The Association of Insurers of the UAE noted that the provision of medical insurance should be carried out through licensed insurance companies and intermediaries, approved by the Central Bank. It is necessary to ensure that the client is familiar with all points of the document, that he understands the necessary coverages and benefits, which have been agreed upon.
Abdulmuhsin Jabir, a member of the Management Council of the Association of Insurers of the UAE, chairman of the Medical Insurance Committee, noted that there is a tendency to advertise "office services" offering temporary low prices, which may create problems in the future if medical coverage is needed.
Jabir emphasized that the sale of medical documents should be carried out by licensed persons, be they insurance companies or intermediaries, and not "service offices," licensed only for the provision of other types of services, such as visa issuance or other services, but not medical insurance in general.
According to Jabir, it is important for the client to verify the proposed medical document to ensure that it meets the required standards for survival and other desired benefits, and to compare prices with the prevailing ones in the market, so that it is reasonable and not inflated.
Jabir noted that insurance companies and intermediaries have minimum and maximum rates, which they must adhere to with minimal differences, reflecting the competition among them, while maintaining this ability to implement insurance payouts.
The latest statistical data from the Central Bank on the insurance sector in the country, at the end of the third quarter of 2024, indicated that the number of licensed insurance companies in the country amounts to 59, of which 23 are traditional national companies, 10 - national takaful companies, 25 - branches of foreign insurance companies, and one branch of a foreign reinsurance company operating in the UAE.
In the insurance sector, there are 498 licensed professionals, including insurance brokers, insurance agents, loss assessment experts, insurance consultants, actuaries, and companies managing medical insurance requirements, and also price comparison sites and insurance producers.
