The COVID-19 pandemic could mean increases in the cost of health insurance in the UAE, according to a top industry figure.
The pandemic has already impacted premium payments and is leading to inflated costs on many fronts, reported Gulf News quoting Mr Hamad Abdullah Al Mehyas, CEO of Abu Dhabi-based health insurer Daman.
“All of which will show up in medical inflation rates… and be reflected in the premiums, “ he said.
Senior insurance industry sources echo his views, saying that the true cost of combating COVID-19 will be reflected in the 2021 insurance industry claims. In the UAE, the spiralling costs are still not being felt in full because “all medication for the coronavirus is shouldered by the government,” Mr Al Mehyas added.
Daman, which is marking its 15th year of operations, is looking at new markets, with Kuwait and Bahrain mentioned as where “discussions” are taking place.
In the UAE, Daman has moved beyond its Abu Dhabi mandate. “We are having discussions with strategic partners in Dubai and northern emirates,” the CEO added. “In the past, we have insured the whole of government in Sharjah and had a presence in Dubai.”