Critical Illness Insurance Market Research Report - Forecast till 2030

Critical Illness Insurance Market: Information by Application (Cancer, Heart Attack, Stroke, and others) and by Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Forecast till 2030

ID: MRFR/HC/7262-CR | January 2020 | Region: Global | 88 Pages         

1 EXECUTIVE SUMMARY

1.1 OVERVIEW 12

1.1.1 MARKET SYPNOSIS 12

2 MARKET INTRODUCTION

2.1 SCOPE OF THE STUDY 13

2.2 RESEARCH OBJECTIVE 13

2.3 LIST OF ASSUMPTIONS 13

3 RESEARCH METHODOLOGY

3.1 OVERVIEW 15

3.1.1 DATA MINING 15

3.1.2 SECONDARY RESEARCH 15

3.1.3 PRIMARY RESEARCH 17

3.1.3.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS 18

3.1.4 FORECASTING METHODS 19

3.1.5 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 19

3.1.5.1 BOTTOM-UP APPROACH 20

3.1.5.2 TOP-DOWN APPROACH 20

3.1.6 DATA TRIANGULATION 21

3.1.7 VALIDATION 21

4 MARKET DYNAMICS

4.1 OVERVIEW 22

4.2 DRIVERS 23

4.2.1 INCREASING CASES OF CRITICAL ILLNESS 23

4.2.2 INCREASING OUT-OF-POCKET EXPENDITURES FOR INSURED AND UNINSURED POPULATION 23

4.3 RESTRAINTS 24

4.3.1 LACK OF AWARENESS ABOUT CRITICAL ILLNESS INSURANCE 24

4.4 OPPORTUNITIES 25

5 CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

5.1 OVERVIEW 26

5.2 CANCER 27

5.3 HEART ATTACK 28

5.4 STROKE 28

5.5 OTHERS 29

6 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, BY REGION

6.1 OVERVIEW 30

6.2 AMERICAS 31

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.2.1 US 33

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.2.2 CANADA 33

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.2.3 BRAZIL 34

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.2.4 MEXICO 34

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.2.5 REST OF THE AMERICAS 35

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3 EUROPE 36

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.1 GERMANY 37

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.2 FRANCE 38

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.3 SPAIN 38

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.4 ITALY 39

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.5 UK 39

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.6 RUSSIA 40

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.3.7 REST OF EUROPE 40

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4 ASIA-PACIFIC 41

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.1 CHINA 42

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.2 JAPAN 43

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.3 SOUTH KOREA 43

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.4 SOUTHEAST ASIA 44

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.5 AUSTRALIA 44

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.6 INDIA 45

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.4.7 REST OF ASIA-PACIFIC 45

