Dubai: Vaccinations are tightening the COVID-19 spread – but the legacy of the pandemic will be in the world insurance industry and the insured for some time to come. According to the highest operating figures, this could mean increased costs of health insurance in the UAE. ‘The pandemic has already had an impact [policy] installments and leads to accumulated costs on so many fronts, ”said Hamad Abdullah Al Mehyas, CEO of Abu Dhabi’s health insurer Daman, which is now expanding coverage to more than 2.1 million insured. ‘There are new medicines that cost hundreds of thousands – the cost of medical services will rise higher. “It will all appear on medical inflation rates … and reflect the installments (a policyholder has to pay).” Senior sources from the insurance industry confirm his opinion and say that the real cost of combating COVID-19 will be reflected in the demands of the 2021 insurance industry. In the UAE, the rising costs are still not fully felt because ‘all medication for the corona is covered by the government,’ Al Mehyas added. At least one factor will remain constant – medical insurance remains the fastest growing category this year … and for some time to come.
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Daman, which is celebrating its 15th year of operation, is on the lookout for new market entries, while Kuwait and Bahrain are mentioned where ‘discussions’ are taking place. In the UAE, Daman has gone much further than his mandate in Abu Dhabi – “We are in talks with strategic partners in Dubai and Northern Emirates,” the chief executive added. “In the past, we have secured the entire government in Sharjah and are based in Dubai.” In Saudi Arabia, it’s all from the point, with Saudi Enaya. “Any business would want to be in the kingdom, given the large quantities and expected returns,” Al Mehyas said. ‘There are about 40 companies [medical insurance] space, some of them are quite specialized. But there are more opportunities we can offer there.
In terms of employment for UAE nationals, Daman remains one of the key players in Abu Dhabi. “When we started, we had about 200 employees – it’s grown ten times now,” the CEO said. “During these years, we have entered different fields, such as the management of medical units. We have moved from relying solely on traditional ways of providing insurance services to virtually expanding it. ‘In all respects, we have maintained government partnerships and the growth of the [medical] insurance footprint. We have a clear vision for the future that will take us beyond the borders of the UAE. ” Keep an eye on the cost of COVID-19 on insurance …