Cigna, a US-listed health insurance firm, expects to increase revenues by almost a third per year in the Middle East as it expands following its takeover of Zurich Insurance’s regional arm for an undisclosed sum last year.
"[The Zurich acquisition] has given us the opportunity to further accelerate growth and we anticipate revenues growing at 30 per cent per annum to 2020 – a significant increase on what we've seen in previous years," Jason Sadler, president of international markets at Cigna, said in an exclusive interview with The National.
“The Middle East is a critical, 'go-deep' region for us, driven by strong fundamentals and double-digit growth in recent years."
Cigna acquired Zurich Insurance Middle East last year, enabling it to go to market in its own name for the first time in the UAE, Lebanon, Kuwait and Oman. The company also has a partnership with Saico (Saudi Arabian Insurance Company) through which it provides services in the kingdom.
The New York Stock Exchange-listed insurer opened a new office in the Dubai World Trade Centre (DWTC) on Monday, which will serve as its headquarters for the Middle East and North Africa (Mena) operations, with space for 200 people.
It has launched an aggressive expansion strategy to capitalise on rapid population growth in the region, as well as the roll-out of mandatory health insurance in GCC markets and the increasing prevalence of chronic, "lifestyle" diseases such as heart disease, cancer and diabetes, which are fuelling demand for affordable health care, according to Mr Sadler.
“We are very excited about the region as a whole,” he said. “Medical inflation rates in the Middle East are among the highest in the world outside the US. The need for better access to quality, affordable health care positions us very well for future strong growth.”
Healthcare expenditure in the Middle East is forecast to grow 4.2 per cent by 2020, compared with 4 per cent in Western Europe, according to a 2017 sector outlook from professional services firm Deloitte.
Cigna boosted the number of clients it served in the region by 25 per cent year-on-year in 2017 to around 100,000 customers, Mr Sadler said. The Zurich acquisition enables the company to broaden its customer base in target markets.
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Historically, from a regional perspective, Cigna has focused on the needs of employers, for example by providing corporate health insurance policies. But last year it launched a new proposition – “a global private medical insurance offering to internationally mobile, high-net worth individuals who want access to quality health care, not only in the region, but globally,” said Mr Sadler.
The product launched in the UAE in the fourth quarter of last year. “Dubai is always a good market to get some initial learnings”, Mr Sadler said, and Cigna plans to roll it out across the region from later this year.
In April, the company will launch its public wellness app, Cigna Wellbeing, in the Middle East, linking individuals with 110 doctors available for consultation through an online telehealth service. Telehealth is the remote exchange of data between a patient at home and their clinician.
Participating doctors are not just based in the Middle East, Mr Sadler said, potentially granting expats access to medical professionals back in their home countries.
Cigna is also eyeing further acquisitions should the right opportunities arise. “We have a strong capital base and there is definitely surplus to invest,” Mr Sadler said, declining to comment further.
With demand for specialised diagnostics and other data-driven medical services increasing, Cigna is closely watching the rise of sophisticated technology such as artificial intelligence to inform its own innovation strategy, he said.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
The five pillars of Islam
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Pathaan
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21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
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