What is Critical Illness Insurance Market Scope?
Critical illness insurance is also known as dread disease policy or critical illness cover. It is an insurance product in which the insurer is contracted to usually make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for e.g., having a heart bypasses operation. According to the U.S. Department of Health & Human Services, Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 37 seconds in the United States from cardiovascular disease. About 647,000 Americans die from heart disease each yearóthatís 1 in every 4 deaths. Heart disease costs the United States about USD 219 billion each year from 2014 to 2015. This includes the cost of medicines, health care services, and lost productivity due to death.
The Critical Illness Insurance market study is being classified by Type (Disease Insurance, Medical Insurance and Income Protection Insurance), by Application (Heart attack, Life-threatening cancer, Loss of hearing, Loss of speech, Loss of vision, Major organ transplant, Paralysis, Coma, Renal failure, Stroke, Carcinoma in situ, Coronary artery bypass graft and Others) and major geographies with country level break-up.
The companies are determining this industry across new geographical areas by accepting numerous strategic growth areas such as mergers & acquisitions, expansions, investments, new product launches and others. The market key players are exploring new areas through growths and achievements across the globe to benefit from competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States and Chinese will contribute to the maximum growth of Global Critical Illness Insurance market throughout the predicted period.
China Life Insurance Company (China), Ping An Insurance (China), China Pacific Insurance (China), Aviva (United Kingdom), Legal & General (United Kingdom), New China Life Insurance (China), AXA (France), Prudential plc (United Kingdom), Aegon NV (Netherland), Allianz SE (Germany), AIG (United States), UnitedHealthcare Group (United States), Zurich Insurance Group (Switzerland), MetLife (United States) and Dai-ichi Life Group (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Huaxia life Insurance (China), Aflac (United States), Liberty Mutual (United States), HCF (Australia), Religare (India), Reliance (India), Manipalcigna Health Insurance Company (India), Edelwiess (India) and ICICI Prudential Life Insurance Co. Ltd. (India).
Analyst at AMA have segmented the market study of Global Critical Illness Insurance market by Type, Application and Region.
On the basis of geography, the market of Critical Illness Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
On 27 Nov 2019, AXA Insurance announced the launch of AXA Super CritiCare, a critical illness plan designed to provide all-rounded protection including multiple payouts for early, intermediate and advanced stage critical illnesses up to a total of 600% of the coverage amount, as well as support for customers to take control of their health and well-being with a diabetes management programme, which is the only such offering provided by an insurer.
On 26 Nov 2018, Legal & General has announced a range of updates across its Critical Illness Cover (CIC), to their Critical Illness Extra (CIx) and Childrenís Critical Illness Extra (CCIx) offering. Updates include increasing additional payments for CIx to 25% of the sum assured up to a maximum of £30,000, and CCIx to 50% of the sum assured, up to a maximum of £30,000. As well as improving their definitions for heart attack and dementia, and added craniosynostosis to the list of conditions covered under CCIx. and On 10 Sept 2018, Bajaj Allianz Life has entered into the health insurance segment by launching Nationally a critical illness cover 'Bajaj Allianz Life Health Care Goal'. Under this plan, a family of up to 6 members can be covered under one policy in one premium and it covers 36 critical illnesses, including deafness, heart valve surgery and kidney failure requiring regular dialysis, Company CEO and Managing Director Tarun Chugh said at a press conference on the occasion.
Influencing Market Trend
- Rapid Adoption of Machine Learning and AI Technology
- Increasing Risk of Falling Prey to Life-Style Diseases
- The Rapidly Growing Medical Expenses
- The Emerging Demand from the Developing Countries
- An Availability of Alternative Insurance Coverage
Key Target AudienceCritical Insurance Providers, Regulatory & Government Bodies, Downstream & Upstream Vendors, End Users and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Critical Illness Insurance market expands?
The Global Critical Illness Insurance market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Critical Illness Insurance market?
The prominent players of Global Critical Illness Insurance market are China Life Insurance Company (China), Ping An Insurance (China), China Pacific Insurance (China), Aviva (United Kingdom), Legal & General (United Kingdom), New China Life Insurance (China), AXA (France), Prudential plc (United Kingdom), Aegon NV (Netherland), Allianz SE (Germany), AIG (United States), UnitedHealthcare Group (United States), Zurich Insurance Group (Switzerland), MetLife (United States) and Dai-ichi Life Group (Japan), to name a few.
3. What are the top priorities to focus for Critical Illness Insurance marketís growth?
In this highly competitive & fast evolving Critical Illness Insurance industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.