Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Critical Illness Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global critical illness insurance market is expected to grow from $185.53 billion in 2021 to $215.49 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The critical illness insurance market is expected to grow to $330.36 billion in 2026 at a CAGR of 11.3%.
Companies Mentioned
- China Life Insurance
- Allianz
- Ping An Insurance
- Aviva
- Legal & General
- China Pacific Insurance
- Prudential plc
- New China Life Insurance
- Aegon
- AXA
- AIG
- Sun Life Financial
- Aflac
- Huaxia life Insurance
- MetLife
- Zurich
- HCF
- Dai-ichi Life Group
- UnitedHealthcare
- Liberty Mutual
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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The critical illness insurance market consists of sales of critical illness insurance products by entities that are engaged in directly underwriting critical illness cover or a dread disease policy, which is an additional insurance coverage to cover those overruns where traditional health insurance may fall short. The insurance industry is categorized on the basis of the business model of the firms present in the industry.
Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by the insured. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A critical illness policy is a sort of health insurance that pays for your medical costs if severe illnesses such as cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others listed in the policy, are discovered. It functions as an addition to the standard health insurance policy
North America was the largest region in the critical illness market in 2022. Asia Pacific was the second largest market in critical illness market. The regions covered in the critical illness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of critical illness insurance are individual insurance and family insurance. Family insurance refers to the insurance that is issued to the family members, including the holder. The various modes include monthly, quarterly, half-yearly, and yearly. These are used in cancer, heart attack, stroke, and other applications.
The increased prevalence of critical diseases is driving the global critical illness insurance market. Treatment for critical illnesses such as cancer incurs a huge amount, and therefore, having critical illness insurance can be beneficial to lower the burden of the treatment cost. The insurance service providers provide a lump-sum payment to the policyholder upon diagnosis of the critical disease. Some other common types of critical illnesses include heart attack, stroke, and coronary artery bypass.
According to the cancer profile 2020 report by WHO, the incidence of global cancer in 2020 was reported as 10 million deaths that occurred in the year due to cancer. Therefore, the growing prevalence of critical illness is expected to drive the global critical illness insurance market.
A lack of awareness about critical illness insurance is hindering the growth of the global critical insurance market. The majority of critical illness insurance is included in term plans. The majority of people are aware of life insurance plans, but few are aware of term insurance plans. A term plan is a type of life insurance plan for a fixed tenure that includes critical illness cover as an inbuilt feature in the actual base plan.
Besides being economical, benefits provided on the demise of the policyholder are greater in the case of term plans when compared to the maturity benefits offered by life insurance plans. For instance, a research study published in the Economic Times in 2020 says that only 1 out of 5 insurance holders has term insurance in urban India, which is 65% of the population of urban India. This is mostly due to the lack of awareness among people about term plans offered by insurers that also include critical illness coverage.
An increase in the range of critical illnesses covered in critical illness insurance policies is a major trend shaping the critical insurance market. Major insurance companies are focusing on adding coverage for many new diseases such as Alzheimer's disease, multiple sclerosis, Parkinson's disease, and motor neuron diseases besides cancer, stroke, coronary artery bypass, and heart attack. For instance, according to the Parkinson's Foundation, 1 million people are suffering from the disease in the US, and it is expected to reach 1.2 million by 2030. This increase in the range of critical illnesses is responsible for the growing trend in insurance policies.
The countries covered in the critical illness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2022 - 2026 |
| Estimated Market Value (USD) in 2022 | $215.49 billion |
| Forecasted Market Value (USD) by 2026 | $330.36 billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Critical Illness Insurance Market Characteristics
3. Critical Illness Insurance Market Trends And Strategies
4. Critical Illness Insurance Market - Macro Economic Scenario
4.1 COVID-19 Impact On Critical Illness Insurance Market
4.2 Ukraine-Russia War Impact On Critical Illness Insurance Market
4.3 Impact Of High Inflation On Critical Illness Insurance Market
5. Critical Illness Insurance Market Size And Growth
5.1. Global Critical Illness Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Critical Illness Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Critical Illness Insurance Market Segmentation
6.1. Global Critical Illness Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Individual Insurance
- Family Insurance
6.2. Global Critical Illness Insurance Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cancer
- Heart Attack
- Stroke
- Other Applications
6.3. Global Critical Illness Insurance Market, Segmentation By Premium Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Monthly
- Quarterly
- Half Yearly
- Yearly
7. Critical Illness Insurance Market Regional And Country Analysis
7.1. Global Critical Illness Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Critical Illness Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/u5yawq
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