Critical Illness Insurance In The East Asian Market Had Also Been A Success

Category: Finance, Insurance.

Critical illness insurance in the East Asian market had also been a success. Other countries like Malaysia, Singapore and Taiwan, Hong Kong all form part of the East Asian insurance industry.

East Asia cannot be considered as a single market for critical illness insurance. Critical illness insurance was brought in East Asia during the year 198Since then it has been a success. Let s have a look at how critical illness insurance progressed and developed down the years. Nearly all companies have critical illness related policies in their profiles. As per, Pakshong CS and Nieder D, during the mid, Nov1997 1990 s nearly all insurance companies that provide critical illness nowadays had already initiated their first policy on the market. Hence, the East Asian market had grown rapidly to become a successful one in terms of critical illness insurance.

Not only life insurers offered critical illness cover but health insurers also provided critical illness cover as an additional benefit besides their plans. Also, further researches reveal that policies in force for around a year may have represented about 40 percent of business carried out from 1994- 199The value of critical illness insurance continued to heighten as in 1996 nearly more than a million of policies had already been sold in the East Asian market. Around 42 critical illness claims were made by men aged 20- 24 followed by 82 aged 25- 29, 95 aged 30- 34, 146 aged 35- 39 and 215 aged 40- 4Further analysis carried out showed around 160 critical illness claims had been made by men aged 45- 49, 99 aged 50- 54, 44 aged 50- 59 and finally 8 aged 60- 6 As for women, the critical illness claim rates varied as compared to that of men. We will now also have a look at some claim rates for critical illness concerning both men and women. About 48 claims had been made by women age 20- 24 followed by 82 aged 25- 29, 162 aged 30- 34, 219 aged 35- 39 and 214 aged 40- 4additional research showed that around 274 critical illness claims had been made by women aged 40- 44, 220 aged 45- 49, 100 aged 50- 54, 55 aged 55- 59 and finally 12 aged 60- 6 If looked at attentively, the critical illness claims concerning women had been much elevated than that of men. Also, The Life Insurance Association of the Republic of China conducted the" Dread Disease Experience Study 1996" .

For example if the age group of 35- 39 for both men and women is compared, a difference of 73 claims could be noted for women. This research aimed mostly at the Taiwanese experience of critical illness cover. The overall sum insured may have been around TWD 24 billion. The results came out to be around 4 million critical illness policies sold a year with over 2, 108 claims paid. Critical illness insurance had evolved quicker and followed a more positive trend in East Asia as compared to that of Canada or even South Africa. Therefore, the boost of critical illness sales could have been easier than in other countries.

One reason why the East Asian market had had been a success for critical illness cover may be because it is divided among 4 countries. Critical illness insurance in the East Asian market had also been a success. Other countries like Malaysia, Singapore and Taiwan, Hong Kong all form part of the East Asian insurance industry. East Asia cannot be considered as a single market for critical illness insurance. Critical illness insurance was brought in East Asia during the year 198Since then it has been a success. Let s have a look at how critical illness insurance progressed and developed down the years.

Nearly all companies have critical illness related policies in their profiles. As per, Pakshong CS and Nieder D, during the mid, Nov1997 1990 s nearly all insurance companies that provide critical illness nowadays had already initiated their first policy on the market. Hence, the East Asian market had grown rapidly to become a successful one in terms of critical illness insurance. Not only life insurers offered critical illness cover but health insurers also provided critical illness cover as an additional benefit besides their plans. Also, further researches reveal that policies in force for around a year may have represented about 40 percent of business carried out from 1994- 199The value of critical illness insurance continued to heighten as in 1996 nearly more than a million of policies had already been sold in the East Asian market. Around 42 critical illness claims were made by men aged 20- 24 followed by 82 aged 25- 29, 95 aged 30- 34, 146 aged 35- 39 and 215 aged 40- 4Further analysis carried out showed around 160 critical illness claims had been made by men aged 45- 49, 99 aged 50- 54, 44 aged 50- 59 and finally 8 aged 60- 6 As for women, the critical illness claim rates varied as compared to that of men.

We will now also have a look at some claim rates for critical illness concerning both men and women. About 48 claims had been made by women age 20- 24 followed by 82 aged 25- 29, 162 aged 30- 34, 219 aged 35- 39 and 214 aged 40- 4additional research showed that around 274 critical illness claims had been made by women aged 40- 44, 220 aged 45- 49, 100 aged 50- 54, 55 aged 55- 59 and finally 12 aged 60- 6 If looked at attentively, the critical illness claims concerning women had been much elevated than that of men. Also, The Life Insurance Association of the Republic of China conducted the" Dread Disease Experience Study 1996" . For example if the age group of 35- 39 for both men and women is compared, a difference of 73 claims could be noted for women. This research aimed mostly at the Taiwanese experience of critical illness cover. The overall sum insured may have been around TWD 24 billion.

The results came out to be around 4 million critical illness policies sold a year with over 2, 108 claims paid. Critical illness insurance had evolved quicker and followed a more positive trend in East Asia as compared to that of Canada or even South Africa. Therefore, the boost of critical illness sales could have been easier than in other countries. One reason why the East Asian market had had been a success for critical illness cover may be because it is divided among 4 countries.

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