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5 MIDDLE EAST & AFRICA 46

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.1 GCC COUNTRIES 47

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.2 SOUTH AFRICA 48

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.3 TURKEY 48

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.4 EGYPT 49

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.5 ISRAEL 49

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

6.5.6 REST OF MEA 50

CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION

7 COMPETITIVE LANDSCAPE

7.1 COMPANY MARKET SHARE ANALYSIS 2020 (%) 51

7.2 KEY DEVELOPMENTS BY KEY MARKET PLAYERS 51

7.2.1 PRODUCT LAUNCH 51

7.2.2 EXPANSION 52

7.2.3 AGREEMENT & PARTNERSHIP 52

7.2.4 PRODUCT IMPROVEMENT 53

7.2.5 ACQUISITION 53

8 COMPANY PROFILES

8.1 CHINA LIFE INSURANCE COMPANY 54

8.1.1 COMPANY OVERVIEW 54

8.1.2 FINANCIAL OVERVIEW 54

8.1.3 PRODUCTS/SERVICES OFFERED 55

8.1.4 KEY DEVELOPMENTS 55

8.2 ALLIANZ 56

8.2.1 COMPANY OVERVIEW 56

8.2.2 FINANCIAL OVERVIEW 56

8.2.3 PRODUCTS/SERVICES OFFERED 57

8.2.4 KEY DEVELOPMENTS 57

8.3 PING AN INSURANCE 58

8.3.1 COMPANY OVERVIEW 58

8.3.2 FINANCIAL OVERVIEW 58

8.3.3 PRODUCTS/SERVICES OFFERED 59

8.3.4 KEY DEVELOPMENTS 59

8.4 AVIVA 60

8.4.1 COMPANY OVERVIEW 60

8.4.2 FINANCIAL OVERVIEW 60

8.4.3 PRODUCTS/SERVICES OFFERED 61

8.4.4 KEY DEVELOPMENTS 61

8.5 PRUDENTIAL 62

8.5.1 COMPANY OVERVIEW 62

8.5.2 FINANCIAL OVERVIEW 62

8.5.3 PRODUCTS/SERVICES OFFERED 63

8.5.4 KEY DEVELOPMENTS 63

8.6 AEGON 64

8.6.1 COMPANY OVERVIEW 64

8.6.2 FINANCIAL OVERVIEW 64

8.6.3 PRODUCTS/SERVICES OFFERED 65

8.6.4 KEY DEVELOPMENTS 65

8.7 AXA 66

8.7.1 COMPANY OVERVIEW 66

8.7.2 FINANCIAL OVERVIEW 66

8.7.3 PRODUCTS/SERVICES OFFERED 67

8.7.4 KEY DEVELOPMENTS 67

8.8 SUN LIFE FINANCIAL 68

8.8.1 COMPANY OVERVIEW 68

8.8.2 FINANCIAL OVERVIEW 68

8.8.3 PRODUCTS/SERVICES OFFERED 69

8.8.4 KEY DEVELOPMENTS 69

8.9 AFLAC INCORPORATED 70

8.9.1 COMPANY OVERVIEW 70

8.9.2 FINANCIAL OVERVIEW 70

8.9.3 PRODUCTS/SERVICES OFFERED 71

8.9.4 KEY DEVELOPMENTS 71

8.10 HUAXIA LIFE INSURANCE CO. 72

8.10.1 COMPANY OVERVIEW 72

8.10.2 FINANCIAL OVERVIEW 72

8.10.3 PRODUCTS/SERVICES OFFERED 72

8.10.4 KEY DEVELOPMENTS 72

8.11 AIG 73

8.11.1 COMPANY OVERVIEW 73

8.11.2 FINANCIAL OVERVIEW 73

8.11.3 PRODUCTS/SERVICES OFFERED 74

8.11.4 KEY DEVELOPMENTS 74

8.12 METLIFE SERVICES AND SOLUTIONS, LLC 75

8.12.1 COMPANY OVERVIEW 75

8.12.2 FINANCIAL OVERVIEW 75

8.12.3 PRODUCTS/SERVICES OFFERED 76

8.12.4 KEY DEVELOPMENTS 76

8.13 ZURICH 77

8.13.1 COMPANY OVERVIEW 77

8.13.2 FINANCIAL OVERVIEW 77

8.13.3 PRODUCTS OFFERED 78

8.13.4 KEY DEVELOPMENTS 78

8.14 STAR UNION DAI-ICHI LIFE INSURANCE (SUD LIFE) 79

8.14.1 COMPANY OVERVIEW 79

8.14.2 FINANCIAL OVERVIEW 79

8.14.3 PRODUCTS OFFERED 79

8.14.4 KEY DEVELOPMENTS 79

8.15 UNITED HEALTHCARE SERVICES, INC. 80

8.15.1 COMPANY OVERVIEW 80

8.15.2 FINANCIAL OVERVIEW 80

8.15.3 PRODUCTS OFFERED 81

8.15.4 KEY DEVELOPMENTS 81

8.16 LIBERTY MUTUAL 82

8.16.1 COMPANY OVERVIEW 82

8.16.2 FINANCIAL OVERVIEW 82

8.16.3 PRODUCTS OFFERED 82

8.16.4 KEY DEVELOPMENTS 82

9 APPENDIX

9.1 REFERENCES 83

10 LIST OF TABLES

TABLE 1 LIST OF ASSUMPTIONS 13

TABLE 2 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 27

TABLE 3 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, FOR CANCER, BY REGION, 2020–2027 (USD MILLION) 27

TABLE 4 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, FOR HEART ATTACK, BY REGION, 2020–2027 (USD MILLION) 28

TABLE 5 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, FOR STROKE, BY REGION, 2020–2027 (USD MILLION) 29

