Unlike policies such as income protec颅tion or private medical insu颅rance, which are designed to protect policy颅holders against lost income or medical costs incurred, critical illness does not indem颅nify the policy颅holder. Instead it provides a lump sum (or sometimes regular pay颅ments) should they suffer a defined medical condi颅tion, reach a defined degree of impair颅ment, or under颅go a parti颅cular sur颅gical procedure.
Its complex hybrid nature suits critical illness to a wide variety of product design approa颅ches. Our clients benefit from our long颅standing and wide-ranging experi颅ence with diffe颅rent types of critical ill颅ness products around the world, posi颅tioning Hannover Re uni颅quely well to provide expert gui颅dance and to bring fresh ideas and insights to the table.
We have an esta颅blished track record as inno颅vators in the critical illness market. For example, we part颅nered with a leading UK life insurer to design the first severity-based critical illness product in that market, and remain active members of their team to this day.