The critical illness insurance cover provides the insured with financial security against various life-threatening health conditions such as kidney failures, cardiovascular diseases, and cancer. Critical illness insurance cover includes a lump sum payment in case the insured is diagnosed with a listed illness.
Rise in number of health issues due to unhealthy lifestyle of people causes serious illness such as kidney failures, heart attack, cancer and other such serious illness have increased the demand for critical illness insurance coverage among consumers. In addition, rise in awareness about the benefits of a critical illness insurance coverage among consumers is a major driving factor for the market. Moreover, the cost of treatment without having an insurance coverage may lead to huge medical bills for which customers opt for the critical illness insurance. These are some of the factors propelling the growth of the critical illness insurance market. However, high amount of premium for the critical illness insurance is a major factor limiting the growth of the market. On the contrary, smooth experience offered by the insurance coverage pertaining to reimbursement of medical bills and cashless treatments at best hospitals without the worry of high fees charged for operation and treatments is expected to provide lucrative growth opportunities in the coming years.
The critical illness insurance market is segmented on the basis of application, premium mode, end user, and region. By application, it is classified into cancer, heart attack, stroke, and others. By premium mode, it is categorized into monthly, quarterly, half yearly, and yearly. By application, it is bifurcated into individual, and businesses. The businesses segment is further sub segmented into group policies and individual policies. The group policies segment is further divided into simplified issue policies, and fully underwritten policies. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the critical illness insurance market such as Aegon, AFLAC INCORPORATED, Allianz Care, American International Group, Inc., Aviva, AXA Hong Kong, Bajaj Allianz General Insurance Co. Ltd., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Insurance, MetLife Services and Solutions, LLC., Royal London, Sun Life Assurance Company of Canada, United HealthCare Services, Inc., Modern Insurance Agency, Inc., and Plum Benefits Private Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the critical illness insurance industry.
Rise in number of health issues due to unhealthy lifestyle of people causes serious illness such as kidney failures, heart attack, cancer and other such serious illness have increased the demand for critical illness insurance coverage among consumers. In addition, rise in awareness about the benefits of a critical illness insurance coverage among consumers is a major driving factor for the market. Moreover, the cost of treatment without having an insurance coverage may lead to huge medical bills for which customers opt for the critical illness insurance. These are some of the factors propelling the growth of the critical illness insurance market. However, high amount of premium for the critical illness insurance is a major factor limiting the growth of the market. On the contrary, smooth experience offered by the insurance coverage pertaining to reimbursement of medical bills and cashless treatments at best hospitals without the worry of high fees charged for operation and treatments is expected to provide lucrative growth opportunities in the coming years.
The critical illness insurance market is segmented on the basis of application, premium mode, end user, and region. By application, it is classified into cancer, heart attack, stroke, and others. By premium mode, it is categorized into monthly, quarterly, half yearly, and yearly. By application, it is bifurcated into individual, and businesses. The businesses segment is further sub segmented into group policies and individual policies. The group policies segment is further divided into simplified issue policies, and fully underwritten policies. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the critical illness insurance market such as Aegon, AFLAC INCORPORATED, Allianz Care, American International Group, Inc., Aviva, AXA Hong Kong, Bajaj Allianz General Insurance Co. Ltd., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Insurance, MetLife Services and Solutions, LLC., Royal London, Sun Life Assurance Company of Canada, United HealthCare Services, Inc., Modern Insurance Agency, Inc., and Plum Benefits Private Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the critical illness insurance industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the critical illness insurance market analysis from 2021 to 2031 to identify the prevailing critical illness insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the critical illness insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global critical illness insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Others
- Cancer
- Heart Attack
- Stroke
By Premium Mode
- Monthly
- Quarterly
- Half Yearly
- Yearly
By End User
- Individual
- Businesses
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Aegon
- AFLAC INCORPORATED
- Allianz Care
- American International Group, Inc.
- Aviva
- AXA
- Bajaj Allianz General Insurance Co. Ltd.
- Cigna
- Future Generali India Insurance Company Ltd.
- Legal & General Group plc
- Liberty Mutual Insurance
- MetLife Services and Solutions, LLC.
- Royal London
- Sun Life Assurance Company of Canada
- United HealthCare Services, Inc.
- Modern Insurance Agency, Inc.
