Critical Illness Insurance - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Critical Illness Insurance Market is accounted for $34,560.60 million in 2019 and is expected to reach $123,027.00 million by 2027 growing at a CAGR of 17.2% during the forecast period. Increased demand for critical illness insurance and increase in the number of critical illness cases such as cancer, stroke, and heart attack are the major factor propelling the market growth. However, lack of awareness regarding the insurance policies in underdeveloped and developing countries is hampering the market growth.
Critical illness insurance is a kind of insurance, where the insurer comes in a contract to make a lump sum cash payment if the policyholder is diagnosed with some specific critical disease as a part of the insurance policy. Critical illness insurance is also known as critical insurance cover or dread disease policy.
Based on the product type, the income protection insurance segment is going to have a lucrative growth due to benefits such as childcare benefits, overseas assistance, chronic injury or trauma benefits and elective surgery. Furthermore, income protection insurance also covers rehabilitation expenses that propel its adoption.
By geography, North America is going to have a lucrative growth due to increased adoption advanced technologies like mobile applications; internet of things (IoT) for insurance policies. Surge in awareness of chronic diseases, availability of various critical illness insurance is witnessing the growth of the market in this region.
Some of the key players profiled in the Critical Illness Insurance Market include Aegon, AIG, Allianz, Aviva, AXA, China Life Insurance, China Pacific Insurance, Dai-ichi Life Group, Legal & General, MetLife, New China Life Insurance, Ping An Insurance, Prudential plc, UnitedHealthcare and Zurich.
Product Types Covered:
• Medical Insurance
• Disease Insurance
• Income Protection Insurance
Policy Types Covered:
Premium Modes Covered:
• Half Yearly
Age Groups Covered:
• 0-19 Years
• 20-29 Years
• 30-39 Years
• 40-49 Years
• 50-59 Years
• 60+ Years
• Health Insurance
• Life Insurance
• Kidney Failure
• Heart Attack
• Carcinoma in Situ
• Coronary Artery Bypass Graft
• Life-threatening Cancer
• Loss of Hearing
• Loss of Speech
• Loss of Vision
• Major Organ Transplant
• Renal Failure
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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