Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Critical Illness Insurance Market Overview:
Market Research Future (MRFR) evaluates that Critical Illness Insurance Market could procure a growth rate of 15.35% over the assessment period (2019 to 2025) to Reach USD 67,960.81 Million by 2025.
Critical illness insurance involves a contract between the insurer and the policyholder, whereby the former has to make a lump sum payment in case of a particular critical condition or disease as part of the policy. Critical illness insurance is also called dread disease policy or critical insurance cover.
The soaring cases of various critical illnesses and the rise in out-of-pocket spending among insured as well as uninsured population are touted to be a few key growth rendering factors in the global Critical illness insurance market. The market can face a challenge in the form of lower awareness level regarding critical illness insurance schemes among people of emerging countries.
Future Market Growth Factors:
Blossoming geriatric populace and this demographic’s high susceptibility to a number of chronic diseases. Individuals aged 65 years and above that suffer from some kind of disease generally require critical monitoring along with surgical procedures. Since elderly people constitute the unproductive part of the global population, they are not able to afford expensive medical treatment and surgical procedures as well as extended hospital stays. Therefore, availability of various critical illness insurance coverages and the option of choosing one of them foster business growth. Increase in GDP as well as rising healthcare expenditure also work in favor of the critical illness insurance industry.
Dramatic surge in health expenditure, including both private and public spending on programs promoting disease prevention techniques, utilizing paramedical, nursing and medical knowledge as well as technology also benefit the global market. Rise in worldwide employment rate has also raised the demand for critical illness insurance, either individual or employer-sponsored coverage.
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Key Players Locking Horns:
The critical illness insurance industry is rife with a huge number of business titans that are involved in competitive strategies like new launches, collaborations, acquisitions and mergers as well as agreements, with the aim to seize a higher position. This has resulted in an intensely competitive ambience in the global molecular diagnostics industry.
The top companies profiled in the MRFR market study are:
- Allianz (Germany)
- China Life Insurance Company (China)
- Aviva (UK)
- Prudential (UK)
- Aegon (Netherlands)
- AIG (US)
- Sun Life Financial (Canada)
- Huaxia Life Insurance Co. (China)
- MetLife Services and Solutions LLC (US)
- AXA (France)
- Star Union Dai-ichi Life Insurance (India)
- Zurich (Switzerland)
- United Healthcare Services Inc. (US)
- Aflac Incorporated (US)
- Ping An Insurance (China)
- Liberty Mutual (US)
To cite an instance, in January 2021, Breeze, an insurtech vendor located in Omaha (US), launched a new critical illness insurance product on its digital platform for its customers. The latest launch will help the company accelerate its partnership with Assurity Life, which aims to offer its consumers better access to cost effective insurance products in untapped regions. Breeze’s key objective is to make online shopping for critical illness insurance a fast, affordable and convenient experience. Users will now be able to receive customized critical illness insurance quotes and carry out a safe digital application procedure in only ten minutes.
In February 2021, Cigna formed a partnership with a well-known Asian health insurtech firm, The CareVoice. Both the partners are now expected to launch "blüüm woman", a medical protection and innovative digital health services for women across Hong Kong of every age. The new services can be accessed on blüüm, which is an integrated health platform. blüüm woman provides two products, namely "Cigna HealthSecure Lady Care Plan" and "Cigna HealthFirst Elite Medical Plan'', both of which offer protection against costs associated with critical illnesses, pregnancy, hospitalization, and psychiatric treatment. Along with the digital health services, blüüm woman will provide optimum care to women for a better lifestyle.
Browse In-depth Market Research Report (88 Pages) on Critical Illness Insurance: https://www.marketresearchfuture.com/reports/critical-illness-insurance-market-8734
Critical Illness Insurance Market Segmentation:
The worldwide market for critical illness insurance market can be considered for application as well as region.
The global market, with respect to application, can be distributed into stroke, heart attack, cancer, and more. In the year 2018, the cancer segment claimed the biggest share in the market, thanks to the accelerated cases of cancer all over the world. Rising consumption of tobacco has led to significant surge in cases of lung cancer while supportive government policies encourage patients to opt for critical illness insurance coverage, which can mean the cancer segment will sustain its lead in the coming years as well.
Regional Status and Challenges:
The global critical illness insurance market, with respect to region, can be considered for the Americas, Asia Pacific or APAC, MEA or the Middle East & Africa.
The American market is likely to emerge on the top spot, in view of rapidly escalating cases of chronic ailments like cancer along with the surge in medical cost. The US market will perform significantly in the following years, on account of the expanding pool of insured people in the country and the rising burden of cancer among them. Reports confirm that close to 99.1% of the total population in US aged above 65 had taken critical illness insurance in 2018, which indicates favorable growth conditions for the regional market.
Asia Pacific could procure the fastest growth rate in the years to come, owing to the burgeoning elderly population and the inability afford medical facilities among a large population in the region. The demand for critical illness insurance policies is significantly high in densely populated countries like India and China. The MEA market will also be a strong market in the ensuing years, thanks to the surging life expectancy, expanding middle class populace and the general rise in the population.
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Latest Trends Post COVID-19 Outbreak:
Sensing the opportunities following the COVID-19 pandemic, top firms are striving to bolster the attractiveness of their critical-illness insurance schemes to lure in higher number of consumers. Many of them are modifying their critical-illness insurance policies to cover SARS-CoV-2 diagnosis. Term plans have been witnessing high demand in the critical illness insurance industry, primarily due to the escalating cases of novel coronavirus and the lockdown proving to be redundant.
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