Global Critical Illness Insurance Market Report 2021: Impact of COVID-19 and Recovery to 2030

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DUBLIN, July 12, 2021– (BUSINESS WIRE) – The report “Global Critical Illness Insurance Market Report 2021: Impact and Recovery of COVID-19 through 2030” has been added to ResearchAndMarkets.com offer.

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%.

The 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 companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which 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 proprietorships, and partnerships) that are engaged in directly underwriting critical illness coverage or a dreadful illness insurance policy, which is additional insurance coverage to cover overruns where Medicare may be lacking. Only goods and services traded between entities or sold to final consumers are included.

The critical illness insurance market covered in this report is segmented by type into individual insurance and family insurance. It is also segmented by application into cancer, heart attack, stroke, etc.

Lack of awareness of critical illness insurance is hampering the growth of the global critical illness insurance market. Most critical illness insurance is included in temporary plans. Most people know about life insurance plans, but don’t really know about term plans. A term plan is a type of term life insurance plan that includes critical illness coverage as a feature built into the actual base plan.

In addition to being economical, the benefits provided in the event of the death of the policyholder are more economical in the case of a term plan than the maturity benefits offered by life insurance plans. For example, a study published in Economic Times, in 2020, indicates that only 1 in 5 policyholders have term insurance in urban India, which represents 65% of the population of urban India. This is mainly due to the lack of awareness among people about the term plans offered by insurers which also include critical illness coverage.

The increased prevalence of critical illness is driving the global critical illness insurance market. Treating a serious illness like cancer involves huge sums of money and therefore critical illness insurance can be beneficial in reducing the burden of the cost of treatment. Insurance service providers pay a lump sum to the policyholder when the critical illness is diagnosed. Some other types of common serious illnesses include heart attacks, strokes, and coronary bypass surgery.

The increasing range of critical illnesses covered by critical illness insurance policies is a major trend shaping the critical illness insurance market. Major insurance companies are focused on adding coverage for many new illnesses such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease and motor neuron diseases in addition to cancer, accidents cerebrovascular disease, coronary bypass surgery and heart attacks.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.

Main topics covered:

1. Summary

2. Characteristics of the critical illness insurance market

3. Critical Illness Insurance Market Trends and Strategies

4. Impact of COVID-19 on critical illness insurance

5. Size and Growth of Critical Illness Insurance Market

5.1. Historical Global Critical Illness Insurance Market, 2015-2020, in USD Billion

5.1.1. Market pilots

5.1.2. Market restrictions

5.2. Global Critical Illness Insurance Forecast Market, 2020-2025F, 2030F, in USD Billion

5.2.1. Market pilots

5.2.2. Market restrictions

6. Critical illness insurance market segmentation

6.1. Global critical illness insurance market, segmentation by type, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion

  • Individual insurance

  • Family insurance

6.2. Global Critical Illness Insurance Market, Segmentation by Application, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion

  • Cancer

  • Heart attack

  • Stroke

  • Other

6.3. Global Critical Illness Insurance Market, Premium Mode Segmentation, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion

  • Monthly

  • Quarterly

  • Biannual

  • Annual

7. Regional and Country Analysis of Critical Illness Insurance Market

7.1. Global critical illness insurance market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars

7.2. Global critical illness insurance market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars

Companies mentioned

  • Life insurance in China

  • Allianz

  • Ping An Insurance

  • Aviva

  • Legal & General

  • China Pacific Insurance

  • Prudential plc

  • New life insurance in China

  • Aegon

  • AXA

  • AIG

  • Sun Life Financial

  • Aflac

  • Huaxia life insurance

  • MetLife

  • Zurich

  • FHC

  • Dai-ichi life group

  • UnitedHealthcare

  • Mutual Freedom

For more information on this report, visit https://www.researchandmarkets.com/r/b9bjon

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210712005416/en/

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