Mandatory insurance to contribute upto QR2.2bn to healthcare industry – The Peninsula
Doha: Mandatory health insurance will improve the quality of services in the health care sector and contribute positively to the economy.
Compulsory health insurance will contribute QR1.7bn to QR2.2bn to health care industry, according to a senior official of an insurance company.
“The compulsory insurance can contribute to around QR1.7bn to QR2.2bn to the health care industry including top ups, as per our internal market study,” said Nadia Basbous, Chief Underwriting Officer – Medical and Life Insurance at Seib Insurance and Reinsurance Company. She was addressing a webinar on mandatory health insurance.
Chief Operating Officer and Deputy CEO, Seib Insurance and Reinsurance Company Elias Chedid
“During the FIFA World Cup 2022 we are expecting around 1.5 million visitors which will generate additional spending on insurance and other services as it will become mandatory for visitors to have health insurance when entering the country,” she added.
American Chamber of Commerce in collaboration with German Business Council organised the virtual event entitled ‘Preparedness for Qatar Mandatory Health Insurance Implementation – What You Need to Know’ which shed light on Qatar’s law no. 22 of 2021 that states the health insurance for expatriates and visitors to Qatar will be mandatory.
Addressing the event, Elias Chedid, Chief Operating Officer and Deputy CEO, Seib Insurance and Reinsurance Company discussed the law and responsibilities of different stakeholders. “This health insurance law is important because it impacts budgets, expenses and the way the residency status and visit visas are managed in addition to the large number of visitors expected to come in Qatar for the FIFA World Cup this year.”
He explained this law is part of Qatar National Health Strategy, and it has economic, social, human and environmental implications which fall within Qatar National Vision 2030.
Speaking about the readiness at corporate level and preparation of employee essential records and data ahead of time by checking the contracts of employees, Chedid said, “As an orgainsation we need to be sure that we are ready at corporate level which depends on the size of the organisation whether it is local or multinational; branch or head office. ”
Chief Underwriting Officer – Medical and Life Insurance at Seib Insurance and Reinsurance Company Nadia Basbous
Nadia Basbous highlighted the importance of health insurance and its impact on different sectors. She noted, the law will apply to 2 million to 2.5 million expats in the country. The insurance sector with this amount of people joining the mandatory health scheme will benefit from higher cash flow, higher profit resulting in expansion of staff which will contribute positively to the economy.
Further in the presentation, Basbous also discussed the impact of the law on the healthcare providers. “Hospitals and clinics will be encouraged to invest in expansion projects to cope with high number of visits allocated to each provider. The competition will eventually improve services and investment in advanced technologies and increased profits will encourage employment in the sector which is a positive contribution to the economy. This will improve the overall quality of service and play an important role in medical tourism which will generate substantial income to the country.
Citing examples of the implementation of compulsory health insurance in the region, she said in Saudi Arabia, Dubai and Abu Dhabi it has been implemented and in Oman, Kuwait, Algeria, Jordan, Tunisia and Morocco it is in progress.
