Definitions of pooling effects in insurance companies may convey the impression that the achieved risk reduction effect will be beneficial for policyholders, since typically a) lower premiums are paid for the same safety level with an increasing number of insureds, or b) a higher safety level is...

Since the first introduction of critical illness insurance in 1983 in South Africa, the product has successfully spread to other insurance markets, especially in Asian and Anglophone countries, but market penetration remains low in other countries. For this reason and because of the increasing...