Global Accidental Death Insurance Market Report 2022 – Market Forecast, Trends And Strategies
21 Jun, 2022
The global accidental death insurance market size is expected to grow from $62.82 billion in 2021 to $67.34 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The global accidental death insurance market size is then expected to grow to $77.03 billion in 2026 at a CAGR of 3.4%.
What is the Global Accidental Death Insurance Market?
The accidental death insurance market consists of sales of accidental death insurance. The financial institutions pay a lump sum amount to the beneficiary in case of accidental death, in addition to the standard benefit payable if the insured died of natural causes. This type of insurance is often an addition or a clause connected to a life insurance policy.
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What drives the Global Accidental Death Insurance Market?
The accidental death insurance market is being driven by the rising number of accidental deaths. Due to the rising number of deaths by accidents, there is an increase in awareness in the general public about the benefits of having accidental death insurance, and is driving them to opt for accidental death insurance policies, to safeguard their family's income. According to the Centers for Disease Control and Prevention (CDC), Unintentional injuries or accidents were the fourth biggest cause of death in the United States in 2020, accounting for around 6% of all deaths. In 2020, a projected 200,955 persons died as a result of unintentional injuries, with the elderly having the greatest death rates. This high number of fatal accidents is driving the demand for accidental death insurance.
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Global Accidental Death Insurance Market Segments
The global accidental death insurance market is segmented:
By Application: Personal, Enterprise
By Product: Personal Injury Claims, Road Traffic Accidents, Work Accidents, Others
By Distribution Channel: Direct Marketing, Bancassurance, Agencies, E-Commerce, Brokers
By Geography: The regions covered in the accidental death insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Accidental Death Insurance Global Market Report 2022provides market size and growth forecasts for the global accidental death insurance market, global accidental death insurance market share, accidental death insurance market segments and geographies, accidental death insurance market competitive landscape including leading competitors’ revenues, profiles and market shares. The accidental death insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Accidental Death Insurance Industry Playersinclude Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, and CPIC. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.