Global Critical Illness Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Critical Illness Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Critical disease insurance refers to the occurrence of specific major diseases, such as malignant tumors, myocardial infarction, cerebral hemorrhage, etc., which are handled by the insurance company. When the insured reaches the critical illness status stipulated in the insurance clauses, the insurance company shall The insurance contract stipulates the commercial insurance act of paying insurance money.

Market Overview:

The latest research study on the global Critical Illness Insurance market finds that the global Critical Illness Insurance market reached a value of USD 43774.26 million in 2022. It’s expected that the market will achieve USD 93384.65 million by 2028, exhibiting a CAGR of 13.46% during the forecast period.

In the short term, it is difficult to determine the impact of COVID-19 on health insurance on a global scale, because the impact will vary greatly from country to country. This is because the actual number of cases and deaths may vary greatly between different countries/regions, and because of the differences in the composition of medical coverage itself. In some countries (such as the United States), most health care is provided privately (elderly people play an important role in health insurance), while in other countries (such as Europe and Canada), public health care costs are higher. In Asia, national health systems are usually immature and private medical insurance is abundant.

In the long run, this crisis may have some positive effects on the industry. First, due to the large number of patients, the pressure on health services has increased and telemedicine services have increased. This may have a constructive long-term impact, helping medical care to cover more remote areas and wealthy people, including those with underinsured or uninsured people. Making healthcare easier to access and use means that to some extent, society can benefit from learning and actions taken during COVID-19. Second, the pandemic itself may cause more people to reconsider their personal health insurance needs. For example, after the SARS epidemic, we found a short-term surge in sales of critical illness insurance policies in Asia. After the coronavirus infection, there may be a similar phenomenon, with global health insurance, critical illness and even life insurance sales increasing.

Region Overview:

In 2021, the share of the Critical Illness Insurance market in North America stood at 34.15%.

Company Overview:

China Life Insurance is one of the major players operating in the Critical Illness Insurance market, holding a share of 8.73% in 2022.

Application Overview:

In the Critical Illness Insurance market, 62.36% of the total value was generated through the Cancer segment by application in 2021.

Key Companies in the global Critical Illness Insurance market covered in Chapter 3:

China Pacific Insurance
UnitedHealthcare
MetLife
Allianz
China Life Insurance
AXA
Aflac
Aviva
Liberty Mutual
New China Life Insurance Co., Ltd
Legal & General
Zurich Insurance Group
Prudential plc
Ping An Insurance
Dai-ichi Life Group
Aegon
Huaxia life Insurance
AIG
HCF
Sun Life Financial

In Chapter 4 and Chapter 14.2, on the basis of types, the Critical Illness Insurance market from 2018 to 2029 is primarily split into:

Disease Insurance
Medical Insurance
Income Protection Insurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Critical Illness Insurance market from 2018 to 2029 covers:

Cancer
Heart Attack
Stroke
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)