Global Accidental Death Insurance Market Report 2023: Major Players Include Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA and Sumitomo Life Insurance

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Apr 05, 2023, 19:45 ET

DUBLIN, April 5, 2023 /PRNewswire/ -- The "Accidental Death Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global accidental death insurance market 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 accidental death insurance market is expected to grow to $77.03 billion in 2026 at a CAGR of 3.4%.

Major players in the accidental death insurance market are Allianz, Assicurazioni Generali, China Life Insurance, MetLife, PingAn, AXA, Sumitomo Life Insurance, Aegon, Dai-ichi Mutual Life Insurance, and CPIC.

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The accidental death insurance market consists of sales of accidental death insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. The insurance industry is categorized on the basis of the business model of the firms present in the industry.

Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal.

The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

An accidental death insurance policy protects you and your family in the event of serious injuries or death in an accident. The financial institutions pay a lump sum amount to the beneficiary in case of an 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.

North America was the largest region in the accidental death insurance market in 2022. Asia Pacific was the second largest market in 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, and Africa.

The main products of accidental death insurance are personal injury claims, road traffic accidents, work accidents, and other products. Work accident insurance is a type of insurance that pays benefits to employees or their families who are injured or killed on the job. Accidental death insurance is used for personal and enterprise applications. The products are distributed through direct marketing, bancassurance, agencies, e-commerce, and brokers.

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 this 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 people 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.

The accidental death insurance market is being restrained by a low awareness of life insurance, including accidental death insurance. This results in a lower number of people opting for accidental death insurance, especially in underdeveloped and developed countries.

For instance, according to a report by the Insurance Regulatory and Development Authority, the life insurance penetration in India was just 3.69%. Even though awareness levels have been increasing recently, they are still very low in some regions, such as the African subcontinent and parts of Asia, thus restraining the market.

The companies in the accidental death insurance market are witnessing a transformation due to the integration of blockchain technology in life insurance products and processes. Blockchain technology is a system that keeps track of transactions done via cryptocurrencies and maintains them across several computers that are linked to each other.

This facilitates a transparent process for both the insurance companies and customers, thus enabling the removal of fraudulent claims and activities. In addition to that, claims can be processed quickly, and the process becomes more flexible. For instance, November 2020, Tata Consultancy Services joined hands with B3i to launch blackchain solutions for the insurance industry.

The accidental death insurance market is regulated by authorities such as The European Insurance and Occupational Pensions Authority (EIOPA) and the US National Association of Insurance Commissioners (NAIC). Life insurance companies in the European Union (EU) are required to follow the General Data Protection Regulation (GDPR), which creates guidelines on collecting and processing the personal data of individuals within the EU.

The goal of the GDPR is to protect all citizens of the EU from data breaches, and life insurance companies are fined up to 4% of their annual turnover for a data violation.

In the case of a data breach, customers are required to be notified within 72 hours after the company becomes aware of the breach. The Insurance Regulatory and Development Authority of India (IRDAI) made modifications to its commission structure to introduce more consistent commissions to be paid on life insurance products.

The countries covered in the accidental death insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Topics Covered:

1. Executive Summary

2. Accidental Death Insurance Market Characteristics

3. Accidental Death Insurance Market - Macro Economic Scenario
3.1 COVID-19 Impact On Accidental Death Insurance Market
3.2 Ukraine-Russia War Impact On Accidental Death Insurance Market
3.3 Impact Of High Inflation On Accidental Death Insurance Market

4. Accidental Death Insurance Market Size And Growth
4.1. Global Accidental Death Insurance Historic Market, 2017 - 2022, $ Billion
4.1.1. Drivers Of The Market
4.1.2. Restraints On The Market
4.2. Global Accidental Death Insurance Forecast Market, 2022 - 2027F, 2027F, 2032F, $ Billion
4.2.1. Drivers Of The Market
4.2.2. Restraints On the Market

5. Accidental Death Insurance Market Segmentation
5.1. Global Accidental Death Insurance Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

Personal
Enterprise

5.2. Global Accidental Death Insurance Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

Personal Injury Claims
Road Traffic Accidents
Work Accidents
Other Products

5.3. Global Accidental Death Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

Direct Marketing
Bancassurance
Agencies
E-commerce
Brokers

6. Accidental Death Insurance Market Regional And Country Analysis
6.1. Global Accidental Death Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
6.2. Global Accidental Death Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/2epc0l

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