Health Insurance Industry Must Adapt and Innovate Following New Retirement Law, Urges SAICOHEALTH Chief

Retirement law’s impact on healthcare insurers and providers to come under the spotlight at 4th MENA Insurance Congress

Dubai, UAE, October 02, 2018:  At the 4th MENA Health Insurance Congress, major players from across the regional insurance industry will explore and dissect the immediate and long-term implications of the UAE Cabinet’s historic decision to approve a new expatriate retirement law, according to Georges Chidiac, UAE Country Manager and Senior Vice President of SAICOHEALTH.

Although the formal Congress agenda was finalized before the new law - which is expected to provide special residency-visa privileges for expat retirees over 55 years of age for a period of five years - was passed, Chidiac expects the topic to be a popular talking point among industry representatives on the sidelines of various panel discussions.

“It’s too early to gauge precisely what the new law will mean for insurance companies, although we can expect the law to be good news for healthcare providers and UAE residents as it will spur investment in the sector,” said Chidiac.

With the new law coming into effect in 2019, the qualifying requirements for individuals are property investments worth Dh2 million or more, financial savings of no less than Dh1 million, or an active income of no less than Dh20,000 per month. 

 “Whether health insurance for retirees will be mandatory remains to be seen but, either way, the new retiree law should drive innovation right across the healthcare insurance divide. An array of new services will be required to manage health cases and diseases management; we will see much more tracking between insurers and providers,” added Chidiac. 

At the 4th MENA Health Insurance Congress, which runs at Dubai’s Millennium Airport Hotel from October 2-3, Chidiac will address the ‘collaboration triangle’, or the relationship and drivers between insurers, patients and healthcare providers. 

With SAICOHEALTH serving as the Silver sponsor of the Congress, Chidiac will also discuss aspects such as Medical Consumerism, or how patients co-pilot their healthcare; how technology is redefining the collaboration triangle in the digital age, and how value-based care can play a positive role in insurer-patient relationships.

Established in 1964, DAMANA has gradually increased its regional holdings and now counts seven offices in five MENA countries. DAMANA deals with the full spectrum of general insurance needs, with an expertise in health insurance through its dedicated brand SAICOHEALTH.