As more expatriates move back to Dubai for the rising economy , UMI analysts predict future inflation of medical insurance premiums
Dubai (PRWEB) November 27, 2012
Dubai’s economy has shown recovery signs after the shock wave of the Global Financial Crisis of 2008, demonstrated by the property sector where rents/sales are rising. The medical insurance sector also shows signals of increased growth. UAE Medical Insurance (UMI) a leading medical insurance distributor in the region, has received increased inquiries from new clients and expatriates relocating to the region which led to expansion.
International insurers also report positive growth in the region, Global Sales Director for Bupa International, Tim Slee noted. He stated that there has been an, ‘exciting new level of increased activity across the Middle East, this increased interest has led to a strong conversion rate of international medical insurance sales in the UAE.’ Bupa International stands as a strong presence in the Middle East while providing for a large audience with a variety of products available through UMI.
Furthermore, Mr. Slee noted that Bupa International expanded product offerings to now include ‘full medical underwriting’. Formerly unavailable in the UAE for international private medical insurance (iPMI) under Bupa International, and now available through UMI, this additional product offers coverage with pre-existing conditions and provides new options for the growing market.
Allianz Worldwide Care, another familiar name among insurers in the UAE, expressed that they have seen, “Increased growth across the entire Middle East region.” As a result they have opened a new branch in Qatar due to rising growth and opportunity. Allianz Worldwide Care who works in conjunction with their sister branch, Allianz Saudi Fransi, said “All other countries have seen a healthy growth in membership (with the exclusion of Bahrain).”
Premium insurance prices are a point of contention for expatriates when choosing their iPMI plans. Green Crescent Insurance, one of the top local insurers, reported US $3.73 million in losses in 2012. GCI provided premiums below market rates and in 2011, provided a 50 percent market value loss. GCI solidifies the fact that although premium prices may attract customers, they do not cover the rising prices of medical treatment.
Due to the increase of demand in private international medical insurance, as more expatriates move back to Dubai for the rising economy ,UMI analysts predict future inflation of medical insurance premiums.