- Plum Benefits Private Limited
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: CRITICAL ILLNESS INSURANCE MARKET, BY APPLICATION
4.1 Overview
4.1.1 Market size and forecast
4.2 Cancer
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Heart Attack
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Stroke
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Others
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
CHAPTER 5: CRITICAL ILLNESS INSURANCE MARKET, BY PREMIUM MODE
5.1 Overview
5.1.1 Market size and forecast
5.2 Monthly
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Quarterly
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Half Yearly
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Yearly
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
CHAPTER 6: CRITICAL ILLNESS INSURANCE MARKET, BY END USER
6.1 Overview
6.1.1 Market size and forecast
6.2 Individual
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Businesses
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
CHAPTER 7: CRITICAL ILLNESS INSURANCE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Application
7.2.3 North America Market size and forecast, by Premium Mode
7.2.4 North America Market size and forecast, by End User
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Application
7.2.5.1.2 Market size and forecast, by Premium Mode
7.2.5.1.3 Market size and forecast, by End User
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Application
7.2.5.2.2 Market size and forecast, by Premium Mode
7.2.5.2.3 Market size and forecast, by End User
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Application
7.3.3 Europe Market size and forecast, by Premium Mode
7.3.4 Europe Market size and forecast, by End User
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Market size and forecast, by Application
7.3.5.1.2 Market size and forecast, by Premium Mode
7.3.5.1.3 Market size and forecast, by End User
7.3.5.2 Germany
7.3.5.2.1 Market size and forecast, by Application
7.3.5.2.2 Market size and forecast, by Premium Mode
7.3.5.2.3 Market size and forecast, by End User
7.3.5.3 France
7.3.5.3.1 Market size and forecast, by Application
7.3.5.3.2 Market size and forecast, by Premium Mode
7.3.5.3.3 Market size and forecast, by End User
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Application
7.3.5.4.2 Market size and forecast, by Premium Mode
7.3.5.4.3 Market size and forecast, by End User
7.3.5.5 Spain
7.3.5.5.1 Market size and forecast, by Application
7.3.5.5.2 Market size and forecast, by Premium Mode
7.3.5.5.3 Market size and forecast, by End User
7.3.5.6 Netherlands
7.3.5.6.1 Market size and forecast, by Application
7.3.5.6.2 Market size and forecast, by Premium Mode
7.3.5.6.3 Market size and forecast, by End User
7.3.5.7 Rest of Europe
7.3.5.7.1 Market size and forecast, by Application
7.3.5.7.2 Market size and forecast, by Premium Mode
7.3.5.7.3 Market size and forecast, by End User
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Application
7.4.3 Asia-Pacific Market size and forecast, by Premium Mode
7.4.4 Asia-Pacific Market size and forecast, by End User
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Market size and forecast, by Application
7.4.5.1.2 Market size and forecast, by Premium Mode
7.4.5.1.3 Market size and forecast, by End User
7.4.5.2 India
7.4.5.2.1 Market size and forecast, by Application
7.4.5.2.2 Market size and forecast, by Premium Mode
7.4.5.2.3 Market size and forecast, by End User
7.4.5.3 Japan
7.4.5.3.1 Market size and forecast, by Application
7.4.5.3.2 Market size and forecast, by Premium Mode
7.4.5.3.3 Market size and forecast, by End User
7.4.5.4 Australia
7.4.5.4.1 Market size and forecast, by Application
7.4.5.4.2 Market size and forecast, by Premium Mode
7.4.5.4.3 Market size and forecast, by End User
7.4.5.5 Singapore
7.4.5.5.1 Market size and forecast, by Application
7.4.5.5.2 Market size and forecast, by Premium Mode
7.4.5.5.3 Market size and forecast, by End User
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Application
7.4.5.6.2 Market size and forecast, by Premium Mode
7.4.5.6.3 Market size and forecast, by End User
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Application
7.5.3 LAMEA Market size and forecast, by Premium Mode
7.5.4 LAMEA Market size and forecast, by End User
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Market size and forecast, by Application
7.5.5.1.2 Market size and forecast, by Premium Mode
7.5.5.1.3 Market size and forecast, by End User
7.5.5.2 Middle East
7.5.5.2.1 Market size and forecast, by Application
7.5.5.2.2 Market size and forecast, by Premium Mode
7.5.5.2.3 Market size and forecast, by End User
7.5.5.3 Africa
7.5.5.3.1 Market size and forecast, by Application
7.5.5.3.2 Market size and forecast, by Premium Mode
7.5.5.3.3 Market size and forecast, by End User
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Aegon
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 AFLAC INCORPORATED
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Allianz Care
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 American International Group, Inc.
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Aviva
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 AXA
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Bajaj Allianz General Insurance Co. Ltd.
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Cigna
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Future Generali India Insurance Company Ltd.
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Legal & General Group plc
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 Liberty Mutual Insurance
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 MetLife Services and Solutions, LLC.