TABLE 6 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, FOR OTHERS, BY REGION, 2020–2027 (USD MILLION) 29

TABLE 7 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, BY REGION, 2020–2027 (USD MILLION) 30

TABLE 8 AMERICAS: CRITICAL ILLNESS INSURANCE MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 32

TABLE 9 AMERICAS: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 32

TABLE 10 US: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 33

TABLE 11 CANADA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 33

TABLE 12 BRAZIL: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 34

TABLE 13 MEXICO: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 34

TABLE 14 REST OF THE AMERICAS: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 35

TABLE 15 EUROPE: CRITICAL ILLNESS INSURANCE MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 36

TABLE 16 EUROPE: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION 37

TABLE 17 GERMANY: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 37

TABLE 18 FRANCE: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 38

TABLE 19 SPAIN: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 38

TABLE 20 ITALY: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 39

TABLE 21 UK: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 39

TABLE 22 RUSSIA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 40

TABLE 23 REST OF EUROPE: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 40

TABLE 24 ASIA-PACIFIC: CRITICAL ILLNESS INSURANCE MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 41

TABLE 25 ASIA-PACIFIC: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 42

TABLE 26 CHINA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 42

TABLE 27 JAPAN: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 43

TABLE 28 SOUTH KOREA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 43

TABLE 29 SOUTHEAST ASIA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 44

TABLE 30 AUSTRALIA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 44

TABLE 31 INDIA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 45

TABLE 32 REST OF ASIA-PACIFIC: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 45

TABLE 33 MIDDLE EAST & AFRICA: CRITICAL ILLNESS INSURANCE MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 46

TABLE 34 MIDDLE EAST & AFRICA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 47

