What Has Been The Evolution of the Accidental Death Insurance Market in Recent Years?
The accidental death insurance market has seen considerable growth due to a variety of factors.
• In recent times, the size of the accidental death insurance market has seen consistent growth. It is projected to increase from $72.45 billion in 2024 to $74.74 billion in 2025, with a compound annual growth rate (CAGR) of 3.2%.
Factors contributing to this growth during the historic period include increased awareness and education, evolution of the insurance market, occupational risks, and shifts in lifestyle.
How Will the Accidental Death Insurance Market?
The accidental death insurance market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for accidental death insurance is predicted to experience stable growth. The market is anticipated to expand to $87.11 billion by 2029, with a compound annual growth rate (CAGR) of 3.9%.
Factors such as risk management, digital platforms, health and wellness incentives, as well as travel and adventure are believed to contribute to this growth during the forecast period. Key trends expected during this time include digital distribution, tailored insurance plans, bundled insurance goods, and additional coverage options like riders and add-ons.
Which Factors Are Boosting Growth In The Accidental Death Insurance Market?
The heightened understanding of environmental problems is anticipated to spur the expansion of the accidental death insurance market in the future. These problems, which include pollution, climate change, deforestation, and loss of habitats and biodiversity, affect the environment and ecosystems as a whole. The frequent occurrence of natural disasters such as floods, hurricanes, and wildfires is projected to boost the need for accidental death insurance policies. For example, in May 2024, the Ministry for the Environment in New Zealand reported that environmental issues remain the fourth most serious worry for New Zealanders, after the cost of living, crime, and housing. The recognition of these issues has notably increased from 20% in 2022 to 25%. Consequently, this escalating awareness of environmental problems is projected to fuel the growth of the accidental death insurance market.
What Key Areas Define The Segmentation Of The Global Accidental Death Insurance Market?
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
Subsegments:
1) By Personal: Individual Policies, Family Policies, Group Policies
2) By Enterprise: Employee Benefits, Corporate Policies, Business Continuity Plans
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How Are Emerging Trends Reshaping The Dynamics Of The Accidental Death Insurance Market?
Leading firms in the accidental death insurance market are launching unique products to establish a competitive advantage. For example, Asteya, an American tech company focused on income insurance, launched a fresh product called accidental death coverage in March 2022. Asteya's online insurance platform is tailored to the requirements of contemporary entrepreneurs, providing affordable, fast, and readily available insurance to guard their income. Asteya is committed to making income insurance accessible to all, with a primary goal of enhancing people's financial, physical, and mental health.
Who Are the Key Players In The Accidental Death Insurance Market?
Major companies operating in the accidental death insurance market include:
• 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
What Is The Most Dominant Region In The Accidental Death Insurance Market?
North America was the largest region in the accidental death insurance market in 2024. Asia-Pacific was the second-largest region in the accidental death insurance market. The regions covered in the accidental death insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
