Critical illness insurance refers to the occurrence of specific major diseases, such as malignant tumors, myocardial infarction, cerebral hemorrhage, etc., which are handled by insurance companies. The insurance contract stipulates the commercial insurance act of paying insurance money. Critical illness insurance came out in South Africa in 1983. It was the surgeon Mari Usbarnard who first proposed this product idea. After 1986, critical illness insurance was successively introduced into the United Kingdom, Canada, Australia, Southeast Asia and other countries and regions. , And has been rapidly developed. In 1995, my country's mainland market introduced critical illness insurance, and it has now developed into an important protection product in the life insurance market. In the development process of critical illness insurance, the scope of protection has gradually expanded and the protection function has become more and more perfect, but the design concept of this type of product has continued to this day.
Get the complete sample, please click: https://www.globalmarketmonitor.com/reports/762455-critical-illness-insurance-market-report.html
Analysis of the Market Status and Prospects of the Critical Illness Insurance Industry in Various Regions of the World
Major diseases covered by critical illness insurance usually have three basic characteristics. One is that the condition is serious, which will seriously affect the normal life of patients and their families for a long period of time; Complicated medication or surgical treatment requires expensive medical expenses; third, it is not easy to cure, and it will last for a long period of time, or even permanent. For an ordinary family, the arrival of a major illness is often a devastating force. According to data released by the Ministry of Health in June 2008, the chance of a person suffering from a major illness in his lifetime is as high as 72.18%, and serious illness insurance benefits are paid. The insurance money can not only pay for the high medical expenses of the insured person due to illness, but also provide economic protection for the insured person after illness, so as to avoid the insured’s family from getting into financial difficulties as much as possible. In order to resist the sudden risk of serious illness, critical illness insurance has always been popular. In 2015, the global critical illness insurance industry market value was 16.831 billion U.S. dollars, and by 2020 it will climb to 33.287 billion U.S. dollars. As the pace of life accelerates, more and more people are in a sub-healthy state. A series of bad behaviors such as staying up late and working overtime, drinking and smoking have become a major factor endangering the health of many people around the world. In 2020, a new cancer will occur in China. There are 4.57 million cases, accounting for 23.7% of the world’s total. Compared with historical data, the number of cancer patients is on the rise. Coupled with the increasingly serious problem of the aging population worldwide, this series of factors will further promote serious illnesses. With the prosperous development of the insurance industry, the market capacity is expected to continue to rise for a relatively long period of time.
Critical illness insurance has a history of less than 40 years since its invention, but its development can be said to be quite rapid. The scope of protection has been expanded year by year, and the protection function has also been improved. The development has become relatively stable. The disease categories covered by the disease insurance mainly include: cancer, stroke, heart disease and some other major diseases. Cancer has the highest proportion, and its market share in 2019 is as high as 62.02%. But from a global perspective, the coverage rate of critical illness insurance is still very low. People in developed regions such as North America and Europe are much higher in terms of education and family income than those in the Middle East and Africa. This makes developed countries more accepting of critical illness insurance and more able to afford the cost of purchasing critical illness insurance. As of 2019, the critical illness insurance industry in North America has a market share of 35.52%, Europe has a market share of 27.71%, and the Middle East and Africa has a market share of only 2.00%.
The major consumer markets for critical illness insurance are located in areas where developed countries such as Europe and North America gather, as well as the Asia-Pacific region of developing countries led by China. This also directly causes the major critical illness insurance companies around the world to be concentrated in developed countries. And the Asia-Pacific region. As of 2019, China Life insurance’s market share was 8.53%, ranking first; Aviva’s market share was 8.23%, ranking second; AXA’s market share was 6.96%, ranking third . There are many companies in the insurance industry, especially in the relatively backward regions such as Africa and the Middle East. The national health system is immature and private medical insurance is extremely rich, but the market concentration is low. Small and medium-sized enterprises continue to introduce new ones according to the staged social development to satisfy consumers. The consumer demand of China has therefore survived and developed in a highly competitive market environment. However, as the economy continues to develop, people’s demand for critical illness insurance will also increase. Many developing countries will become potential markets for the critical illness insurance industry, especially the rapid development of emerging economies such as China and India, despite the coverage rate. Low, due to the huge population advantage, it is expected to be equal to the developed countries in terms of market value.
The Impact of COVID-19 on the Critical Illness Insurance Industry
The arrival of the new crown epidemic is a huge blow to the health system of any country in the world. It also makes people more deeply aware of the uncertainty of the disease. Some people will reconsider their personal health insurance needs, just like the SARS epidemic. After that, the sales of critical illness insurance policies in Asia have surged in the short-term, and similar phenomena may appear after COVID-19. In the long run, the epidemic crisis may have some positive effects on the industry.
Get the complete sample, please click: Https://www.globalmarketmonitor.com/reports/762455-critical-illness-insurance-market-report.html
We provide more professional and intelligent market reports to complement your business decisions.
Chinese