Critical Illness Insurances Challenges and Opportunities for Insurers
Journal
Risk Management and Insurance Review
ISSN
1098-1616
Type
journal article
Date Issued
2015
Author(s)
Abstract
Since the first introduction of critical illness insurance in 1983 in South Africa,
the product has successfully spread to some insurance markets, especially in
Asian and Anglophone countries, but market penetration remains low in other
countries. For this reason and because of the increasing relevance of dread
diseases, the aim of this article is to provide a first comprehensive overview
of challenges and opportunities associated with critical illness products for
insurers. Toward this end, we first present the various product designs, as well as
the developments that have taken place within the market before comparing this
form of coverage to alternative insurance products in order to better assess the
market potential. Based on these assessments, we thoroughly discuss the major
challenges and opportunities within the market from the insurer’s perspective.
the product has successfully spread to some insurance markets, especially in
Asian and Anglophone countries, but market penetration remains low in other
countries. For this reason and because of the increasing relevance of dread
diseases, the aim of this article is to provide a first comprehensive overview
of challenges and opportunities associated with critical illness products for
insurers. Toward this end, we first present the various product designs, as well as
the developments that have taken place within the market before comparing this
form of coverage to alternative insurance products in order to better assess the
market potential. Based on these assessments, we thoroughly discuss the major
challenges and opportunities within the market from the insurer’s perspective.
Language
English
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Wiley-Blackwell
Volume
18
Number
2
Start page
255
End page
272
Pages
18
Subject(s)
Division(s)
Eprints ID
255446