The Business Research Company’s Critical Illness Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, March 25, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
TBRC’s critical illness insurance market insights show that an increase in the range of critical illnesses covered in the critical illness insurance policies is a major trend shaping the 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, Reliance Standard, a subsidiary of Tokio Marine Group has created stand-alone triggers by adding new clinical conditions that doubled the critical illness policy sales between 2012 and 2017. This plan allows maximum flexibility by removing categories that helps the insured access more benefits.
Other critical illness insurance market trends include mergers and acquisitions. In December 2018, AIG Life Limited, a UK subsidiary of AIG Life & Retirement, acquired Ellipse for an undisclosed amount. With this acquisition, AIG life will build a strong combined presence in the UK by distributing both group and individual protection insurance products to its consumers through financial intermediaries, employee benefits consultants, and partnerships. Ellipse is a specialist group life, critical illness, and income protection provider in the UK.
Major players in the critical illness insurance market are China Life Insurance, Allianz, Ping An Insurance, Aviva, Legal & General, China Pacific Insurance, Prudential plc, New China Life Insurance, Aegon, and AXA.
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The global critical illness insurance market is expected to grow from $119.41 billion in 2020 to $120.9 billion in 2021 at a compound annual growth rate (CAGR) of 1.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The critical illness insurance market is expected to reach $201.1 billion in 2025 at a CAGR of 13.6%.
The critical illness insurance market covered in this report is segmented by type into individual insurance, family insurance. The critical illness insurance industry is also segmented by application into cancer, heart attack, stroke, others and by premium mode into monthly, quarterly, half yearly, yearly.
Critical Illness Insurance Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides critical illness insurance market overview, forecast critical illness insurance market size and growth for the whole market, critical illness insurance market segments, and geographies, critical illness insurance market trends, critical illness insurance market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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