Insights Into The Critical Illness Insurance Market’s Growth Opportunities Through 2023-2032 – Includes Critical Illness Insurance Market Size
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The increased prevalence of critical diseases are expected to drive innovation in critical illness insurance manufacturing, thus driving the market during the forecast period.
The global critical illness insurance market is expected to grow from $215.49 billion in 2022 to $249.05 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The critical illness insurance market is expected to grow from $385.95 billion in 2027 at a CAGR of 11.6%.
Get A Free Sample On The Global Critical Illness Insurance Market Report:
- By Type: Individual Insurance, Family Insurance
- By Application: Cancer, Heart Attack, Stroke, Other Applications
- By Premium Mode: Monthly, Quarterly, Half Yearly, Yearly
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global critical illness insurance market in 2021.
Major Market Players in the critical illness insurance market include China Life Insurance, Allianz, Ping An Insurance, Aviva, Legal & General, China Pacific Insurance, Prudential PLC., New China Life Insurance, Aegon, and AXA.
An increase in the range of critical illnesses covered in critical illness insurance policies is a major trend shaping the critical insurance market. Major insurance companies are focusing on adding coverage for many new diseases such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, and motor neuron diseases besides cancer, stroke, coronary artery bypass, and heart attack. For instance, according to the Parkinson’s Foundation, 1 million people are suffering from the disease in the US, and it is expected to reach 1.2 million by 2030. This increase in the range of critical illnesses is responsible for the growing trend in insurance policies.
The Critical Illness Insurance Global Market Report 2023 provides a critical illness insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The critical illness insurance market forecast analyzes critical illness insurance market size, critical illness insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A critical illness policy is a sort of health insurance that pays for your medical costs if severe illnesses such as cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others listed in the policy, are discovered. It functions as an addition to the standard health insurance policy.
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