Top 10 Critical Illness Insurance Companies | Most Valuable Finance Providers

Trishita Deb
Trishita Deb

Updated · Dec 12, 2023

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Critical illness insurance offers a lump-sum payout upon the diagnosis of severe medical conditions, including but not limited to cancer and heart attacks. The funds are utilized for various purposes, such as settling medical bills, covering mortgage payments, or daily expenses.

Hospitalization is not a requirement for payout eligibility. Premiums are determined based on factors like age and health. This insurance provides reassurance during challenging times and complements regular health coverage by addressing expenses that may not be fully covered otherwise.

Market Drivers

Critical illness insurance is seeing increased demand for various reasons. People are becoming more conscious of their health and the potential financial challenges linked to severe illnesses like cancer and heart attacks. With healthcare expenses continually rising, individuals are seeking ways to protect themselves financially.

Advances in medical technology have improved the odds of survival, but treatment costs remain a concern. The aging population is at higher risk, further fueling the need for this type of coverage. Employee benefits packages that include critical illness insurance and customizable policies have made it more accessible. Government support and a competitive market have also played a role in its growing popularity.

Market Size

In 2022, the global critical illness insurance market was valued at USD 192.3 billion, with an expected growth of USD 541.4 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.2%.

List of Companies

Allianz

Company Overview

Establishment Year1890
HeadquarterMunich, Germany
Key ManagementOliver Bäte (CEO)
Revenue (US$ Bn)$191.46 billion (2022)
Headcount~ 159,253 (2022)
Websitehttps://www.allianz.com/en.html

About Allianz

Allianz SE is a prominent financial services firm with a long-standing history dating back to the 1800s. It ranks among the world’s largest companies in insurance and asset management providing a diverse array of insurance products, covering life, property, and casualty, as well as health insurance, serving both individuals and enterprises.

The critical illness insurance company’s proficiency in risk management and investment solutions has earned it the trust of customers globally. Allianz’s strong commitment to sustainability and ethical business practices reflects its dedication to the welfare of clients and the global society. With a robust international presence and a focus on pioneering solutions, Allianz maintains its leadership in the financial services sector.

Geographical Presence

Allianz SE operates globally, with a presence in more than 70 countries. While its main office is in Munich, Germany, the company has established a strong foothold in various markets, both developed and emerging. It serves clients across regions like Europe, North America, Asia, and the Middle East, making it one of the largest and most respected financial services firms worldwide.

Recent Developments

  • In September 2023, SanlamAllianz, a newly launched collaboration between Sanlam Group and Allianz Group, is poised to offer insurance and financial services across 27 African markets.
  • In November 2022, Allianz SE decided to implement a fresh share buy-back program, with a maximum value of 1 billion euros.

Aflac

Company Overview

Establishment Year1955
HeadquarterColumbus, Georgia, U.S.
Key ManagementDan Amos (Chairman, CEO)
Revenue (US$ Bn)US$19.5 billion (2022)
Headcount~ 12,882 (2022)
Websitehttps://www.aflac.com/

About Aflac

Aflac Incorporated, headquartered in Columbus, Georgia, is a renowned American insurance company founded in 1955. Specializing in supplemental insurance, particularly in the domains of health and life insurance, Aflac is known for its distinctive marketing approach featuring the iconic Aflac Duck.

Aflac’s core business centers around providing supplementary insurance products that assist policyholders with out-of-pocket expenses associated with accidents, illnesses, hospital stays, and disabilities. Notably, the company offers cancer and critical illness coverage, accident insurance, disability insurance, and life insurance policies, contributing to its reputation as a leader in the supplemental insurance industry.

Aflac’s commitment to corporate social responsibility and its focus on charitable initiatives, particularly in the field of children’s hospitals and cancer research, further underline its standing as a responsible and prominent insurance company.

Geographical Presence

Aflac Incorporated maintains a notable geographical presence primarily in the United States and Japan. In the United States, it operates extensively across all 50 states and the District of Columbia, catering to a diverse clientele through its network of agents and brokers.

In Japan, Aflac offers a range of insurance products through its subsidiary, Aflac Life Insurance Japan Ltd., and is notably recognized for its cancer and supplemental health insurance offerings. While these two countries constitute the core of Aflac’s business, the company also maintains limited operations in a few other nations.

Recent Developments

  • In March 2023, Aflac announced “Aflac Choice,” which includes income protection for mental health treatment and lower requirements for hospital confinement hours to qualify for benefits, offering customers better coverage for doctor visits, hospital stays, and mental health care not covered by regular health insurance.
  • In May 2022, Aflac unveiled a revamped version of its Aflac Group Critical Illness Insurance, aiming to help employers better cater to the evolving needs of their valued employees in a post-pandemic world.

