Increased mandatory health insurance across the Middle East is creating knock on business opportunities for more IPMI business.
This is according to Amber Musson-Thorp, general manager – Qatar and group commercial director MEA at Lifecare International, who was speaking at the Health & Protection IPMI Summit at Pennyhill Park Hotel this morning.
Musson-Thorp (pictured right) explained while mandatory insurance in countries such as Oman, Kuwait and Qatar create business opportunities for local firms, they would also create conversations around IPMI.
“You find many times out in this part of the world it’s category A, B and C with customers,” she said.
“In category A you might sell the IPMI. But if you look at Qatar specifically, the strategy for 2030 is for the population to go from three to five million, the bulk of that will be the local insured but they’re making it easier for the country for visitors.”
Musson-Thorp added that Qatar also making it easier for companies to enter the nation and open up there.
“They are opening it up to multinationals, to international businesses where they don’t have to have that 51% Qatari ownership,” she said.
“Which means what we tend to find with the multinationals and the internationals, they tend to want IPMI.
“So we can see that link with the compulsory that’s coming and most of the IPMI insurers that are here with us today and we all know are looking to have an onshore solution.
“So for sure it’s going to improve with all this IPMI but all this compulsory and this mandatory health will have much greater impact on the local but start the questions on the international.”