(MENAFN - Khaleej Times) Green Crescent Insurance Company has announced the launch of its privately operated health insurance company in response to the increased attention by governments in the region to provide private health coverage.
Green Crescent recently signed an agreement with HTH Worldwide, a global health and safety Services Company which will give Green Crescent members access to HTH's contracted doctors and hospitals in 180 countries.
"In a market with a potential of 2 billion premiums per annum, the new company plans to capture a market share of 15-17 per cent, in next five years, to raise revenues of Dh1.5 billion," said Carl J. Sardegna, CEO Green Crescent Insurance Company.
The insurance firm anticipates to be listed on Abu Dhabi Securities Exchange (ADX) having raised Dh250 million for an initial public offering (IPO) in July this year.
For the first year of operations, Green Crescent plans to target 35000 members for its insurance plan to raise revenues in excess of 100 million.
With the opportunities in the health insurance increasing in the Middle East and North Africa region, the CEO said that his company would branch out in the countries of Egypt, Libya and Saudi Arab.
Sardegna said the company's goal is to provide employers with the ability to customise plans to meet their needs.