The Secretary General of the General Arab Insurance Federation (GAIF), Mr. Abdul Khaliq Raouf Khalil said the Arab markets faced 4 fundamental challenges in the medical insurance sector within the last phase due to the political and economic unrest situation w experienced by Egypt over the last three years.
Khalil explained on the sidelines of the third Regional Forum on Health Insurance & Healthcare that these challenges include the price competition between the insurance companies and the Arab markets, along with inching the unjustified prices of the various medical products.
He asserted that the Arab markets faced several obstacles, besides facing the continues requirements for the compensations, noting that the only way for facing the challenges is the cooperation between all of the insurance and Health Care companies, clients, providers of medical services, insurance brokers and reinsurance companies “Towards providing better service”.
It requires also stimulating the awareness of the medical insurance as well as the pricing and underwriting regulations and to interest in micro insurance in order to meet with all the needs of low-income, Khalil added.
He illustrated that GAIF is considering the ways of overcoming these challenges, stressing in the necessary of discussing the study on the Health Insurance Committee of the Arab Federation, which started actually to review in Bahrain last meeting in January.
Furthermore, he added the Arab markets are still modern in the medical insurance sector, pointing out that the average rate of losses in this sector amounted to 77% in 2012 and the Egyptian market reached 6%.