CEO Interview: US-listed insurer Cigna sees rise in demand for affordable healthcare

CEO Interview: US-listed insurer Cigna sees rise in demand for affordable healthcare

The region's insurance industry continues to grow albeit at moderate pace despite macroeconomic concerns, constrained spending and the coronavirus pandemic.

Overall, the market within the GCC alone is forecast to grow at an annualised growth rate of 3.2% from $26.5 billion in 2021 to $31.1 billion in 2026, according to UAE-based investment banking advisory firm Alpen Capital.

Since the pandemic, however, the market has seen new trends, especially amid digital transformation and changing consumer preferences, as well as heightened focus on affordability, accessibility and convenience within the healthcare segment. Insurance claims are rising, and customers are increasingly looking for quality holistic healthcare without breaking the bank.

Zawya spoke to Jérôme Droesch, CEO of Domestic Health and Health Services for international markets at Cigna, a US-listed health insurance company, to get more insights into the healthcare insurance market.

Some industry players say it's a challenging time for the insurance industry in the Gulf or MENA region, as demand has slowed down and there is stiff competition in the market. Do you share this view?

On the contrary, we would say that the Middle East, and particularly the UAE, offers immense potential for the health insurance sector. The healthcare industry continues to be lucrative in terms of