Page 29 - NewTech Insurance PR REPORT - April 2024

NewTech Insurance Brokers expands insurance services for individuals and businesses

Arvind Kashyap, CEO of NewTech Insurance Brokers
NewTech Insurance Brokers expands insurance services

for individuals and businesses

In response to UAE’s mandatory health insurance policy system

Press Release

April 15, 2024

The company has opened a new office in the UAE to be er serve its customers in the country.
The UAE health and medical insurance market size is es mated at USD 10.51 billion in 2024 and is
expected to grow at a compound annual growth rate (CAGR) of 12.38 per cent to reach USD 18.83 billion

by 2029

UAE: NewTech Insurance Brokers, a leading licensed and regulated insurance brokerage powerhouse in the UAE,
has expanded the scope of its health insurance offerings in response to the approved implementa on of a
mandatory health insurance system in all seven Emirates, effec ve January 1, 2025. The company has also
opened a new office to be er serve customers in the UAE with its array of cu ng-edge health and medical

insurance solu ons.

According to data from the Central Bank of UAE (CBUAE), the insurance sector in the UAE registered a significant
growth of 12.7 per cent in gross wri en premiums in 2023, reaching USD 14.5 billion as opposed to the figures
recorded in 2022. The health and medical insurance market in the UAE has grown significantly due to the rising

demand for health insurance. The market is es mated at USD 10.51 billion in 2024 and is projected to increase
at a compound annual growth rate (CAGR) of 12.38 per cent to reach USD 18.83 billion by 2029.

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