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Middle East health insurance premiums: A regional comparison
Posted on Sep 07, 2017 by Jessica Lindeman
The global health insurance industry has become increasingly regulated in recent years, especially in the Middle East where a large number of locations have made or are planning to make medical insurance mandatory. Abu Dhabi and Dubai, for example, both require all residents to have health insurance. The Kingdom of Saudi Arabia has also issued new regulations that require all private sector employees and their dependents to secure coverage. In Oman, a new health insurance scheme is scheduled for implementation in January 2018.
According to our global partner’s new Cost of International Health Insurance Report - 2017, this increase in regulation has had and will continue to have a considerable impact on health insurance premiums in the Middle East. Here, we provide an overview and regional comparison of the most expensive and cheapest locations for international health insurance in the Middle East.
Top 10 countries with the highest health insurance premiums
By averaging health insurance premiums from 10 major insurers in 100 locations, our global partner Pacific Prime’s new cost of health insurance report found that average premiums in 2017 span from USD 19,724 to USD 7,027. Two Middle Eastern countries made it to the top 10 ranking: Israel and Dubai, with average health insurance premiums of USD 9,989 and USD 8,959, respectively.
|
Rank |
Country |
Average Cost (USD) |
% of |
|
1 |
US |
19,724 |
100.0% |
|
2 |
Hong Kong |
12,585 |
63.8% |
|
3 |
Singapore |
10,732 |
54.4% |
|
4 |
China |
10,695 |
54.2% |
|
5 |
Canada |
10,263 |
52.0% |
|
6 |
Israel |
9,989 |
50.6% |
|
7 |
UK |
9,467 |
48.0% |
|
8 |
Argentina |
8,994 |
45.6% |
|
9 |
Dubai |
8,959 |
45.4% |
|
10 |
Taiwan |
8,812 |
44.7% |
A regional comparison of health insurance premiums in the Middle East
Average health insurance premiums in the Middle East span from USD 9,989 in Israel to USD 7,248 in Azerbaijan. As you can see in the average premium graph below, the top five most expensive countries in the region are: Israel, Dubai, Lebanon, Kazakhstan, and Bahrain. When compared to the global ranking, countries in the Middle East are ranked between 6th (Israel) and 69th (Azerbaijan).
Dubai’s slight decrease in rank
When comparing Dubai’s health insurance premiums to previous years, the report found that the average cost actually dropped from USD 10,213 in 2016 to USD 8,959 in 2017. Before we explain why this has happened, we need to first address that due to the recently introduced mandatory health cover, it is nearly impossible to adequately compare plans in Dubai with policies sold in other parts of the world, which is why the report used plans that closest represent the plans used in other locations.
Pacific Prime believes that the main reasons behind why Dubai’s average cost has decreased in 2017 are:
- Two insurers have lower premiums in Dubai
- Some providers are beginning to develop plans that offer lower levels of coverage compared to similar plans sold outside of Dubai, while still meeting the Dubai Health Authority’s minimum coverage requirements
Despite the slight decrease in the cost of health insurance this year, premiums in Dubai are still set to go up due to hiking demand and increased utilization of healthcare. For more in-depth analysis on Dubai’s health insurance premiums, you can download the Cost of International Health Insurance Report - 2017 here.
Download the Cost of International Health Insurance Report - 2017 today
For further information on health insurance premiums around the world, and a more in-depth explanation of all the drivers influencing international insurance prices in the Middle East and elsewhere, be sure to download Pacific Prime’s latest report today. The report is completely free to download, and is available in PDF format (containing full rankings and analysis), as well as online.
If you have any further questions, feel free to contact our team of experts at UAE Medical Insurance today. With years of experience matching individual and corporate clients with the most optimal insurance solutions, our advisors are standing by to offer impartial advice based on your specific needs, and give you a free quote.
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