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Will Bupa And DNI Now Compete In Several Countries Where Generali And Generali Employee Benefits Are Both In Business, Or Just The Middle East, Or Just The UAE?

In this article, Ian Youngman, leading insurance analyst and author of the leading iPMI market report, “International Health Insurance 2021" talks about the DNI takeover of the Global Choice international medical insurance portfolio of Generali Global Health.

A few weeks ago Generali and Bupa announced a deal on IPMI.

Generali Employee Benefits (GEB) and Bupa Global announced a strategic partnership to offer “best-in-class” international private medical insurance and global employee benefits solutions to their new and existing corporate customers.

RELATED: Generali Employee Benefits And Bupa Global Announce Strategic Partnership To Offer International Private Medical Insurance

GEB customers will have access to Bupa Global’s quality, expertise, and comprehensive health and wellbeing offering, when and where they need it, across 190+ countries. Bupa Global customers will also have the ability to access global health and benefits solutions provided by GEB’s worldwide network.

What is easy to miss here is that it only refers to corporate business.

So what happens to the individual business of Generali Global Health?

The implication is that Generali Global Health would cease trading and leave the IPMI market.

I expect details to be explained on December 15th, 2021 when Generali will hold a virtual Investor Day to present its new strategic plan.

One part of the future was leaked – but it leaves gaps in knowledge.

Dubai National Insurance & Reinsurance (DNI), one of the leading insurance companies in the UAE, has partnered with Munich Re to take over some of the Global Choice medical portfolio of Generali Global Health.

Munich Re took over the reinsurance of Global Choice in July 2021.

DNI and Munich Re will maintain the existing policy benefits and terms and conditions of Global Choice.

Abdulla Al Nuaimi, CEO of DNI said, "We are delighted to officially announce the takeover of the GGH portfolio in collaboration with Munich Re. This exciting new collaboration affirms our commitment to continuously provide the same level of benefits and enhanced quality services to our clients and existing policyholders. We are dedicated to working with and strengthening our relationship with our partners to ensure seamless integration, giving customers peace of mind that they will not only continue to enjoy the benefits of GGH but take advantage of the combined expertise that DNI and Munich Re have to offer on the international medical front.”

Dr Frank Mayer, CEO, Munich Re comments, "DNI has been a trusted partner, and we are eager to work together and continue to expand our portfolio of services in the coming years. We believe that, together, we are in the best position to cultivate an even stronger and more comprehensive ecosystem that will allow us to serve our customers and partners better."

To ensure seamless operations following the takeover, DNI has continued working with Munich Re subsidiary MedNet as the third-party administrator owing to their familiarity with the scheme. The process will continue under the new partnership with Munich Re. The international network direct billing facilities previously through GGH will now be offered through the MedNet Global Network.

Although MedNet has a global network, DNI is limited to the Gulf and most of that is in the UAE.

Will Bupa and DNI now be competing in several countries where Generali and Generali Employee Benefits are both in business, or just the Middle East or just the UAE?

What will happen to the rest of the Generali Global Health portfolio?

Comment

There is a trend for even leading global insurers to decide to stop competing in PMI and IPMI in selected countries.

There is also a trend for insurers to work in partnership with local groups and TPAs.

Regional groups see gaps.

What is interesting is to look at the plans of Oman Insurance to offer PMI/IPMI in six more countries from 2022 in association with four named and two yet unknown local insurers.

Looking at other recent deals, there is a move for insurers in Africa and The Gulf to offer PMI and IPMI across borders in association with others from the region.

While this may or may not have anything to do with Afghanistan it is very clear that American and European insurers are going to have to compete with strong local rivals.

My tip for 2022 is watch for more country exits by USA and European insurers.

But it is not all one way traffic, with Zurich quietly entering in some countries and the expected IPMI launch from HDI Global - ironically bringing us full circle as they have been recruiting from Generali Global Health.

READ THE LATEST REPORT ON IPMI: International Health Insurance (IPMI) 2021

 

 

 

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Dubai National Insurance & Reinsurance (DNIR) Launches International Health Insurance In Partnership With Generali Global Health

Dubai National Insurance & Reinsurance PSC (DNIR) launched an International Health Insurance product in partnership with Generali, one of the most prestigious company in the global insurance industry to provide worldwide health insurance cover, on 12th January 2016, at Habtoor Grand Beach Resort & Spa.

‘Global Choice’ is designed to cater to the needs of UAE Residents who require local as well as global coverage. It is the latest addition to the Health Insurance products range offered by DNIR to keep with its commitment to design products for every segment of the community.

