How Has the Critical Illness Insurance Market Size Evolved in Recent Years?
The critical illness insurance market has seen considerable growth due to a variety of factors.
• In recent times, the market size of critical illness insurance has witnessed swift development. The market, which stands at $286.98 billion in 2024, is projected to rise to $330.36 billion in 2025, with a compound annual growth rate (CAGR) of 15.1%.
Factors such as health care expenses, advancements in medical science, increased awareness and education, changes in lifestyle, and benefits provided by employers contributed to this growth observed in the historical period.
What Are The Predictions for The Critical Illness Insurance Market in the Coming Years?
The critical illness insurance market is expected to maintain its strong growth trajectory in upcoming years.
• In the years ahead, the critical illness insurance market size is anticipated to undergo swift expansion. The projected growth will culminate in a market value of $529.26 billion in 2029, growing at a compound annual growth rate (CAGR) of 12.5%.
The enlargement during the projected period is attributable to factors such as an aging demographic, prevalence of disease, escalating healthcare expenses, personal finance management, and advancements in technology. Major undertaken trends in the projected duration comprise digital revolution, tailored coverage plans, heart disease insurance, and policies covering multiple illnesses.
Which Drivers Are Accelerating Growth In The Critical Illness Insurance Market?
The surge in incidences of serious illnesses worldwide is propelling the growth of the global critical illness insurance market. Treatments for severe diseases like cancer typically involve enormous costs, making critical illness insurance a valuable tool to reduce the financial strain of these treatments. Insurance companies offer a one-time payment to the insurance holder when they are diagnosed with a critical illness. Heart attack, stroke, and coronary artery bypass are also frequently considered as critical illnesses. In September 2024, the American Cancer Society, a professional organization based in the U.S., projected that by 2050, the incidences of cancer in men will experience an 84% rise, up from 10.3 million in 2022 to 19 million. Simultaneously, cancer-related fatalities are estimated to have a 93% increase, skyrocketing from 5.4 million in 2022 to 10.5 million. Thus, the rising occurrence of critical illness is anticipated to further stimulate growth in the global critical illness insurance market.
What Are The Core Segments Of The Global Critical Illness Insurance Market?
The critical illness insurance market covered in this report is segmented –
1) By Type: Individual Insurance, Family Insurance
2) By Premium Mode: Monthly, Quarterly, Half Yearly, Yearly
3) By Application: Cancer, Heart Attack, Stroke, Other Applications
Subsegments:
1) By Individual Insurance: Heart Attack Insurance, Stroke Insurance, Cancer Insurance, Organ Transplant Insurance, Kidney Failure Insurance
2) By Family Insurance: Family Floater Plans, Dependent Coverage, Child Coverage Plans
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How Are New Trends Impacting The Size Of The Critical Illness Insurance Market?
There is a noticeable trend in the critical insurance market as the scope of critical illnesses covered by insurance policies expands. Leading insurance providers have broadened their coverage to included several new illnesses such as Alzheimer’s, multiple sclerosis, Parkinson’s, and motor neuron diseases, in addition to the established diseases like cancer, stroke, coronary artery bypass, and heart attack. For instance, data from the Parkinson's Foundation reveals that 1 million Americans currently have Parkinson's disease and the number is projected to rise to 1.2 million by 2030. This broadening of coverage for a variety of critical illnesses is contributing to the current growth trend in insurance policies.
Who Are the Key Players In The Critical Illness Insurance Market?
Major companies operating in the critical illness insurance market include:
• China Life Insurance Company Limited
• Allianz SE
• Ping An Insurance Company of China Ltd.
• Aviva plc
• Legal and General Group plc
• China Pacific Insurance Co. Ltd.
• Prudential plc
• New China Life Insurance Co. Ltd.
• Aegon NV
• AXA SA
• American International Group Inc.
• Sun Life Financial Inc.
• Aflac Inc.
• Huaxia Life Insurance Co.Ltd.
• MetLife Inc.
• Zurich Insurance Group Ltd.
• Hospitals Contribution Fund of Australia Limited
• Dai-ichi Life Insurance Company Limited
• UnitedHealthcare Inc.
• Liberty Mutual Group
• Bajaj Allianz General Insurance Company Limited
• Cigna Group
• Future Generali India Insurance Company Limited
• Royal London Mutual Insurance Society Limited
• Plum Benefits Private Limited
• Tata AIG General Insurance Company Limited
• AmMetLife Insurance Berhad
• Manulife Financial Corporation
• Great-West Lifeco Inc.
• Canada Life Assurance Company
• Chubb Limited
• Assurity Life Insurance Company
• Colonial Life and Accident Insurance Company
• Mutual of Omaha
• New York Life Insurance Company
What Are The Regional Insights Into The Critical Illness Insurance Market?
North America was the largest region in the critical illness insurance market in 2024. Asia-Pacific was the second largest region in the critical illness insurance market report. The regions covered in the critical illness insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
