The global critical illness insurance market size is expected to grow from $185.53 billion in 2021 to $215.49 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The global critical illness insurance market size is then expected to grow to $330.36 billion in 2026 at a CAGR of 11.3%.
What is the Global Critical Illness Insurance Market?
The critical illness insurance market consists of sales of critical illness insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting critical illness cover or a dread disease policy, which is additional insurance coverage to cover those overruns where traditional health insurance may fall short. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global Critical Illness Insurance Market?
The increased prevalence of critical diseases is driving the global critical illness insurance market. Treatment for critical illnesses such as cancer incurs a huge amount and therefore having critical illness insurance can be beneficial to lower the burden of the treatment cost. The insurance service providers provide a lump-sum payment to the policyholder upon diagnosis of the critical disease. Some other types of common critical illnesses include heart attack, stroke, and coronary artery bypass. According to the cancer profile 2020 report by WHO, the incidence of global cancer in 2020 was reported as 10 million deaths that occurred in the year due to cancer. Therefore, the growing prevalence of critical illness is expected to drive the global critical illness insurance market.
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Global Critical Illness Insurance Market Segments
The global critical illness insurance market is segmented:
By Type: Individual Insurance, Family Insurance
By Application: Cancer, Heart Attack, Stroke, Others
By Premium Mode: Monthly, Quarterly, Half Yearly, Yearly
By Geography: The regions covered in the chartered air transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Critical Illness Insurance Global Market Report 2022provides market size and growth forecasts for the global critical illness insurance market, global critical illness insurance market share, critical illness insurance market segments and geographies, critical illness insurance market competitive landscape including leading competitors’ revenues, profiles and market shares. The critical illness insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Critical Illness Insurance Industry Playersinclude China Life Insurance, Allianz, Ping An Insurance, Aviva, Legal & General. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
