Dubai: Evolving trends in healthcare financing and innovative service delivery will be the highlights as insurance providers, caregivers and policymakers meet for the 5th Annual Mena Health Insurance Congress at Millennium Airport Hotel, Dubai on October 1.
Claimed to be the largest gathering of its kind, the three-day event will have as key areas of discussion the efforts undertaken to develop health insurance market in Mena, significant roles of insurers and healthcare providers, main success strategies for the healthcare market, global trends, regulatory issues and managing rising healthcare expenses, among others.
“The credentialed speakers will address complex topics for improving operational efficiencies and cost mitigation in healthcare sector and viable insurance payment models through thought-provoking presentations, interactive panel discussions and workshops,” says Dr Doaa, Managing Director of Maarefah Management – the organisers of the show.
As can be seen, Saudi Arabia is expanding on the health insurance sector with recent policy changes and improved spending on healthcare. With the predicted population growth, the government is required to provide adequate care to patients, as well as reinforce the nation’s healthcare system. With about 2% yearly population growth forecast, the share of those in the age group of 65 or older is expected to move up by about 7%, touching a figure of 1.4m by 2021 – a marked jump from about 980,000 in 2016. This can apparently speed up overall demand for health care services for the future.
The Oxford Economics forecasts that government spending on health care in GCC will rise to US$30.5 billion by 2021, from just US$2.4 billion in 2016, an annual growth rate of more than 9%. Meanwhile, the private health spending will pick up the pace to meet rising demand over this period, it says, adding these would be aided by government policy, mainly Vision 2030. The UAE and Saudi Arabia command about 80% of the insurance premiums in the GCC.
If the trend is anything to go by, the GCC, significant changes in government health insurance regulations and rising populations can generate growth opportunities for private health insurers over the next three years. After the successful implementation of mandatory health insurance by the UAE, KSA is going for mandatory health insurance for all employees in the private sector and their families. In fact, countries are considering mandatory health insurance programmes, hoping that it would help push up the medical infrastructure.
Now in its fifth year, MENA Health Insurance Congress is the largest congregation of global and regional insurance professionals in the Middle East and North Africa. It has cemented Dubai’s position as the ideal hub for industry leaders to discuss and embrace the necessary business models and regulatory frameworks that drive growth in the industry. To know more visit: MENA Health Insurance Congress
Through its various strategic initiatives, Maarefah Management is constantly exploring opportunities to nurture an integrated ecosystem where all the healthcare stakeholders can grow and thrive collectively.