This product is backed by the International expertise and support of Generali Global Health. It is an enhanced health insurance solution suitable for companies looking for a global coverage. The product provides online assistance and can be tailor-made to match the employer requirements and provide maximum flexibility. The additional benefits which the cover provides are high annual limits, direct billing facility in an international network, chronic condition management, wellness Programs, rehabilitation and therapies, fertility treatment.

Mr. Ramez Abou Zaid, General Manager of DNIR said that it is indeed a great opportunity to start the year 2016 by offering the market a very professional and international medical cover, combining it with the 25th year celebration of DNIR.

Mr. Marco Giacomelli, Head of Generali Global Health, said that there is a growing need for world class health insurance solutions in the UAE.  Generali is committed to supporting DNIR and share its specific expertise on international health insurance, to enable DNIR to meet the needs of the globally mobile community in the UAE. 

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MENA Health Insurance Congress, 16 - 17 May 2016, Dubai

Demand for healthcare in the MENA region has risen as a result of high population growth, increased life expectancy, lower mortality rates, the prevalence of lifestyle related diseases, and an aspiration for better quality healthcare services.

The MENA Health Insurance Congress, taking place in Dubai from 15-17 May 2016, is a strategic platform for all the stakeholders to discuss and collaborate on the developments of mandatory health insurance in the region; look into global healthcare trends that will shape the future changes; examine fraud and abuse in the health insurance system; strengthen payer and provider partnerships; regulate pricing and medical inflation; and the emerging role of employers and patients in the mandatory health coverage.

The congress will host regulators and key stakeholders from the health insurance who will tackle the medical insurance issues through presentations, workshops and panel discussions.

Key speakers

Mahmoud Shalab, Senior Vice President and Head of Department, Union Insurance Company
Robin Ali, Health Insurance Consultant,Dubai Health Authority, UAE
Mark Adams, Chief Executive Officer,Anglo Arabian Healthcare
Tsepang Nare, Manager - Health Information Management Services,Cleveland Clinic Abu Dhabi
Tintu Elizabeth Mathews, Director, Revenue Cycle Management, Oasis Hospital
Dr. Ramadan Al Blooshi, Managing Director, Regulatory, Dubai Healthcare City
Dr. Marc Ruemmler, Chief Operating Officer, Healthpoint, Mubadala Healthcare

Key benefits of attending

Hear the latest advancements on e-health from inspirational panellists and keynote speakers from the health insurance sector;
Understand how health data analytics can help direct insurance outcomes better;
Explore different methods and technologies to spot and stop insurance fraud;
Understand the value of health awareness and patient engagement to mitigate costs;
Analyse healthcare partnerships in long term managed care to generate better outcomes;
Network with your peers across the different sectors in the industry;
Share your best practices and join the 2nd MENA Health Insurance Awards and be recognised for your outstanding contribution to the MENA health insurance market.

Who should attend

Policy makers;
Health economists;
Chief Underwriting Officers;
Medical Reinsurance Manager;
Medical Claims Director;
Hospital Head of Strategy, Head of Medical Operation;
Pharmaceutical Market Access Directors;
Medical Coding Director;
Actuaries.

For more information about the MENA Health Insurance Congress 2016 in Dubai visit the MENA Health Insurance Congress website, click here.

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AXIS Capital Subsidiary Granted License To Establish Dubai Office

AXIS Capital Holdings Limited today announced that its wholly owned subsidiary AXIS Re SE was granted a license by the Dubai Financial Services Authority on December 8, 2015, to establish a representative office in the Dubai International Financial Centre.

The AXIS Re SE Dubai Representative Office will focus on marketing accident and health specialty reinsurance in the Middle East and Africa.

AXIS Re SE is a composite reinsurance company headquartered in Ireland, which is authorized and regulated by the Central Bank of Ireland to carry on non-life and life reinsurance business.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity attributable to AXIS Capital at September 30, 2015 of $5.8 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.

 

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UMI Reports That Health Insurance Premium Inflation Shrank In 2014

UMI, one of the UAE's premier medical insurance advisors, has found that the inflation of international private medical insurance premiums fell for the second year in a row in 2014.

An inflation rate of 7.0% in 2014 (a decrease of .3% from rates in 2013) indicates a potential new downward trend in a region that has historically seen high medical cost inflation. UMI believes that there are two main reasons for this downward trend. The first being a comparatively slow recovery from the Global Financial Crisis. While countries in Asia and Europe have bounced back relatively quickly, the UAE seems to have been more negatively affected, with recovery efforts catching up only in the past couple of years, as indicated by general downward trends in the region.

The second reason for this trend is increased competition in the international private medical insurance market in Dubai and the whole UAE. With an ever increasing number of providers launching products in the region aimed at expats, the market has become more competitive with providers keeping inflation as low as possible.

