What you will learn from our regular "update" communications
This regular update will keep you informed of developments in the healthcare funding and health insurance market in MENA and beyond. It will also keep you updated on events, market direction, government health funding initiatives and what we see as the latest trends in this important sector. If you do not wish to receive these updates please click the "unsubscribe" button at the foot of this page.
Increased foreign ownership limits for UAE insurance companies: what might this mean?
For many years the maximum investment in locally listed insurers available to non-UAE individuals and entities has been capped at 25%. Last week, HE Ebrahim Al Zaabi, Director General of the UAE Federal Insurance Authority, confirmed the UAE Cabinet decision to raise this cap to 49% which is in line with the maximum limit for foreign holdings in most commercial sectors in UAE (outside of Free Zones).
So what might this mean? We see a number of situations:
UAE national investors who have been looking to divest will now have a better chance to do so;
Both international and non-UAE regional investors may seek to increase or acquire greater shares in UAE insurers;
There may be more discussion relating to consolidation in what is a generally fragmented market where the top 5 insurers out of 61 hold around 41% of the market.
With 12 years' experience of the insurance market in UAE and the wider MENA region as an insurance practitioner, consultant and regulator, Robin Ali is well placed to facilitate connections between those who may want to capitalise on this seismic change.
If you wish to initiate a confidential discussion please contact Robin Ali directly on +971 50 104 7058
Congratulations to Cigna!
Cigna now has a directly licensed presence in the Middle East through its now completed deal to acquire the business of Zurich Insurance Middle East SAL ("ZIME"), a company headquartered in Lebanon.
The move allows Cigna to begin marketing its health insurance products in each of the countries in which ZIME held a license under the ZIME name being a brand of Cigna while a regulatory name change proceeds.
Consilient is proud to have been engaged by Cigna to assist in part of its strategy to achieve this outcome.
Middle East Health Insurance Conference moves to Muscat!
After 10 years of facilitating the region's most established and well supported conference dedicated to health insurance, its promoters, Middle East Insurance Review, have taken the step of moving the venue from Dubai to Muscat for the 2017 edition in September
Consilient fully supports this move and Robin Ali will be speaking at the conference which will be held under the patronage of the Capital Markets Authority of the Sultanate of Oman.
Apart from being held at the stunning location of the Shangri-La Barr Al Jissah Resort, the conference is also being held in a country that is proceeding with the development of a new healthcare funding model that will almost certainly include health insurance as a funding tool.
Workplace wellness as a health insurance cost containment tool
Following Robin Ali's discussion with Suzanne Radford on Arabian Radio Network's "Dubai Eye" we have seen increased interest from employers trying to understand how they can influence employee health to contain rising health insurance costs.
Whilst most HR practitioners see the benefits of better employee health, CFOs have been reluctant to invest, seeing such schemes as an additional cost rather than an investment. However, as health premiums now feature large on
P&L accounts, CFOs are beginning to take note.
To help ease an employer's entry into establishing a workplace wellness scheme, Consilient has redeveloped its holistic, research based and data driven model to be menu based, allowing employers to select those elements of a scheme that they see as best suiting their needs and their budget.
Health Management and Disease Prevention becomes more sophisticated
Whilst their primary focus is on claims adjudication, very few insurance or claims management companies in MENA have comprehensive programs designed to manage health insurance utilisation or prevent lifestyle disease from developing in the first place.
At Consilient, we are working with clients to develop programs that are designed to help insured members better manage their own health conditions and take steps to minimise the risks of developing chronic diseases such as diabetes,
hypertension, hyperlipidemia and obesity. To find out more email us by clicking below.