By Andrei Skvarsky.
About a dozen Emirati insurance companies have raised their premiums significantly since August, some of them by 35 per cent, a Dubai-based newspaper said.
Since the Covid pandemic the cost of insurance in the United Arab Emirates has been going up steadily by between 15 and 20 per cent a year, but just between August and mid-October 2023 about a dozen companies boosted their premiums by between 10 and 35 per cent, according to sources in the industry cited by English-language daily Khaleej Times.
The sources included insurance brokers Policybazaar.ae and Unitrust Insurance.
The premium increases were attributed to rising costs of drugs, medical treatments and medical technology, to the UAE’s ageing population and to the growing incidence of chronic diseases.
At the same time, Khaleej Times credited the UAE with “world-class” health insurance that “has been attracting a lot of health tourists” into the country. Last year Dubai alone welcomed 674,000 health tourists, the paper said.
Unitrust executive director Moin Ur Rehman, in speaking about Dubai, said that premium increases in the emirate were approved by the Dubai Health Authority.
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