July 23, 2020
According to the research report titled ‘Global Illness Insurance Market Size study with COVID-19 impact, by Type (Diseases Insurance, Medical Insurance and Income Protection Insurance), by Application (Cancer, Heart attack, Stroke and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global illness insurance market was valued at USD 33.68 billion in 2019 and is expected to grow with a CAGR of 15.80% over 2019-2026.
Illness insurance also called as critical insurance is a policy in which the insurer pays for the expense, if the policy holder is diagnosed with any critical disease such as heart attack, cancer, which is covered in the insurance policy. Treatment of such illnesses may require several hospital visits, hospitalization, and other medical expenses, all of which are covered under illness insurance, hence relieving the patient from economic burden. Rise in chronic diseases worldwide and cognizance of benefits offered by insurance policies are driving the growth of illness insurance market.
Increasing prevalence of COVID-19 has further fueled the market growth as it is a critical disease spreading across the globe. The patient suffering from coronavirus has to bear huge hospitalization cost along with additional expenses related to doctor visits and drugs, which can be covered by insurance company in case of policyholder.
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With respect to the type, the market is divided into income protection insurance, disease insurance, and medical insurance. Based on application scope, the industry is segmented into stroke, heart attack, cancer, and other.
Key players operating in worldwide illness insurance market include Prudential plc, New China Life Insurance, China Life Insurance, Aviva, Legal & General, Ping An Insurance, China Pacific Insurance, Allianz, Aegon N.V., and Sun Life Financial among others.