Fierce competition, rising medical cost drain profits of Saudi, UAE insurers – ZAWYA

Fierce competition, rising medical cost drain profits of Saudi, UAE insurers – ZAWYA

Fierce competition, rising medical cost drain profits of Saudi, UAE insurers. Insurance companies in the UAE and Saudi Arabia will continue to face challenges amid high healthcare costs and a crowded market, according to Fitch Ratings.. The UAE and Saudi Arabia are the two largest insurance markets in the Middle East, with health insurance business dominating in both.. With costs still rising, the health insurance market in both states has seen slowing growth and even contraction in Saudi Arabia in 2018.. In the UAE, Daman Health Insurance and Oman Insurance posted declines of 8.59 percent and 0.51 percent, respectively..