The global critical illness insurance market is expected to grow rapidly over the forecast period at a CAGR of 16.48% from 2019-2024. The global critical illness insurance market size is estimated ~$27,338.56 Million USD in 2017. The market deals in an insurance policy that allow policyholder to use insurance policy instead of paying lumpsum cash payment if diagnosed with the specific illness as mentioned under the described list of insurance policy. The major critical illnesses that are paid out by insurance companies are heart attack, cancer and stroke. Factually, Cancer accounts for highest number of claims at 67.94%, which is followed by heart attack at 13.34%, stroke at 8.46% while 10.26% are accounted by other diseases in 2017. Whereas, critical insurance policy differs regionally, in India, critical illness policy do not cover hospitalization cost, for covering the hospitalization cost, an insurer must have Mediclaim.
Segmentation overview of the global critical illness insurance market
Segmentation by Product Type is further segmented into:
- Disease Insurance
- Medical Insurance
Segmentation by Application is further segmented into:
- Heart Attack
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Geographical overview of the global critical illness insurance market
Geographically, the global critical illness insurance market is bifurcated into North America, Asia-Pacific, Europe and Middle East and Africa. Among these regional parts, Asia-Pacific accounted as largest market share holder of the critical illness insurance industry, owing to high population base of the region. Also, the region comprises of some fastest developing economies such as India, China, Korea and Japan, this led to high investment in the insurance sector during long-term. On the other hand, North America will play a crucial role in the development trend of the critical illness insurance market. Favorable governmental policies and positive reimbursement policies by insurers are supporting the regional growth over the forecast period.
Market players present in the global critical illness insurance market
The global critical illness insurance market is witnessing presence of key players in the market that include Aegon, Aflac, Allianz, AIG, Aviva, AXA, China Life Insurance, China Pacific Insurance, Dai-ichi Life Group, HCF, Huaxia life Insurance, Legal & General, Liberty Mutual, MetLife, New China Life Insurance, Ping An Insurance, Prudential plc, Sun Life Financial, UnitedHealthcare, Zurich and others. Market players are engaged in the market by focusing on customer base and adopting various market strategies to withhold the market position and stay competitive over the long-term. Various market strategies include mergers and acquisition, partnership, collaboration and others.
The research report titled ‘Global Critical Illness Insurance Market’ compiled by Report Ocean elaborate about market opportunities, restraints, trends and market drivers in detail along with their market impact over the long-term that also covers the forecasted period considered in the research report. The market research study explains the market scenario by considering various economic models such as Porter’s Five Force Model, SWOT analysis and various other tools. For collecting the information, the analysts adopted primary and secondary research method to convert the collected information in the form of result-oriented data for the clients. Using numerous statistical tools for market estimation calculate the market share near to accurate.
This report also splits the market by region:
Middle East & Africa
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