Global Accidental Death Insurance Market Research Forecast 2024 - 2033
12 Jun, 2024
The accidental death insurance market is on a steady growth trajectory, set to increase from $70.09 billion in 2023 to $72.45 billion in 2024, with a compound annual growth rate (CAGR) of 3.4%. This growth is fueled by factors such as heightened awareness and education, the evolution of the insurance market, occupational hazards, and shifting lifestyles. Looking ahead, the market is poised to continue its upward trend, reaching $83.46 billion in 2028 at a CAGR of 3.6%. This projection is driven by an increased emphasis on risk management, the proliferation of digital platforms, incentives for health and wellness, and trends like digital distribution and bundled insurance products.
Major Driver In The Accidental Death Insurance Market
The rising awareness of environmental issues is anticipated to fuel the growth of the accidental death insurance market in the coming years. Environmental concerns encompass a wide range of challenges, including pollution, climate change, deforestation, habitat destruction, and biodiversity loss, all of which impact ecosystems and the natural world. The increasing frequency of natural disasters such as floods, hurricanes, and wildfires is expected to drive up the demand for accidental death insurance policies. For instance, data from the UN Office for the Coordination of Humanitarian Affairs (OCHA) reveals that in 2022, there were 387 catastrophic events, slightly exceeding the average from 2002 to 202These disasters resulted in significant loss of life, affecting millions of individuals globally and causing substantial economic losses, highlighting the need for coverage provided by accidental death insurance policies.
Request A Free Sample Of The Global Accidental Death Insurance Market ReportAccidental Death Insurance Market Competitive Landscape
Allianz SE, Assicurazioni Generali SpA, China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., AXA SA, Sumitomo Life Insurance Company, Aegon Life Insurance Company Limited, Dai-ichi Life Insurance Company Limited, Clinical Pharmacogenetics Implementation, Aviva plc, Munich Re Group, Zurich Insurance Group Ltd., Reliance Nippon Life Insurance Company, Gerber Life Insurance Company, American International Group Inc., Prudential Financial Inc., Mutual of Omaha Insurance Company, Aflac Inc., Transamerica Corporation, Fidelity Life Association, Hartford Financial Services Group Inc., Sun Life Financial Inc., Taiwan Life Insurance Co. Ltd., Massachusetts Mutual Life Insurance Company, Farglory Life Insurance Col Ltd., TruStage Financial Group Inc., Securian Financial Group Inc., American National Insurance Company, American Family Insurance, Amica Mutual Insurance Company, Erie Insurance Group
Key Accidental Death Insurance Market Trend
Leading companies in the accidental death insurance sector are innovating by simplifying underwriting processes to stay competitive. This streamlined approach can facilitate easier access to accidental death insurance. For instance, in March 2023, The Hartford, a U.S.-based insurance firm, rebranded its accidental death and dismemberment product to "accidental loss of life and severe injury benefits." The company is also modernizing its existing benefits, adding new options, and making them more customizable for employers. Additionally, The Hartford is simplifying its benefits education materials. According to The Hartford’s 2023 Future of Benefits Study, there is a significant need for better benefits education and resources, as 38% of U.S. workers find the names and descriptions of their employee benefits confusing, and 61% of employers agree. Furthermore, 35% of U.S. workers do not understand their supplemental benefits, with 49% of employers concurring. 42% of U.S. workers believe their companies need better resources to help them understand their benefits, with 58% of employers agreeing.
Get The Full Global Accidental Death Insurance Market ReportAccidental Death Insurance Market Segmentation
The accidental death insurance market covered in this report is segmented –
1) By Application: Personal, Enterprise
2) By Product: Personal Injury Claims, Road Traffic Accidents, Work Accidents, Other Products
3) By Distribution Channel: Direct Marketing, Bancassurance, Agencies, E-commerce, Brokers
By Geography: The countries covered in the accidental death insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
North America was the largest region in the accidental death insurance market in 2023.
The Accidental Death Insurance Global Market Report 2024 furnishes information about the global accidental death insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.