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.
Capital Market Authority, Oman reveals more details of health insurance scheme
At the 12th Middle East Health Insurance Conference held on 24/25 September in Muscat, CMA announced that it had completed some work on identifying the size of population to be insured under its forthcoming compulsory health insurance scheme. It has also indicated that actual population distribution differs from official statistics due to the fact that employee numbers are recorded by Governorate of company registration rather than where employees are physically located.
According to the Ministry of Manpower, in mid 2018 there were approximately 1.87m expatriate workers and 0.24m Omanis working in the
private sector. Figures for the currently insured population indicate only 202,000 expatriates (including family members) are insured while Omanis and families total 243,000 insured although we do not know how many of these are in the private sector. However, we estimate that the potential uninsured number of employees only could be almost 2m. The scheme itself would apply only to employees unless employers choose to offer cover for dependents.
As implementation will be in 6 stages based largely upon category of employer and as CMA stated they would conduct a thorough review of each stage before moving to the next we expect implementation could take several years.
International Health Insurance Forum dates announced for 2019.
Separate events for Africa and Middle East
The feedback we received from delegates and speakers at our recent Forum held in Dubai has been exceptional. Attendees said that the event was better than similar events they have attended in Prague, Vienna and Amsterdam! One delegate said it "beat all events I have attended in this region in the last 5 years by a mile"
The Forum, billed as a "quality not quantity" event, was attended by high level delegates, included international speakers and was sponsored by no less than FIVE global brands including Aetna, Cigna, GSK, IQVIA and Oracle.
For 2019 and to better service the African market we will be holding a separate event on 13-15 March dedicated to the sub-Saharan African market. The location will be Nairobi, Kenya.
The sub-Sahara African market is growing rapidly and offers huge potential. The Forum will focus on innovative product development and distribution necessary to meet the challenges of providing access to healthcare for all in sub-Saharan Africa. Another theme will be how to deal with fraud and abuse.
The Middle East event will take place in Dubai on 23-25 April.
Once again, we will bring internationally experienced speakers to regional audiences and include high level speakers working in the respective regions to maximise knowledge transfer.
Supreme Council of Health, Bahrain issues an RFP for management of the expatriate health insurance scheme
We understand that on 3 October SCH uploaded to the Bahrain Tender Board website a Request for Proposal for the management of the expatriates' health insurance scheme.
This comes after months of speculation as to the approach that SCH will adopt in insuring both the expatriate and national populations. This speculation increased with the purchase at the end of 2017 by Mumtalakat, the Bahraini sovereign wealth fund, of 90% of NAS, a major UAE based TPA.
The closing date to purchase the tender document and to notify SCH of the intention to bid was 25 October with the bid deadline being 6 December.
Consilient plans to launch its Health Insurance Roundtable series in Bahrain
In advance of the implementation of mandatory health insurance in Bahrain we are taking our Health Insurance Roundtable series to Bahrain.
This event will take place twice a year or as required by regulatory developments. Attendees are restricted to C-suite executives, country heads and other senior managers from insurers, reinsurers, TPAs brokers and healthcare providers.
Mandatory health insurance in other GCC countries has driven the market share of health insurance to around 50% of total premium so this business line will be an important focus for all insurers in Bahrain.
We expect our first event will take place on Wednesday 28 November at the Radisson Diplomat Hotel. The delegate price will be 90 BD for the full day program including refreshments an a seated lunch.
Increase in investors with acquisition cash and more owners looking to sell in the GCC health insurance market
We have seen an increasing number of companies seeking to make acquisitions in the GCC region and several owners looking to divest their holdings. Target companies concerned are primarily insurers or third party administrators.
Because of our reach in the market we can help connect buyers with sellers. If you wish to discuss please call our Head of Practice, Robin Ali, directly and in confidence on +971 50 104 7058
3rd Consilient Health Insurance Roundtable explores opportunities in Oman
On 15 October we held our 3rd Roundtable at the Radisson Blu Hotel in Muscat. The event was attended by senior representatives from 10 of the 16 insurers offering health insurance in Oman, by TPAs, a reinsurance broker, a pharmacy benefit management company, a health data analytics company and a pharmaceutical company as well as the chairman of the finance and insurance committee of Oman Chamber and observers from Capital Market Authority. We also had sponsor support from actuarial firm Badri Management Consultants and pharmacy benefit management company Medimpact Arabia.
The morning consisted of presentations and the afternoon saw a series of practical workshop discussions on product design and distribution, impact of compulsory insurance on internal systems and processes, dealing with fraud, waste and abuse and ensuring compliance with the new scheme.
On the question of distribution, the audience appeared to take the view that the new basic insurance plan would be distributed using the existing, broker dominated channel. We doubt, however, if this would be financially viable.
One of our services is the preparation of health insurance market study reports for market participants considering an entry into or an expansion in the region. The most popular countries at present are Oman and Bahrain, both of which will be launching mandatory health insurance in 2019.
We provide customised reports based upon whether the client is an insurer, reinsurer, broker or TPA and whether they are regional or international.
These are not "copy and paste" reports, a technique used by some consulting firms to maximize revenue from minimal effort.
We can provide you with customization to meet your needs and budget. Please click below to send us an enquiry.