NJ New Jersey, USA -- (SBWIRE) -- 11/16/2022 -- The latest 104+ page survey report on Worldwide Critical Illness Insurance Market is released by AMA covering various players of the industry selected from global geographies like In North America, In Latin America, Europe, The Asia-pacific, Middle East and Africa (MEA), What are the main countries covered, The United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, Korea, Southeast Asia, India, Australia, Brazil, Mexico, Argentina, Chile, Colombia, Egypt, Saudi Arabia, United Arab Emirates, Nigeria & South Africa. A perfect mix of quantitative & qualitative Market information highlighting developments, industry challenges that competitors are facing along with gaps and opportunity available and would trend in Worldwide Critical Illness Insurance market. The study bridges the historical data from 2022 to 2027and estimated till 2027*. Some are the key & emerging players that are part of coverage and were profiled in current version 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) , Dai-ichi Life Group (Japan).
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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 yearâ€"that’s 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.
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 Children’s 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.
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.
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Influencing Market Trend
- Rapid Adoption of Machine Learning and AI Technology
Market Drivers
- Increasing Risk of Falling Prey to Life-Style Diseases
- The Rapidly Growing Medical Expenses
Opportunities:
- The Emerging Demand from the Developing Countries
Analysis by Type (Disease Insurance, Medical Insurance, Income Protection Insurance), 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, Others), Policy Type (Standalone, Rider {Additional Benefit, Accelerated Benefit}), Premium Mode (Monthly, Quarterly, Half Yearly, Yearly), Age Group (0-19 Years, 20-29 Years, 30-39 Years, 40-49 Years, 50-59 Years, 60+ Years), Gender (Male, Female), Provider (Life Insurance, Health Insurance)
Competitive landscape highlighting important parameters that players are gaining along with the Market Development/evolution
- % Market Share, Segment Revenue, Swot Analysis for each profiled company [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) , Dai-ichi Life Group (Japan),]
- Business overview and Product/Service classification
- Product/Service Matrix [Players by Product/Service comparative analysis]
- Recent Developments (Technology advancement, Product Launch or Expansion plan, Manufacturing and R&D etc)
- Consumption, Capacity & Production by Player.
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The regional analysis of Global Critical Illness Insurance Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Whereas, owing to rising no. of research activities in countries such as China, India, and Japan, Asia Pacific region is also expected to exhibit higher growth rate the forecast period 2022-2027.
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.
Table of Content
Chapter One: Industry Overview
Chapter Two: Major Segmentation (Classification, Application and etc.) Analysis
Chapter Three: Production Market Analysis
Chapter Four: Sales Market Analysis
Chapter Five: Consumption Market Analysis
Chapter Six: Production, Sales and Consumption Market Comparison Analysis
Chapter Seven: Major Manufacturers Production and Sales Market Comparison Analysis
Chapter Eight: Competition Analysis by Players
Chapter Nine: Marketing Channel Analysis
Chapter Ten: New Project Investment Feasibility Analysis
Chapter Eleven: Manufacturing Cost Analysis
Chapter Twelve: Industrial Chain, Sourcing Strategy and Downstream Buyers
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Highlights of the Report
- The future prospects of the global Critical Illness Insurance market during the forecast period 2022-2027 are given in the report.
- The major developmental strategies integrated by the leading players to sustain a competitive market position in the market are included in the report.
- The emerging technologies that are driving the growth of the market are highlighted in the report.
- The market value of the segments that are leading the market and the sub-segments are mentioned in the report.
- The report studies the leading manufacturers and other players entering the global Critical Illness Insurance market.
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