VAT adds 5% to all insurance plans' premiums. As a result, some individuals are looking to lower their benefits to find a Dubai health insurance plan that fits their budget.
Many insurers are reducing maternity insurance benefits to cut costs. This is because maternity benefits produce only slim margins - if not losses - for the insurers.
This continues to be a problem for insurance companies and brokers. Non-Disclosure is a form of insurance fraud where the policyholder will attempt to switch to another insurer and plan, while fully disclosing their pre-existing conditions.
In such a competitive market, a number of less established insurers are looking to gain market share by offering plans with enticingly low premiums, only to drastically increase rates the following year.
As treatment tariffs continue to rise in the UAE, loss ratio management remains a massive challenge.
Outpatient claims in the Emirate continue to rise, as well as those for chronic conditions. This is unsurprising for a location that has seen every resident come into possession of medical insurance.
Moving forward into 2019 and beyond, we expect businesses to start selecting more streamlined methods of managing claims in different ways, such as via online portals.