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The Progress Of Critical Illness Insurance In East Asia

Critical illness cover appeared in East aged 25-29, 95 aged 30-34, 146 aged 35-39
Asia during the year 1988. Since then, it and 215 aged 40-44. Further analysis
may have been a success for the market. carried out showed around 160 critical
Besides, countries such as Malaysia, Hong illness claims had been made by men aged
Kong, Singapore and Taiwan all form part 45-49, 99 aged 50-54, 44 aged 50-59 and
of the East Asian insurance industry. finally 8 aged 60-64.
Companies in nearly all these countries As for women, the critical illness claim
may have been marketing critical illness rates varied as compared to that of men.
cover successfully. Let's have a look at About 48 claims had been made by women
the development of critical illness cover age 20-24 followed by 82 aged 25-29, 162
in East Asia. aged 30-34, 219 aged 35-39 and 214 aged
According to Pakshong CS and Nieder D, 40-44. additional research showed that
Nov1997, probably all insurance companies around 274 critical illness claims had
may have already launched their first been made by women aged 40-44, 220 aged
critical illness policy during the mid 45-49, 100 aged 50-54, 55 aged 55-59 and
1990's. Critical illness cover may not finally 12 aged 60-64.
have been offered only by life insurers If the results are analysed carefully it
but by health insurers also. Health could be noted that critical illness
insurers offered critical illness cover claims among women may be much higher in
with the aim to provide additional contrast to that of men. For example, 73
benefits on top of their original more critical illness claims for women
policies. Moreover, around 40 percent of could be noted if the age group 35-39 is
work carried out in connection with compared for both men and women.
critical illness insurance from 1994-1995 Furthermore, The Life Insurance
may have stemmed out from policies in Association of the Republic of China
force for a year. As a result, critical conducted the "Dread Disease Experience
illness cover started to become Study 1996". This research aimed most at
successful. In the year 1996, more than studying the Taiwanese experience of
one million critical illness policies critical illness cover. Results may have
could already be counted in East Asia. been positive. Around 2.4 million
Critical illness claims rates may have critical illness policies may have been
also been recorded for both men and sold in a year with more than 2,108
women. Let's have a glance. critical illness claims successfully
Around 42 critical illness claims were paid. The total sum insured may have been
made by men aged 20-24 followed by 82 around TWD 1.24 billion.




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