TABLE 35 GCC COUNTRIES: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 47

TABLE 36 SOUTH AFRICA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 48

TABLE 37 TURKEY: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 48

TABLE 38 EGYPT: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 49

TABLE 39 ISRAEL: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 49

TABLE 40 REST OF MEA: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 50

TABLE 41 PRODUCT LAUNCH 51

TABLE 42 EXPANSION 52

TABLE 43 AGREEMENT & PARTNERSHIP 52

TABLE 44 PRODUCT IMPROVEMENT 53

TABLE 45 ACQUISITION 53

TABLE 46 CHINA LIFE INSURANCE COMPANY: PRODUCTS/SERVICES OFFERED 55

TABLE 47 CHINA LIFE INSURANCE COMPANY: KEY DEVELOPMENTS 55

TABLE 48 ALLIANZ: PRODUCTS/SERVICES OFFERED 57

TABLE 49 ALLIANZ: KEY DEVELOPMENTS 57

TABLE 50 PING AN INSURANCE: PRODUCTS/SERVICES OFFERED 59

TABLE 51 AVIVA: PRODUCTS/SERVICES OFFERED 61

TABLE 52 AVIVA: KEY DEVELOPMENTS 61

TABLE 53 PRUDENTIAL: PRODUCTS/SERVICES OFFERED 63

TABLE 54 PRUDENTIAL: KEY DEVELOPMENTS 63

TABLE 55 AEGON: PRODUCTS/SERVICES OFFERED 65

TABLE 56 AEGON: KEY DEVELOPMENTS 65

TABLE 57 AXA: PRODUCTS/SERVICES OFFERED 67

TABLE 58 SUN LIFE FINANCIAL: PRODUCTS/SERVICES OFFERED 69

TABLE 59 SUN LIFE FINANCIAL: KEY DEVELOPMENTS 69

TABLE 60 AFLAC INCORPORATED: PRODUCTS/SERVICES OFFERED 71

TABLE 61 AFLAC INCORPORATED: KEY DEVELOPMENTS 71

TABLE 62 HUAXIA LIFE INSURANCE CO.: PRODUCTS/SERVICES OFFERED 72

TABLE 63 AIG: PRODUCTS/SERVICES OFFERED 74

TABLE 64 METLIFE SERVICES AND SOLUTIONS, LLC: PRODUCTS/SERVICES OFFERED 76

TABLE 65 ZURICH: PRODUCTS OFFERED 78

TABLE 66 STAR UNION DAI-ICHI LIFE INSURANCE: PRODUCTS OFFERED 79

TABLE 67 STAR UNION DAI-ICHI LIFE INSURANCE: KEY DEVELOPMENTS 79

TABLE 68 UNITED HEALTHCARE SERVICES, INC.: PRODUCTS OFFERED 81

TABLE 69 LIBERTY MUTUAL: PRODUCTS OFFERED 82

11 LIST OF FIGURES

FIGURE 1 GLOBAL CRITICAL ILLNESS INSURANCE MARKET: MARKET STRUCTURE 14

FIGURE 2 BOTTOM-UP AND TOP-DOWN APPROACHES 20

FIGURE 3 MARKET DYNAMICS: ANALYSIS OF THE GLOBAL CRITICAL ILLNESS INSURANCE MARKET 22

FIGURE 4 DRIVERS IMPACT ANALYSIS 24

FIGURE 5 RESTRAINTS IMPACT ANALYSIS 25

FIGURE 6 GLOBAL CRITICAL ILLNESS INSURANCE MARKET SHARE, BY APPLICATION, 2020 (%) 26

FIGURE 7 GLOBAL CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION, 2020 & 2027 (USD MILLION) 26

FIGURE 8 GLOBAL CRITICAL ILLNESS INSURANCE MARKET SHARE, BY REGION, 2020 (%) 30

FIGURE 9 AMERICAS: CRITICAL ILLNESS INSURANCE MARKET SHARE, BY COUNTRY, 2020 (%) 31

FIGURE 10 EUROPE: CRITICAL ILLNESS INSURANCE MARKET SHARE, BY COUNTRY, 2020 (%) 36

FIGURE 11 ASIA-PACIFIC: CRITICAL ILLNESS INSURANCE MARKET SHARE, BY COUNTRY, 2020 (%) 41

FIGURE 12 MIDDLE EAST & AFRICA: CRITICAL ILLNESS INSURANCE MARKET SHARE, BY COUNTRY, 2020 (%) 46

FIGURE 13 CHINA LIFE INSURANCE COMPANY: FINANCIAL OVERVIEW SNAPSHOT 54

FIGURE 14 ALLIANZ: FINANCIAL OVERVIEW SNAPSHOT 56

FIGURE 15 PING AN INSURANCE: FINANCIAL OVERVIEW SNAPSHOT 58

FIGURE 16 AVIVA: FINANCIAL OVERVIEW SNAPSHOT 60

FIGURE 17 PRUDENTIAL: FINANCIAL OVERVIEW SNAPSHOT 62

FIGURE 18 AEGON: FINANCIAL OVERVIEW SNAPSHOT 64

FIGURE 19 AXA: FINANCIAL OVERVIEW SNAPSHOT 66

FIGURE 20 SUN LIFE FINANCIAL: FINANCIAL OVERVIEW 68

FIGURE 21 AFLAC INCORPORATED: FINANCIAL OVERVIEW SNAPSHOT 70

FIGURE 22 AIG: FINANCIAL OVERVIEW SNAPSHOT 73

FIGURE 23 METLIFE SERVICES AND SOLUTIONS, LLC: FINANCIAL OVERVIEW SNAPSHOT 75

FIGURE 24 ZURICH: FINANCIAL OVERVIEW SNAPSHOT 77

FIGURE 25 UNITED HEALTHCARE SERVICES, INC.: FINANCIAL OVERVIEW SNAPSHOT 80

FIGURE 26 LIBERTY MUTUAL: FINANCIAL OVERVIEW SNAPSHOT 82

Critical Illness Insurance Market

The critical illness insurance market is expected to grow at a high CAGR of 15% in the market to account for a higher share value of USD 135,500.49 million during the forecasted period 2020-2030

Segmentation

By Product Type Medical Insurance Disease Insurance Family Insurance Income Protection Insurance
By Application Heart Attack Cancer Stroke Others

Key Players

  • China Life Insurance Company (China)
  • Allianz (Germany)
  • Ping An Insurance (China)
  • Aviva (UK)
  • Prudential (UK)
  • Aegon (Netherlands)
  • AXA (France)
  • Sun Life Financial (Canada)
  • Aflac Incorporated (US)
  • Huaxia Life Insurance Co. (China)
  • Others

