Insurance companies in the Emirates announce an increase in health insurance premiums

The Emirates' insurance providers have announced that they will be raising the premiums for their health insurance policies.

Residents of the UAE will have to pay higher premiums for mental health insurance, which will increase by 10-15%.

The most basic level of coverage begins at Dh950, while upgraded plans that provide a wider variety of coverage begin at Dh3,000.

The United Arab Emirates has seen an increase in the prices for mental health insurance.

On an annual basis, the premiums for mental health insurance in the United Arab Emirates have been increasing by ten to fifteen percent, and it is anticipated that this pattern will continue in the year 2024 as well. As a result of an increase in knowledge of mental health issues in the post-pandemic period, executives in the insurance business have reported that the demand for mental health insurance among residents of the UAE continues to increase.

Insurance for mental health has been growing in the United Arab Emirates.

As a result of medical inflation, the cost of mental health insurance has been rising from 10 to 15 percent annually since the epidemic, according to Anas Mistareehi, the founder and CEO of eSanad.

In 2024, it is anticipated that this trend will continue, which means that policyholders will be required to pay higher premiums for their health insurance. This is owing to the fact that over half of the insurance firms operating in the market have already increased their prices, and the remaining businesses will follow suit as a form of correction due to the high utilization percentage.

According to Moin Ur Rehman, executive director of Unitrust Insurance, health insurance prices, particularly those covering mental health, have usually increased in 2023. This is due to the fact that medical treatments have gotten more expensive. As a result, this is passed on to the average citizen in the form of insurance rates.

According to Rehman, treatments for mental health can be a commitment that lasts for a medium to lengthy period of time, which may result in large medical expenses, which may also play a role. The projections for the year 2024 indicate that this pattern will continue; we do not anticipate a reduction in the cost of medical insurance premiums in the near future.

Treatment for mental health issues in the United Arab Emirates has increased by a factor of six since the year 2020, as reported by the World Health Organization.

As a result of greater knowledge of mental health issues such as anxiety, depression, and stress-related disorders, as well as societal transformations and an increase of residents from countries where mental health awareness is the norm, Moin Ur Rehman stated that there has been an increase in the demand for mental health insurance.

In addition, Mistareehi stated that the demand for mental health insurance has increased in the United Arab Emirates (UAE) as a result of the rise in the number of mental health treatments. This is particularly true in light of the fact that the COVID-19 pandemic has made many people's mental health worse as they cope with issues related to their finances and relationships.

Based on the information provided by eSanad, mental health coverage begins with a base coverage that begins at Dh950, while enhanced plans that offer a wider coverage range begin at Dh3,000.

In general, insurers are required to conform to the restrictions and standards that are established by the Dubai Health Authority (DHA) for mental health coverage requirements.

Read also: UAE law specifies when a real estate company is allowed to deduct money from the tenant's security deposit

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