Aegon

Company Overview

Establishment Year1844
HeadquarterThe Hague, Netherlands
Key ManagementLard Friese (CEO)
Revenue (US$ Bn)$32,212 billion (2020)
Headcount~ 22,400 (2021)
Websitehttps://www.aegon.com/

About Aegon N.V

Aegon N.V. is an international company specializing in offering life insurance, retirement plans, and asset management services to assist people and businesses in securing their financial futures.

By prioritizing innovation and customer-focused solutions, Aegon has earned a reputation as a trusted player in the financial services industry, serving millions of clients worldwide.

Geographical Presence

Aegon N.V. has operations extending to various countries around the world. In Europe, Aegon has established a significant foothold in countries such as the Netherlands, the United Kingdom, Hungary, Poland, and Spain.

In the United States, the company operates through its subsidiary Transamerica, delivering a range of life insurance, retirement, and investment products. In Asia, the company focuses on countries like China and Japan, where it offers insurance and financial services. Furthermore, Aegon has a limited presence in additional regions and countries, often through collaborative partnerships or joint ventures.

Recent Developments

  • In September 2023, Aegon received shareholder approval for its re-domiciliation to Bermuda at an Extraordinary General Meeting (EGM), marking a crucial step in the process of changing its legal domicile.
  • In May 2023, Aegon became the first company that would cover surrogate mothers as well as egg donors.

Prudential

Company Overview

Establishment Year1848
HeadquarterLondon, England, UK
Key ManagementAnil Wadhwani (Chief Executive Officer)
Revenue (US$ Bn)$21.401 billion (2022)
Headcount~ 23,000 (2023)
Websitehttps://www.prudentialplc.com/

About Prudential

Prudential plc, is a prominent financial services company with over 170 years of history. It offers a wide range of financial products, including insurance, retirement planning, and investment management, serving a global clientele., Prudential focuses on high-growth markets while emphasizing sustainability and responsible business practices.

Geographical Presence

Prudential plc focuses on Asia and the United States markets. It operates in numerous countries, including Hong Kong, Singapore, Indonesia, Malaysia, Thailand, China, and the United States.

Recent Developments

  • In March 2023, the Prudence Foundation launched Cha-Ching Money Adventures to foster greater financial literacy
  • In July 2022, The Prudence Foundation introduced a “Stress Busters” video to enhance the mental health of juveniles in Asia.

AIG

Company Overview

Establishment Year1919
HeadquarterNew York City, New York, U.S.
Key ManagementPeter Zaffino (Chairman and CEO)
Revenue (US$ Bn)US$56.44 billion (2022)
Headcount~ 26,200 (2022)
Websitehttps://www.aig.com/worldwide

About American International Group

American International Group, commonly referred to as AIG, offers a wide spectrum of insurance products and financial services to a diverse clientele. Its extensive portfolio includes property and casualty insurance, life insurance, retirement planning solutions, and asset management services.

With a history spanning nearly a century, AIG is dedicated to risk management and providing financial security to individuals, businesses, and institutions worldwide.

Geographical Presence

AIG has operations spanning over 80 countries worldwide. While headquartered in New York City, USA, AIG’s reach extends across North America, Europe, Asia, Latin America, and other regions.

Recent Developments

  • In April 2023, American International Group successfully concluded its collaboration with Stone Point Capital LLC (Stone Point), a leading private equity firm in the global financial services sector, to create Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) focused on serving High Net Worth and Ultra High Net Worth markets.

American-Fidelity

Company Overview

Establishment Year1960
HeadquarterOklahoma City, Oklahoma, USA
Key ManagementBill Cameron (Chairman and CEO)
Revenue (US$ Bn)US$31.23 billion (2023)
Headcount~ 2000 (2023)
Websitehttps://americanfidelity.com/

About American Fidelity Assurance Company

American Fidelity Assurance Company a notable insurance and financial services provider with a primary focus is on offering supplementary health and life insurance products to individuals, employers, and educational institutions.

American Fidelity specializes in various coverage, including disability, cancer, and accident insurance, aiming to help clients safeguard their financial stability.

Geographical Presence

American Fidelity Assurance Company primarily operates within the United States. Its geographical presence is predominantly focused on serving clients and policyholders across the country.

While American Fidelity’s core market is within the United States, it may have limited international operations or partnerships, but its primary business activities and customer base are centered in the United States.

Anthem

Company Overview

Establishment Year2004
HeadquarterIndianapolis, Indiana, U.S.
Key ManagementGail Koziara Boudreaux (President & CEO)
Revenue (US$ Bn)US$156.6 billion (2022)
Headcount~ 102,300 (2022)
Websitehttps://www.elevancehealth.com/

About Anthem

Anthem Inc. offers a wide range of health insurance products and healthcare services. Anthem serves individuals, employers, and government programs.

