Global Traffic Accident Insurance Market Overview:
Traffic accident insurance is a type of insurance where a company paid directly in the event of an accident resulting in the injury of the insured. Personal accident insurance protects from medical bills and loss of money that arise from the accident. Traffic accident insurance includes health insurance, disability insurance, and accidental death & dismemberment insurance.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rising Number of Accidents across the Globe and Growing Number On-Road Vehicles and Increased Traffic across the Globe
Market Growth Drivers:
Rising Road Accidents across the Globe and Increasing Additional Services by the Insurance Companies
Challenges:
Stringent Regulations on the Traffic Accident Insurance Providers or Agents
Restraints:
High Required cost Associated with the Traffic Accident Insurance Plans and Rising Frauds in the Insurance Plans
Opportunities:
Growing Demand for Traffic Accident Insurance can create Opportunities for the Market Demand
Competitive Landscape:
Global Traffic Accident Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Assicurazioni Generali S.p.A. (Italy), Berkshire Hathaway (BRK.A) (United States), MetLife, Inc. (United States), Sumitomo Life Insurance Company (Japan), Ping An Insurance (China), Pacific Prime Singapore (Singapore), AXA SA (AXAHY) (France), American International Group, Inc., (United States), Manhattan Life (United States) and Great American Insurance Company. (United States). Additionally, following companies can also be profiled that are part of our coverage like Zurich Insurance Group Ltd (Switzerland), Munich Re Group (Germany), AIA Singapore Pte Ltd (Singapore) and Aviva plc. (United Kingdom). Considering Market by Distribution Channel, the sub-segment i.e. Agents will boost the Traffic Accident Insurance market. Considering Market by Service, the sub-segment i.e. Ambulance will boost the Traffic Accident Insurance market. Considering Market by Coverage, the sub-segment i.e. Accidental Death will boost the Traffic Accident Insurance market.
Latest Market Insights:
On 9th February 2021, Pacific Prime has acquired the CXA Group. The acquisition gives the technology to offer full-flex and simplified flex solutions to all clients of Pacific Prime. With the acquisition, Pacific Prime serves, employee benefits and compensation technology and it helps to increase the global presence of Pacific Prime.
What Can be Explored with the Traffic Accident Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Traffic Accident Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Traffic Accident Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Traffic Accident Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Traffic Accident Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Traffic Accident Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.