Critical Illness Insurance Market is Sustained to Record a Perfect CAGR of 15.35% During Forecast 2019-2025
Market
Highlights:
Critical illness insurance is a type of
insurance, where the insurer comes in a contract to make a lump sum cash
payment if the policyholder is diagnosed with some specific critical disease as
a part of the insurance policy. Critical illness insurance is also known as
critical insurance cover or dread disease policy.
The global Critical
Illness Insurance Market is expected to register a CAGR of 15.35% during
the forecast period, with a market value of USD 67,960.81 million by 2025.
The increasing cases of critical illness
and increasing out of pocket expenditure for the insured and uninsured
population are expected to drive the growth of the critical illness insurance
market. However, lack of awareness about critical illness insurance is expected
to hamper the market growth during the forecast period.
Competitive Landscape:
·
Allianz
·
Ping An Insurance
·
Aviva
·
Prudential
·
Aegon
·
AXA
·
Sun Life Financial
·
Aflac Incorporated
·
Huaxia Life Insurance Co
·
AIG
·
MetLife Services and
Solutions
·
Zurich
Segment Analysis:
·
The global critical
illness insurance market has been divided based on application and region.
·
The market,
based on application, has been bifurcated into cancer, heart attack, stroke,
and others. In 2018, the cancer segment held the largest market share owing to the
rise in the number of cancer cases. For instance, an estimated 1,735,350 new
cases of cancer were diagnosed in the US and 609,640 people died from the
disease in 2018.
Regional
Analysis:
The global critical illness insurance market, based on
region, has been divided into the Americas, Europe, Asia-Pacific, and the
Middle East & Africa. The Americas is likely to hold the largest share of
the global critical illness insurance market during the assessment period. The
rising prevalence of chronic diseases, including cancer and rising medical
expenses, are expected to support the dominance of
the Americas during the forecast period. Moreover, in the US, there has been a
significant rise in the number of insured populations in the past few years.
For instance, the percentage of the uninsured population in the US was about
14% in 2008, and this came down to nearly 8.5% in 2018.
Furthermore, about 99.1% of the population
aged 65 and above were insured in 2018 in the US. The Europe market established
substantial growth in the market due to the high prevalence of critical illnesses such as cancer, heart
attack, and stroke, among others in this region. Asia-Pacific is
estimated to be the fastest-growing region in the global market due to the increasing
geriatric population, presence of expensive health facilities and an increase
in the demand for health insurance policies in high populous countries such as
India and China. The critical illness insurance market in the Middle East &
Africa is expected to witness gradual growth due to the increasing life
expectancy, enlarging middle class, and population growth. Moreover, the launch
of the life insurance reform project in 2016 in the United Arab Emirates would
support the market growth in this region.
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