According to a recent Bayzat report composed based on data from their activities over the past year, two-thirds (67 percent) of UAE businesses have increased their premiums per employee in an effort to provide better coverage. Bayzat’s data further revealed that these organizations witnessed an average increase in spending of 31.4%.
More than half of the companies that have enhanced the coverage of their workforce have switched to better providers. By contrast, 44 percent remained with their incumbents or equivalents, electing to sign up for plans that provided a more significant number of benefits.
The company can leverage these benefits to offer their employees access to a more significant network of clinics and hospitals and better maternity coverage, alternative medicine coverage, higher annual limit policies, and dental and optical coverage.
Additionally, nearly 65 percent of Dubai-based companies now offer medical insurance coverage for their employees’ dependents. This is even though local regulations do not mandate coverage of dependents.
Ahmad Bayaa, Chief Operating Officer at Bayzat, explained, “With remote work dramatically expanding employees’ job prospects, the onus is now on organizations to make themselves as attractive as possible to existing staff and potential hires. The legislation by Dubai and Abu Dhabi, which mandated that insurance be provided for all employees, has meant that companies that truly prioritize employee benefits must differentiate themselves by offering more comprehensive policies.”