liability, fire, and other non-life insurance segments. It gives deep insight into each of the industry parameters like key market drivers, emerging sectors in the industry, competitive landscape and market restraints. Most importantly, the report gives future outlook for all the important aspects of the industry.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.