Compulsory health insurance will have a positive impact on Qatar’s economy

Deputy CEO – Deputy CEO, Seib Insurance and Reinsurance Elias Chedid (left) and Chief Underwriting Officer – Medical and Life, Seib Insurance and Reinsurance Nadia Basbous

Doha: Compulsory health insurance will positively contribute to Qatar’s economy. With 2 to 2.5 million expatriates joining the scheme, the country’s health insurance sector will benefit and double employment in the health sector by providing better quality health services and technologies, a said a manager at an event.

French Business Council – CCI France Qatar organized a webinar entitled “Compulsory health insurance: the law and its implications on expatriates and companies” which shed light on the law on compulsory health insurance for expatriates and visitors.

Nadia Basbous, Underwriting Manager – Medical and Life, Seib Insurance and Reinsurance, discussed the importance of Qatari law no. 22 of 2021 on organizations, its impact on the insurance industry, the economy and healthcare providers. “The mandatory health care plan is an essential part of achieving Qatar’s National Vision 2030. Health insurance is part of employee benefits, and it is the best and most efficient way that organizations use to retain employees, maintain morale and satisfaction,” she said.

“Medicare offers a host of benefits. The law only applies to expatriates and we estimate that we will have around 2-2.5 million expatriates insured under the law and Qataris will be exclusively treated in the public health sector,” she said. added.

Talking about the impact of the law or compulsory scheme on the insurance industry, Basbous said: “When you have 2-2.5 million expatriates joining the scheme, it will benefit insurance companies and attract more liquidity because everyone will be insured in the country. This increase in cash flow and operations will eventually generate higher profits, which will allow companies to grow and increase their staff and invest in technology. Additionally, once the insurance product is revealed, it will allow businesses to keep premiums in-country, which will have a positive impact on the economy.”

“Thus, the higher profits will improve the accounting system, solvency, capital adequacy of insurance companies and can expand into other business areas. Overall, we will have better competitiveness and better quality of insurance services,” she added.

The scheme will contribute between QR 1.7 and QR 2.2 billion to the health insurance industry, including supplements. Employment in the sector will also double and in order to meet the demand, healthcare providers will need to hire more staff with better quality healthcare and infrastructure. In addition, 1.5 million visitors are expected to join the program to attend the FIFA World Cup Qatar 2022 this year, which will be insured, which will increase cash flow and also generate additional expenditure in the services sector. insurance and other services, she explained.

Elias Chedid, Chief Operating Officer – Deputy CEO, Seib Insurance and Reinsurance explained the law, responsibilities and accountability of this law on the different stakeholders and how companies should prepare for health insurance. “This law is important not only for us as individuals, but also at the national level, as it is part of the Qatar National Health Strategy 2020, which is also part of the Qatar National Vision 2030. “, did he declare.

Chedid added that Qatar National Vision 2030 aims to transform Qatar into an advanced society capable of achieving sustainable development by 2030. This strategy focuses on four important pillars – environmental, human, social and economic. This is why it is important to understand and implement a successful healthcare strategy and health insurance program.

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Nadia Basbous said: “In order to meet the increased demand, hospitals and clinics will invest in expansion and there will be competition to attract more patients and cope with a high number of visits. There will be better services and more technologies in the health sector, and more profits are expected, which will encourage employment for health care providers. It will also have a positive impact on the country as it will enable the country to play a bigger role in medical tourism which will generate substantial revenue for the country.”

Compulsory health insurance has already been implemented in Saudi Arabia, Dubai and Abu Dhabi. It is still ongoing in Oman, Kuwait, Algeria, Jordan, Tunisia and Morocco.