Dublin, July 12, 2021 (GLOBE NEWSWIRE) -- The "Critical Illness Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global critical illness insurance market is expected to grow from $119.41 billion in 2020 to $120.9 billion in 2021 at a compound annual growth rate (CAGR) of 1.2%.
Major players in the critical illness insurance 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 growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $201.1 billion in 2025 at a CAGR of 13.6%.
The critical illness insurance market consists of sales of critical illness insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting critical illness cover or a dread disease policy, which is an additional insurance coverage to cover those overruns where traditional health insurance may fall short. Only goods and services traded between entities or sold to end consumers are included.
The critical illness insurance market covered in this report is segmented by type into individual insurance, family insurance. It is also segmented by application into cancer, heart attack, stroke, others.
Lack of awareness about critical illness insurance is hindering the growth of the global critical insurance market. Most of the critical illness insurances are included with term plans. Most people are aware of the life insurance plans but are not much aware of the term plans. A term plan is a type of life insurance plan for a fixed tenure that includes critical illness cover as an inbuilt feature in the actual base plan.
Besides being economical, benefits provided on the demise of the policyholder are more in the case of term plan when compared to the maturity benefits offered by life insurance plans. For instance, a research study published in Economic Times, in 2020 says that only 1 out of 5 insurance holders have term insurance in urban India which is 65% population of the urban India. This is mostly due to the lack of awareness in people about term plans offered by insurers that also include a critical illness cover.
The increased prevalence of critical diseases is driving the global critical illness insurance market. Treatment for critical illness such as cancer incurs huge amount and therefore having critical illness insurance can be beneficial to lower the burden of the treatment cost. The insurance service providers provide a lump-sum payment to the policyholder upon diagnosis of the critical disease. Some other types of common critical illnesses include heart attack, stroke, and coronary artery bypass.
An increase in the range of critical illnesses covered in the critical illness insurance policies is a major trend shaping the critical 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 diseases besides cancer, stroke, coronary artery bypass, and heart attack.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Topics Covered:
1. Executive Summary
2. Critical Illness Insurance Market Characteristics
3. Critical Illness Insurance Market Trends And Strategies
4. Impact Of COVID-19 On Critical Illness Insurance
5. Critical Illness Insurance Market Size And Growth
5.1. Global Critical Illness Insurance Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Critical Illness Insurance Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Critical Illness Insurance Market Segmentation
6.1. Global Critical Illness Insurance Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Critical Illness Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Critical Illness Insurance Market, Segmentation By Premium Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Critical Illness Insurance Market Regional And Country Analysis
7.1. Global Critical Illness Insurance Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Critical Illness Insurance Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
China Life Insurance
Ping An Insurance
Legal & General
China Pacific Insurance
New China Life Insurance
Sun Life Financial
Huaxia life Insurance
Dai-ichi Life Group
For more information about this report visit https://www.researchandmarkets.com/r/vem50p
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