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
9.13 Royal London
9.13.1 Company overview
9.13.2 Company snapshot
9.13.3 Operating business segments
9.13.4 Product portfolio
9.13.5 Business performance
9.13.6 Key strategic moves and developments
9.14 Sun Life Assurance Company of Canada
9.14.1 Company overview
9.14.2 Company snapshot
9.14.3 Operating business segments
9.14.4 Product portfolio
9.14.5 Business performance
9.14.6 Key strategic moves and developments
9.15 United HealthCare Services, Inc.
9.15.1 Company overview
9.15.2 Company snapshot
9.15.3 Operating business segments
9.15.4 Product portfolio
9.15.5 Business performance
9.15.6 Key strategic moves and developments
9.16 Modern Insurance Agency, Inc.
9.16.1 Company overview
9.16.2 Company snapshot
9.16.3 Operating business segments
9.16.4 Product portfolio
9.16.5 Business performance
9.16.6 Key strategic moves and developments
9.17 Plum Benefits Private Limited
9.17.1 Company overview
9.17.2 Company snapshot
9.17.3 Operating business segments
9.17.4 Product portfolio
9.17.5 Business performance
9.17.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Critical Illness Insurance Market,' the critical illness insurance market was valued at $124.67 billion in 2021, and is estimated to reach $354 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.Younger people are suffering from life-threatening diseases or critical ailments due to the sedentary lifestyle. According to insurance estimates, 40% of heart patients in India belong to the age group of 25-35 years. There is a rise in the cases of critical illnesses like cancer, lung diseases, and other chronic health ailments, which are not only costly to treat but also lead to a financial loss in case the breadwinner of a family is diagnosed with a problem. Unlike a regular individual health insurance policy that covers hospitalization expenses, a critical illness policy pays a fixed amount if the insured is diagnosed with any of the critical illness cover as mentioned in the policy document. Therefore, these are some of the major critical illness insurance market trends.
Furthermore, major players in the critical illness insurance market are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, in January 2021, Breeze, an Omaha-based insurtech company, announced the launch of a critical care insurance product available to consumers on its digital platform. This strategic move expands the company's partnership with Assurity Life, which seeks to provide consumers with easier access to affordable insurance products in underserved markets. Launching an online critical illness insurance product expands Breeze's mission to protect Americans in their most financially vulnerable moments.
On the basis of end user, the individual segment is the highest growing segment. This is attributed to the fact that critical illness insurance for individuals can pay for costs not covered by traditional insurance. The money can also be used for nonmedical costs related to the illness, including transportation, child care, and others.
On the basis of region, North America attained the highest growth in 2021. This is attributed to the rise in the number of cases for patients suffering from life-threatening diseases such as kidney failure, cancer, heart attack, strokes, the modern lifestyle & the increasing prevalence of these diseases in the region. In addition, the critical illness plan supports coverage across specific life-threatening disorders, increasing the risk of falling prey to lifestyle diseases, augmenting the middle class, increasing life expectancy, and population growth is also propelling the market growth.
COVID-19 had a positive impact on the critical illness market since consumers were taking health insurance for covering the cost of hospitalization, they were also propelled to take critical illness insurance coverage as these critical diseases are increasing rapidly. Moreover, as people infected with the COVID-19 virus are more prone to critical illness such as heat diseases and others. Therefore, the demand for critical illness insurance increased during the pandemic which positively impacted the critical illness insurance market growth.
Key findings of the study
By application, the cancer segment led the critical illness insurance market in terms of revenue in 2021.By premium mode, the monthly segment accounted for the highest critical illness insurance market share in 2021.
By region, North America generated the highest revenue for the critical illness insurance market size in 2021.
The key players profiled in the critical illness insurance market analysis are Aegon, AFLAC INCORPORATED, Allianz Care, American International Group, Inc., Aviva, AXA Hong Kong, Bajaj Allianz General Insurance Co. Ltd., Cigna, Future Generali India Insurance Company Ltd., Legal & General Group plc, Liberty Mutual Insurance, MetLife Services and Solutions, LLC., Royal London, Sun Life Assurance Company of Canada, United HealthCare Services, Inc., Modern Insurance Agency, Inc., and Plum Benefits Private Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the critical illness insurance industry.
Companies Mentioned
- Aegon
- Aflac Incorporated
- Allianz Care
- American International Group, Inc.
- Aviva
- Axa
- Bajaj Allianz General Insurance Co. Ltd.
- Cigna
- Future Generali India Insurance Company Ltd.
- Legal & General Group PLC
- Liberty Mutual Insurance
- Metlife Services and Solutions, LLC.
- Royal London
- Sun Life Assurance Company of Canada
- United Healthcare Services, Inc.
- Modern Insurance Agency, Inc.
- Plum Benefits Private Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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