What is Group Personal Accident Insurance Market?
Group Personal accident insurance is issued to the group of people by institution or organization. It offers coverages for expenses associated with the accidents. In case of a death of insured person, the 100% insurance is paid to the nominee. The purpose behind the insurance is to provide the financial protection against high expenses incurred due to disablement or death from accident. Moreover, it comes handy with the employers who are looking for the ways to safeguard their employees. It can be offered to employees or board of the company.
The market study is being classified, by Application (Personal Use and Enterprise Use) and major geographies with country level break-up.
Allianz (Germany), Assicurazioni Generali (Italy), AXA (France), Sumitomo Life Insurance (Japan), Aviva (United Kingdom), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Reliance Nippon Life Insurance (India), Gerber Life Insurance (United States) and AIG (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are China Life Insurance (China), MetLife (United States), PingAn (China), Aegon (Netherlands) and Dai-ichi Mutual Life Insurance (Japan).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Group Personal Accident Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Group Personal Accident Insurance market by Type, Application and Region.
On the basis of geography, the market of Group Personal Accident Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Number of Road Accidents
- Increasing Emphasis on Life and Health Insurance by Organizations
Market Trend
- Growing Demand of Group Personal Accident Insurance from Enterprise Use
Restraints
- Stringent Government Regulations
Opportunities
- Increasing Awareness About the Group Personal Accident Insurance
- Potential Markets in Untapped Regions
Challenges
- Stiff Competition Among the Major Players
Market Leaders and some development strategies
In March 2021, Allianz agrees to acquire Aviva Poland and consolidates its leading position in Central Eastern Europe.
Key Target Audience
Insurance company, Brokers, Government associations, Research organizations and Others