About Personal Accident and Health Insurance
The Canadian personal accident and health insurance market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The Canadian personal accident and health insurance market was estimated to be around USD XXX Million in 2019 which is expected to witness a CAGR of 4.5% during the forecast period. Moreover, the rising elder age population across Canada with health issues is spreading awareness regarding health insurance across the region, and an increasing number of road accidental cases across the Canadian region is expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the 2nd half of FY 2021.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
CAGR | 4.5% |
The vendors in this market are majorly focusing on providing innovative solutions & better services for customers in order to cater to the market's demands to remain competitive in the market based on the current scenario. The recent industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the vendors have been witnessing a decrease in the adoption of personal & accidental insurance covers across Canada. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Europe Personal Accident and Health Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AIG(United States), Allianz (Germany), Assicurazioni Generali (Italy), Aviva plc (United Kingdom), AXA (France), Berkshire Hathaway (United States), China Pacific Insurance (China), Chubb Limited (United States), Geico (United States), Liberty Mutual (United States), PICC (China), Ping An Insurance (China), Prudential PLC (United Kingdom) and Zurich (Switzerland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Europe Personal Accident and Health Insurance market by Type (Personal Accidental Insurance and Personal Health Insurance) and Region.
On the basis of geography, the market of Personal Accident and Health Insurance has been segmented into Europe (Germany, France, Italy, United Kingdom, Netherlands, Slovakia, Poland, Romania, Hungary, Czech Republic, Rest of Europe). If we see Market by Demographics, the sub-segment i.e. Minor will boost the Personal Accident and Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Agents will boost the Personal Accident and Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Lifetime Coverage will boost the Personal Accident and Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Awareness Regarding the Investments in Health Insurance Sector Owing to Tax Savings
Market Growth Drivers:
Increasing Number of Accidental Cases Propelling the Demand for Personal Accident Insurance and Presence of a Large Number of Old Age Population Generating Health Concerns & Propelling the Demand for Health Insurance in the Region
Challenges:
COVID-19 has Created Challenges for the Market Vendors in FY 2020
Restraints:
Longer Time for Insurance Claims
Opportunities:
Rising Disposable Income of Canadian Population Propelling the Investments in Insurance Sector Across Canada and Health Concerns After the COVID-19 Pandemic is Expected to generate Future Opportunities During the Forecast Period
Stringent Government Regulations by Superintendents of Insurance in Canada
Analyst View
In the FY 2020, the consumers facing employment issues along with potential loss in income, and general market volatility which is hampering the new purchase of life insurance policies across the world. However, once the pandemic across the world becomes neutral and the consumer behavior begins to normalize, the effect of pandemic may bring new opportunities for market vendors by highlighting new products related to consumer’s lives. Moreover, reduced sales along with unpredictable consumer behavior across the insurance sector can challenge the ability to predict investment opportunities.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.