The company’s core business revolves around health insurance coverage, managing healthcare benefits, and facilitating access to medical care for millions of Americans.

Geographical Presence

Anthem Inc. is a prominent healthcare company primarily based in the United States. They offer health insurance and related healthcare services across numerous states like California, New York, Virginia, Georgia, Indiana, Ohio, and many others.

Anthem operates under different brand names in various regions and provides a range of health insurance plans, including options for individuals, families, employers, and government programs such as Medicaid and Medicare.

Recent Developments

  • In November 2023, In collaboration with the American Academy of Developmental Medicine and Dentistry (AADMD), Elevance Health has initiated a vital program to significantly enhance physician training in caring for those with Intellectual and Developmental Disabilities (IDD).
  • In November 2022, Elevance Health revealed that 21 of its associated Medicaid plans have achieved a remarkable milestone by becoming the first in the United States to receive a comprehensive three-year accreditation for health equity from the esteemed National Committee for Quality Assurance (NCQA).

Aviva

Company Overview

Establishment Year1696
HeadquarterLondon, England, UK
Key ManagementAmanda Blanc (CEO)
Revenue (US$ Bn)$26.67 billion (2022)
Headcount~ 22,000 (2022)
Websitehttps://www.aviva.com/  

About Aviva

Aviva’s core operations span Life Insurance, General Insurance, and Asset Management, serving millions of customers across the UK, Europe, Canada, and Asia. Financial stability is a hallmark of the company, vital in the insurance industry, and it consistently reports its financial performance.

Aviva’s embrace of technology and innovation has made insurance more accessible, and it actively pursues corporate responsibility, sustainability, and responsible investing. In a competitive landscape, Aviva distinguishes itself through a strong brand, diverse product offerings, and a customer-centric approach.

Geographical Presence

Aviva plc boasts a significant global footprint, with a strong focus on key regions. It originates in the United Kingdom and extends its reach in Europe, like France, Ireland, Italy, Spain, and Poland.

It has a significant presence in Canada, while in Asia, Aviva serves markets like China, Singapore, Hong Kong, and Vietnam with a range of insurance and financial products. While the company operates in other international markets, these regions form the core of its global presence.

United-Healthcare

Company Overview

Establishment Year1977
HeadquarterMinnetonka, Minnesota, United States
Key ManagementAndrew Witty (CEO)
Revenue (US$ Bn)US$324.2 billion (2022)
Headcount~ 440,000 (2023)
Websitehttps://www.uhc.com/

About UnitedHealthcare

UnitedHealthcare, a subsidiary of UnitedHealth Group, is one of the largest and leading health insurance providers in the United States. UnitedHealthcare offers a wide range of health insurance and wellness services to individuals, employers, and government programs.

The company provides coverage for medical, dental, vision, and prescription drugs, with a focus on promoting access to quality healthcare, enhancing patient outcomes, and controlling healthcare costs.

Geographical Presence

UnitedHealthcare is spread across the United States. It provides health insurance coverage and services to individuals, families, and businesses in all 50 states and the District of Columbia.

The company’s broad geographic footprint ensures that it can offer healthcare coverage and access to healthcare services to a diverse range of communities and populations throughout the country.

Recent Developments

  • In January 2023, UnitedHealthcare expanded its behavioral health services by introducing virtual behavioral coaching, offering convenient remote mental health support to its members.
  • In August 2022, UnitedHealthcare’s Surest introduced a novel health benefits approach, eliminating deductibles and offering transparent upfront pricing details to individuals before receiving treatment.

Desjardins-Group

Company Overview

Establishment Year1900
HeadquarterLévis, Quebec, Canada
Key ManagementGuy Cormier (President & chief executive office)
Revenue (US$ Bn)$14.95 billion (2021)
Headcount~ 53,783  (2021)
Websitehttps://www.desjardins.com/qc/en.html

About Desjardins Group

Desjardins Group is Canada’s largest cooperative financial institution. It operates as a federation of credit unions and financial entities, offering a wide array of financial services, including retail banking, wealth management, insurance, and investments.

Apart from traditional banking and insurance, the group includes subsidiaries like Desjardins Bank in Florida and Desjardins Capital, focused on venture capital and financing for businesses. Desjardins places a strong emphasis on corporate social responsibility, supporting community development, financial education, and sustainability initiatives, all contributing to its significance in Canada’s financial landscape.

Geographical Presence

Desjardins Group primarily operates within Canada, where it has an extensive geographical presence. Desjardins also has some international operations and subsidiaries, particularly in the United States, where it operates Desjardins Bank.

Recent Developments

  • In November 2023, Desjardins Insurance introduced Family Focus, an expansion of its services, offering comprehensive group insurance coverage for individuals facing challenges in starting or expanding their families.
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Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.