The Progress Of Critical Illness Insurance In East Asia

Critical illness cover appeared in East Asia during the30-34, 146 aged 35-39 and 215 aged 40-44. Further
year 1988. Since then, it may have been a successanalysis carried out showed around 160 critical illness
for the market. Besides, countries such as Malaysia,claims had been made by men aged 45-49, 99 aged
Hong Kong, Singapore and Taiwan all form part of50-54, 44 aged 50-59 and finally 8 aged 60-64.
the East Asian insurance industry. Companies in nearlyAs for women, the critical illness claim rates varied as
all these countries may have been marketing criticalcompared to that of men. About 48 claims had been
illness cover successfully. Let's have a look at themade by women age 20-24 followed by 82 aged
development of critical illness cover in East Asia.25-29, 162 aged 30-34, 219 aged 35-39 and 214 aged
According to Pakshong CS and Nieder D, Nov1997,40-44. additional research showed that around 274
probably all insurance companies may have alreadycritical illness claims had been made by women aged
launched their first critical illness policy during the mid40-44, 220 aged 45-49, 100 aged 50-54, 55 aged
1990's. Critical illness cover may not have been55-59 and finally 12 aged 60-64.
offered only by life insurers but by health insurersIf the results are analysed carefully it could be noted
also. Health insurers offered critical illness cover withthat critical illness claims among women may be much
the aim to provide additional benefits on top of theirhigher in contrast to that of men. For example, 73
original policies. Moreover, around 40 percent of workmore critical illness claims for women could be noted
carried out in connection with critical illness insuranceif the age group 35-39 is compared for both men and
from 1994-1995 may have stemmed out fromwomen. Furthermore, The Life Insurance Association
policies in force for a year. As a result, critical illnessof the Republic of China conducted the "Dread
cover started to become successful. In the yearDisease Experience Study 1996". This research aimed
1996, more than one million critical illness policies couldmost at studying the Taiwanese experience of critical
already be counted in East Asia.illness cover. Results may have been positive. Around
Critical illness claims rates may have also been2.4 million critical illness policies may have been sold in
recorded for both men and women. Let's have aa year with more than 2,108 critical illness claims
glance.successfully paid. The total sum insured may have
Around 42 critical illness claims were made by menbeen around TWD 1.24 billion.
aged 20-24 followed by 82 aged 25-29, 95 aged