Extending coverage to capital's residents

Abu Dhabi's new health insurance scheme aims to provide medical coverage for all expatriates working and living in the emirate. Mustafa Asaad spoke to Gulf News about Daman's ongoing support for the initiative, and the second phase of the scheme which began last month.

Gulf News: How do you view the progress in providing insurance products in the UAE's market?

Asaad: Daman is a specialised health insurance company that was able to gain a healthy market share in less than a year from the day it started its operations in July 2006. Today we can understand the market trends a bit better; therefore, we decided to add more resources to equip us with the increasing number of clients in the year 2007.

There are 17 registered health Insurance companies by GHAS [General Authority for Health Services in Abu Dhabi] that provides health insurance policies to groups and fewer are offering individual policies.

Gulf News: Do you believe that the market is lacking adequate insurance awareness?

Asaad: The health insurance law is new in general in the UAE. Therefore, implementing such a new mandatory law will face a lot of difficulties and constraints especially in the second phase of the implementation, which started on 1st January 2007, and included companies that employ less that 1000 staff and all individuals residing and working in the Emirate of Abu Dhabi.

Large number of the residents are keen to enroll in the new law, which is ascending the level of pressure on the parties concerned especially with the lack of knowledge of the required process for enrollment. Taking in consideration that about 8 per cent of the population of Abu Dhabi was insured prior to the insurance law however the rest of the 92 per cent of the market was not exposed to the health insurance before the existences of the new Insurance Law.

The market will need some time to understand and adjust to the rules and regulations of the new law. Daman is investing efforts to educate the residents of Abu Dhabi about the new law through continues publicity whether by advertising campaigns running in the local newspapers or by press releases and editorials.

Gulf News: Where do you stand in comparison to local competitors and regional players?

Asaad: Daman has a strategic partnership with Munich Re , which is considered one of the world's leading reinsures with an excellent reputation and outstanding financial strength. Therefore, Daman positioned itself to compete with the major players in the industry such as BUPA, Goodhealth & Alico. Regarding local companies, Daman has a competitive advantage which is; the specialization aspect in health insurance field. We offer comprehensive health insurance that varies according to geographical coverage.