Drivers

  • Increase in the number of cases for patients suffering from life-threatening diseases
  • Increasing expenditure on medical facilities
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Critical Illness Insurance Market Overview


The dread disease policy commonly known as critical illness insurance policies provides cover for specific life-threatening chronic diseases like heart attack, stroke, kidney failure, major organ transplant, multiple sclerosis, paralysis, and cancer according to the requirement of the customer’s needs. This insurance policy provides lump sum cash payment when claimed by the insured if diagnosed with any chronic disease mentioned in the insurance policy. Moreover, there is a provision of regular payout income under the critical illness insurance market. 


The critical illness insurance market is expected to grow at a high CAGR of 15% in the market to account for a higher market share value of USD 135,500.49 million during the forecasted period 2020-2030. 


Covid 19 Analysis of Critical Illness Insurance Market


The global pandemic of COVID 19 analysis has affected the normal working of the people adversely. With the increasing outbreak of COVID 19, one has to deal with financial crises along with health concerns. This situation has pushed the economies towards a forced recession. During the lockdown period, and the post lockdown period the supply chain network was disturbed and there were financial crises that resulted in a steep downfall of sales revenue of critical illness insurance company. 


However,critical illness insurance market is expected that the critical illness insurance industry will recover from this pandemic situation at the end of the third quarter of the coming year. 


Critical Illness Insurance Global Market Share, by Application, 2018 (%)  Critical Illness Insurance Market


Source: MRFR Analysis


Critical Illness Insurance Market Dynamics 


Drivers 


The critical illness insurance market is increasing tremendously in the global market owing to an increase in the number of cases for patients suffering from life-threatening diseases like cancer, strokes, heart attack, kidney failure, and many others as these diseases require utmost care and continuous monitoring. Also, the increasing expenditure on medical facilities is another factor that drives the global critical illness insurance market. 


Opportunities 


The rising demand for the critical illness insurance in the global market. After seeing the ill effects of these global pandemics of COVID 19, the demand for the critical illness insurance market has increased many times and it further provides various growth opportunities to flourish widely in the global market. Also, the increasing concern related to health and mental fitness provides growth opportunities for the global critical illness insurance market


Restraints 


Although the critical illness insurance industry is growing rapidly in the global market, some factors restrain the growth of the critical illness insurance industry. The major factor that hinders the growth of the critical illness insurance market is the lack of information related to insurance policy related to critical illness. Moreover, the increasing price of premiums is another factor that hampers the growth of the critical illness insurance market. 


Value Chain Analysis 


The critical illness insurance market is increasing constantly in the global market and adds value to society. The benefits of the critical illness insurance industry like tax benefits, easy documentation process, hassle-free settlement claim, option to buy additional riders, coverage for all hospitalization expenses, and many others accelerate the critical illness insurance market. 


Europe: Critical Illness Insurance Market Share, by Region, 2018 (%)  Critical Illness Insurance Market


 Source: MRFR Analysis


Critical Illness Insurance Market Segmentation 


The global market has been divided based on the product type, application, and region. 


Based on the Product Type


The critical illness insurance global market has been divided based on the product type into medical insurance, disease insurance, family insurance, and income protection insurance. 


Based on the Application


The global critical illness insurance global market has been divided based on the application into a heart attack, cancer, stroke, and many others. The cancer division’s largest market share in the critical illness insurance market is expected to grow at a high CAGR of 57.01% in the global market during the forecasted period. 


Based on the Region


The global market has been divided based on the region into North American region, European region, Asia-Pacific region, the Middle East and African region, and Latin American region. 


Regional Analysis 


The global critical illness insurance market has been divided based on the region into North American region, European region, Asia-Pacific region, the Middle East and African region, and the Latin American region. The largest market share in the global market is held by the North American region owing to increasing cases of chronic diseases like cancer, heart attack, and stroke along with increasing expenses of medical accelerate the growth in the global market. 