UMI has identified one company in particular which has been largely successful in managing premium inflation - Allianz Worldwide Care (AWC). With an inflation rate of 4.8% in 2014, a full 2.2% lower than Dubai's average inflation rate, the provider has achieved year-on-year decreases three years in a row.

In fact, the five year average for Allianz is 5.9%, which when compared to the same average for Dubai (8.3%) indicates a much lower average inflation rate. This has allowed the company to offer extremely competitive rates to expats in the UAE. UMI believes that it will be crucial for companies operating in the UAE to track premium inflation rates in the coming years, especially with the changing political landscape.

For example, Dubai has mandated that all companies operating in the UAE provide health insurance for their employees by 2016. This will make companies with lower premium inflation much more relevant.

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Beware The Costs Of Tax-Free UAE

A rebounding property market and rising education fees can erode benefits of zero income tax for professional expats in the United Arab Emirates. New rules have put property purchase out of reach for many professional expats, and the rental market is heating up. Education fees are a source of financial stress, as the UAE continues to be one of the world’s most expensive international schooling destinations.

Millions of expatriates work in the United Arab Emirates, attracted by a dynamic jobs market and the promise of tax-free income. But those expecting to pocket the tax break could be in for a surprise, according to a new report and documentary by The Economist Intelligence Unit, sponsored by Friends Provident International.

UAE Expats and the Bottom Line finds that a range of costs of living challenges eat into the extra income of professional expats—with property and education standing out. In property, new rules introduced to cool the market have increased the size of down payments needed to buy larger properties, pushing more expats into the rental sector.

In some districts of Dubai, rents have risen by over 10% a quarter, while prices for some high end accommodation have returned to the 2008 peak. In Abu Dhabi, rents rose by 10% in the first quarter of 2014. While top end accommodation prices in the UAE favourably with the likes of London and New York, they sit atop a very different—and more polarised—market. In the UAE, there is a dearth of mid-range properties, effectively forcing many expats to take pricier accommodation than they otherwise would.

Education is a second big challenge, with fees set to rise again this year by between 1.7% and 3.5%—and some schools seeking increases of up to 7%. As competition for jobs in the UAE intensifies, some employment packages are losing perks such as education benefits. The cost of education has made some expatriates reconsider the length of their stay in the UAE, especially as fees ratchet up at secondary-school level. Combined with the array of charges, fees and indirect taxes, the real cost of living in the UAE can challenge the unprepared expat.

Adam Green, editor of the report, said, “While the UAE does still offer high salary packages and zero income tax, expats should not assume they are going to simply pocket the difference of the tax break, with everything else staying equal. The cost of property and school fees are among the biggest challenges, but utilities, charges and indirect taxes can all add up. Expats who plan to save money while here need to do their sums before making the leap”.

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Progression In UAE’s Education System Fantastic News For Expatriates

The reaction follows a report released by the United Arab Emirates’ embassy in Washington D.C. that states the existing system is thriving as the country’s population grows and the government’s heavy investment pays dividends.

In the UAE, education has long been touted as one of the highest priorities for their recent governments. The developments are a continuation of the infrastructure that has been implemented over recent years by the founder of the UAE, His Highness (H.H.) Sheikh Zayed Bin Sultan Al Nahyan. The progress highlights how far the region has come since the 1970s due to increased government involvement as well as heavy investment in a modern education system.

Before his death in 2004, Sheik Zayed stated that ‘the greatest use that can be made of wealth is to invest it in creating generations of educated and trained people’ and that ‘the prosperity and success of the people are measured by the standard of their education’. The country has carried these notions forward into building a system that has seen all ages benefit from the changes. The investment in the education system was largely spurred on by a rapid rise in population. As a result, the UAE now provides a financially viable and academically successful system that runs from nursery and pre-school through to university and postgraduate studies. It has received huge amounts of praise from the global community as it is free at all levels and all disciplines.

One statistic that highlights the progression of the UAE best is the average literacy levels of the population. In 1975, adult literacy was at 54 per cent among men and 31 per cent among women. In 2014 the figure is believed to be around 90 per cent across the board. A spokesperson for Interdean, leaders in the field of international relocation, has released a statement following the news.

‘The fact that the UAE can now boast one of the most efficient and progressive education systems in the Middle Eastern subcontinent speaks volumes for prospective expats to the region. ‘While it is well known that there is a lot of job opportunities across a large selection of major industries, this news is equally as important. It acts as a huge vote of confidence for those with children still in education who are contemplating moving.’

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Dubai: New Health Insurance Law Paves Way For Universal Health Coverage

His Highness Sheikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai approved the Health Insurance Law which stipulates rules and regulations for all parties involved with the provision and implementation of health insurance in the emirate.

