Critical Illness Insurance Report Global Market 2022 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–It is “Critical Illness Insurance Global Market Report 2022” report added ResearchAndMarkets.com’s to give.

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 market is expected to grow to $330.36 billion in 2026 at a compound annual growth rate (CAGR) of 11.3%.

Major players in the critical illness market are China Life Insurance, Allianz, Ping An Insurance, Aviva, Legal & General, China Pacific Insurance, Prudential plc, New China Life Insurance, Aegon, and AXA.

The critical illness insurance market is made up of the sale of critical illness insurance by organizations (associations, sole traders, and organizations) that directly write critical illness cover or critical illness policy, which is additional insurance to meet the needs of traditional health. insurance may decrease. Goods and services that are traded between organizations or sold to consumers are included.

The main types of critical illness insurance are individual insurance, family insurance. Family insurance refers to insurance that is provided to family members including the owner. Different types include monthly, quarterly, semi-annually, annually. This works for cancer, heart disease, stroke, other works.

North America was the largest region in the critical illness market in 2021. Asia Pacific was the second largest market in the critical illness market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The increasing incidence of critical illness is driving the global insurance market. Treating serious illnesses such as cancer is expensive, so having serious illness insurance can help reduce the cost of treatment.

Insurance providers offer more premiums to policyholders when they are diagnosed with a serious illness. Some of the more common types of heart disease are heart disease, stroke, and coronary artery disease. According to WHO’s 2020 cancer report, the number of global cancer in 2020 is estimated to be 10 million people will die this year due to cancer. Therefore, the increase in critical illness is expected to drive the global insurance market.

Lack of awareness about complex insurance is hindering the growth of the global insurance market. Most accident insurances are bundled with long term plans. Many people are familiar with life insurance plans but do not know much about term plans. A term plan is a type of life insurance for a fixed term that includes critical illness cover as part of the basic plan.

Apart from being financial, the benefits offered at the end of the policy holders are more in term plans as compared to the maturity benefits offered by life insurance plans. For example, a study published in the Economic Times, in 2020 says that only 1 in 5 people have long term insurance in urban India which is 65% of the Indian population. This is mainly due to the lack of awareness among people about the long-term plans offered by insurance companies that include critical illness cover.

The increase in the variety of diseases covered by critical illness insurance is a major trend that is creating an important 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 disease in addition to cancer, stroke, coronary artery disease, and heart disease.

For example, according to the Parkinson’s Foundation, 1 million people suffer from this disease in the US and it is expected to reach 1.2 million by the year 2030. This increase in serious diseases is the reason for the growth of insurance policies.

Key Topics Covered:

1. Brief Summary

2. Insurance Market Challenges

3. Health Insurance Market Challenges and Strategies

4. Impact of COVID-19 on Critical Care Insurance

5. Critical Illness Insurance Market Size and Growth

5.1. Global Critical Illness Insurance Historic Market, 2016-2021, $ Billion

5.1.1. Market Drivers

5.1.2. Market Restrictions

5.2. Global Critical Illness Market Forecast, 2021-2026F, 2031F, $ Billion

5.2.1. Market Drivers

5.2.2. Market Restrictions

6. Critical Care Insurance Market Segmentation

6.1. Global Critical Illness Insurance Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Personal Insurance

  • Family Insurance

6.2. Global Critical Illness Insurance Market, Segmentation by Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Cancer

  • Heart attack

  • Stroke

  • Other Programs

6.3. Global Critical Illness Insurance Market, Segmentation By Premium Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Every month

  • Every quarter

  • Half a year

  • Every year

7. Analysis of Critical Care Insurance Market by Region and Country

7.1. Global Critical Illness Insurance Market, By Region, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Critical Illness Insurance Market, By Country, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Listed Companies

  • China Life Insurance

  • Allianz

  • Ping An Insurance

  • Aviva

  • Legal & General

  • China Pacific Insurance

  • The opinion of the company Prudential plc

  • New China Life Insurance

  • Aegon

  • AXA

  • AIG

  • Opinions of the company Sun Life Financial

  • Aflac

  • Huaxia Life Insurance

  • MetLife

  • Zurich

  • HCF

  • Dai-ichi Life Group

  • UnitedHealthcare

  • Liberty Mutual

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