The second-largest


critical illness insurance market share in the critical illness insurance industry in the global market is held by the European region owing to increasing illness problems in the population of the European region like heart attack and cancer disease which results in the increased insured population in this region. Also, the increasing awareness regarding the critical illness insurance market among people of this region is a contributing factor for the growth of the insurance sector in this region. 


The third-largest market share in the critical illness insurance market is held by the Asia-Pacific region owing to increasing expenditure on health facilities which generates more demand for the insurance market in the global market. Also, the increasing population of geriatric boost the growth of critical illness insurance industry in the global market. The high population in countries like China and India is another contributing factor that accelerates the market demand in the global market followed by the Middle East and Africa region. 


Critical Illness Insurance Market Competitive Landscape 


The most prominent major key players in the critical illness insurance industry in the global market are as follows:-



  • China Life Insurance Company (China)

  • Allianz (Germany)

  • Ping An Insurance (China)

  • Aviva (UK)

  • Prudential (UK)

  • Aegon (Netherlands)

  • AXA (France)

  • Sun Life Financial (Canada)

  • Aflac Incorporated (US)

  • Huaxia Life Insurance Co. (China)

  • AIG (US)

  • MetLife Services and Solutions, LLC (US)

  • Zurich (Switzerland)

  • Star Union Dai-ichi Life Insurance (India)

  • United Healthcare Services Inc. (US)

  • Liberty Mutual (US)


These most prominent major key players in the critical illness insurance market use various strategies to tap into the potential market by establishing a partnership and collaboration. Establishing a new joint venture, developing a new product, developing a new production process, mergers and acquisition to increase the customer base in the global critical illness insurance market


Recent Development 



  • In March 2016, a new critical illness insurance plan has been launched by SUD Life named SUD Life AAROGYAM that provides coverage for larger critical illnesses along with various other additional coverages for angioplasty in India.

  • In July 2018, an agreement has been signed between Aegon and Banco Santander (Spain) to extend their partnership. Along with the extension of their partnership. They also expanded covers for term life and various non-life insurances were also included.

  • In may 2019, a new partnership program has been established between Prudential and Tictrac which is UK based health, services, and technology company to increase their personalized wellness services to the population of the Asia-Pacific region.

  • The critical illness insurance industry has been subsequently spread in the global market and the largest market share is held by the North American region. It has been observed that approximately 220,400 new cancer cases have been diagnosed in 2019 which accelerates the demand for the critical illness insurance industry in this region. 


Report Overview 


This critical illness insurance market research report consists of the following elements:-



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Developments


This critical illness insurance market research report consists of various factors that drive the global market along with some factors that restrain the growth of the critical illness insurance industry in the global market. Various growth opportunities in the market during the forecasted period are also mentioned. The impact of COVID 19 on the sales aspect is mentioned. The future growth rate in the critical illness insurance industry in the global market is estimated and mentioned. 


Users 


Critical illness insurance providers, distributors, research and consulting firms, government and research organizations, associations and industry bodies, and many others.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: 135,500.49 million
  CAGR   2020-2030: 15%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   China Life Insurance Company (China), Allianz (Germany), Ping An Insurance (China), Aviva (UK), Prudential (UK), Aegon (Netherlands), AXA (France), Sun Life Financial (Canada), Aflac Incorporated (US), Huaxia Life Insurance Co. (China), AIG (US), MetLife Services and Solutions, LLC (US), Zurich (Switzerland), Star Union Dai-ichi Life Insurance (India), United Healthcare Services Inc. (US), Liberty Mutual (US)
  Key Market Opportunities   Increasing concern related to health and mental
  Key Market Drivers

  • Increase in the number of cases for patients suffering from life-threatening diseases
  • Increasing expenditure on medical facilities


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    Frequently Asked Questions (FAQ) :

    At a CAGR of 15%, the Global Critical Illness Insurance Market will be gaining maximum growth.

    2019 to 2025 is the growth period of the Global Critical Illness Insurance Market.

    Global Critical Illness Insurance Market will be gaining a valuation of USD 67,960.81 Million by 2030.

    Application is the leading segment of the Global Critical Illness Insurance Market.

    Global Critical Illness Insurance Market study has covered regions such as the Americas, Europe, Asia-Pacific, and the Middle East & Africa.