The fundamental basis of the law is to ensure that every national, resident and visitor in Dubai has essential health insurance coverage and access to essential health services. This stems from the government’s fundamental goal to provide happiness and security to the people of the country and is in line with Dubai Strategic Plan 2015. His Excellency Engineer Essa Al Maidoor, Director-General of the DHA said during a press conference that was held at the DHA headquarters: “ We would like to thank His Highness Sheikh Mohammed and we are committed to fulfill his vision and ensure that every individual in Dubai has access to essential health coverage. Health insurance is a form of security and it is important for every individual to know that if he needs access to healthcare, it is easily available.

“The law is fundamental to ensure smooth delivery of essential health insurance to everyone living in the Emirate, which roughly means over three million people, which includes nationals and residents with Dubai visas. The DHA has been working on the development of the Health Insurance Law for Dubai as a model for financing health services in the emirate. The law stipulates a number of regulatory tools to ensure two fundamental goals: universal access to quality health care services and development of the competent health insurance system that is dynamic in nature, attracts investment and quality players that will further help drive the emirate’s booming economy.”

Dr Haidar Al Yousuf, Director of Health Funding at the DHA said that the law stipulates the roles and responsibilities of all the stakeholders involved with the provision and implementation of health insurance.

“In the case of UAE nationals, they shall receive insurance cards to replace the existing Dubai Health Authority (DHA) health cards that provides coverage for healthcare services and preventive care. They shall continue to have access to all current healthcare services provided by the DHA and various private healthcare providers. For residents, the health insurance law sets forth the employer’s responsibility to secure insurance to cover the employees he sponsors. This applies to domestic employees as well, all of whom will receive essential health coverage and the cost will have to be borne by the employer.

Several health insurance packages will be available for employers and while essential cover is a mandatory requirement as per the law, employers are highly encouraged to provide enhanced health coverage to their employees.” He added the law also chalks out the framework for insurance companies to abide by and as per the law only registered insurance companies will be able to provide insurance schemes and packages.

“The DHA will provide insurance companies with Health Insurance Permits and the move is aimed to ensure that every insurance company follows high standards as well as rules and regulations that are compliant with the DHA.” Implementing the healthcare insurance coverage will start gradually in 2014 to be rolled out in phases until mid-2016.

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United Arab Emirates Travel Advice and Warnings: Some OTC Medicines In The UK Are Considered Controlled Substances In The UAE

Around 1 million British nationals visit the UAE every year. Most visits are trouble-free. Take out comprehensive travel and medical insurance before you travel to the UAE.

Expatriates, Business Travelers and Tourists visiting the UAE, are advised to check if any medication they are prescribed, is considered a controlled substance in the UAE.

Some prescribed and over the counter medicines that are available in the UK are considered controlled substances in the UAE and can’t be brought into the country without prior permission from the UAE Ministry of Health. If you arrive in the UAE without this permission and the required documentation, the medication will not be allowed into the UAE and you may be prosecuted under UAE law.

For further information and specific queries, visit the website of the UAE Embassy in London and contact the Drug Control Department of the UAE Ministry of Health to check whether your medication is on the controlled list.

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Expats In The UAE Urged To Write Will

Expatriates living in the United Arab Emirates (UAE) have been advised to write a will in order to ensure that their assets are divided how they wish in the event of their death. Emphasis has been put on this legal process in a recent report published in the country's Ministry of Interior publication, 999 Magazine. It is particularly important for those living in a Muslim country, such as the UAE, otherwise Sharia law or local rules could be placed on inheritors. Under Sharia law, the majority of an estate passes to the male bloodline, which can mean wives and female partners are left with just one-eighth of their partner's assets if no will has been drawn up.

Emirati lawyer Hussain Al Jaziri told Gulf News: "Oftentimes the family of the deceased can obtain official documents from their country of origin asking that distribution of assets be done according to their country of citizenship."

Despite this relatively straightforward process being open to expats, only ten to 20 per cent of those resident in the UAE have carried it out to cover them should they die unexpectedly. Also important for expat families is to ensure that clear instructions as to who looks after the children are also left behind. Otherwise it will be up to the courts to decide and could mean that the intentions of the parents are not followed.

Without a last will and testament, it can take a long time for assets to be released and when they are, large taxes are often inflicted upon them. This means that the financial burden of looking after the children can be passed onto grandparents or other relatives for a long time after the parents' death.

Lieutenant Colonel Awad Saleh Al Kindi, editor-in-chief of 999, told the news provider: "There's a need for residents to be aware of the inheritance rules in the country. This is important to preserve peace and harmony within the family, which forms the basic unit of our society." Expatriate Healthcare specialise*s in providing international health insurance. Make sure you're protected.

© Expatriate Healthcare

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