Critical Illness Insurance Market Size, Growth, Report 2022
The global critical illness insurance market size was valued at USD 120.2 billion in 2021 and is poised to grow at a significant CAGR of 10.5% during the forecast period 2022-28. The critical illness insurance market is made up of firms (organisations, single traders, and partnerships) who sell critical illness insurance or a dread sickness policy, which is an additional insurance coverage to cover overruns where regular health insurance may fall short. Included are only commodities and services that are transferred between businesses or sold to end users.
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The rising expenses of healthcare, combined with the rising prevalence of diabetes, cancer, stroke, and kidney failure, is one of the major causes driving up demand for health insurance around the world. Furthermore, government authorities in a number of nations are requiring firms to provide health insurance to their employees. These authorities are also implementing rules that require travellers to have foreign health insurance. Aside from that, the growing senior population is encouraging people to enrol in government-sponsored health insurance plans or schemes with reduced premiums. Additionally, rising health awareness and improved healthcare infrastructure are two major factors driving market expansion. Aside from that, a number of firms offer coverage for medical costs incurred during the treatment of coronavirus sickness (COVID-19). They're also concentrating on digitalizing claim processing and policy administration, which is expected to have a favourable impact on the market in the next years. On the other hand, the increase is primarily due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as social distancing, working remotely, and the closure of commercial activities, all of which created operational challenges. At a CAGR of 14.6 percent, the market is estimated to reach $202.1 billion in 2025.
The global critical illness insurance market segmentation:
1) By Product: Medical Insurance, Disease Insurance, Family Insurance, Income Protection Insurance
2) By Application: Heart Attack, Cancer, Stroke, Kidney Failure and Others.
The worldwide critical illness insurance industry is projected to be led by the Americas. The increased occurrences of chronic diseases, such as cancer, and rising medical costs in the region have fueled the regional market. The fast increase in cancer diagnoses and the rising death rate, on the other hand, is a major driver of regional market growth. Due to the rising prevalence of critical diseases like cancer, heart attack, and stroke, Europe is predicted to be the second-largest market for critical illness insurance during the forecast period. Furthermore, greater understanding of insurance policies and their benefits is likely to aid regional market expansion.
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Some of the major key players in the Critical Illness Insurance Market are Aegon, Allianz, AIG, UnitedHealthcare, Zurich, MetLife, Dai-ichi Life Group, Sun Life Financial, Aflac, Liberty Mutual
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