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Critical illness is the fastest growing healthcare product line around the world as shown by the rapid growth in new policies taken out in several main markets such as in UK, US and Asia. Based on these sales figure and as sales continue to grow, it has real potential to corner the protection market. Its appeal has derived from a combination of simplicity, the ‘windfall’ nature of benefit and its perception as a necessary protection product. Critical illness product is currently profitable, but there are concerns regarding the robustness of definitions against legal challenges as consumers become more aware of their rights and concerns about the impact of ">medical advances given that the claims trigger is based on diagnosis.

This dissertation is divided into two main parts:
Part I is intended to provide comprehensive product information on critical illness insurance, covering a brief history and background of the product and key success factors of the product.
Part II, the main part of this dissertation, deals with recent developments in selected markets around the world, in particular the South African market and the United Kingdom market. Each section covers a brief history of the product in the chosen market, the development of the business over recent years and the various product developments in the chosen market.

The appendices include a collection of valuable product information such as recommended ABI definitions for core critical illnesses and additional conditions, sample definitions for other conditions often covered, definitions for total and permanent disability and ABI definition for activities of daily living.

The final appendix presents a real fraud case from South Africa, pointing out that prudent product development and efficient product management are of prime importance for companies involved in the critical illness market.

Contents
Abstract
Chapter 1 : The Concept of Critical Illness Insurance

1.1 The origins of critical illness insurance
1.2 Definition of critical illness insurance
1.3 Key success factors of critical illness insurance
1.4 Reasons for company thinking of offering critical illness cover

Chapter 2 : Critical Illness in South Africa

2.1 Background of critical illness insurance market in South Africa
2.2 Progress and development of sales
2.3 Sales channels used to sell critical illness insurance in South Africa
2.4 Experience of South Africa critical illness insurance market
2.5 Trends and development of critical illness insurance in South Africa
2.6 Future developments of critical illness insurance in South Africa

Chapter 3 : Critical Illness in United Kingdom

3.1 Background of UK critical illness insurance market
3.2 Progress and development of sales
3.3 Sales channels used to sell critical illness insurance in UK
3.4 Trends for critical illness insurance in UK
3.5 The experience of UK critical illness insurance market
3.6 Development of product features
3.6.1 The list of critical illness
3.6.2 ABI Statement of Best Practice for critical illness cover

3.7 Recent developments of UK critical illness insurance market

3.7.1 “Buy-Back”
3.7.2 Packaging of critical illness cover
3.7.3 Premium rates and guarantees

Chapter 4 : Critical Illness in USA

4.1 Background of critical illness insurance in USA
4.2 Problems
4.2.1 Regulation
4.2.2 Name
4.2.3 Cancer Insurance
4.2.4 Tax
4.2.6 Mortgage market

4.3 Development of US critical illness insurance

Chapter 5 : Critical Illness in Canada

5.1 Background of critical illness insurance in Canada
5.2 Progress and development of sales
5.3 The trend for critical illness insurance in Canada
5.4 Sales channels used to sell critical illness insurance in Canada
5.5 Buyers of critical illness in Canada
5.6 Developments of critical illness insurance in Canada

Chapter 6 : Critical Illness in East Asia

6.1 Backgrounds of East Asia critical illness insurance
6.2 Progress and development of sales
6.3 Experience of East Asia critical illness insurance
6.3.1 Causes of critical illness
6.3.2 Medical or non-medical
6.3.3 Main policies or riders

6.4 Development of East Asia critical illness insurance

Conclusion
Appendices
References

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Developments of Critical Illness Insurance in Selected Markets