Accident and Health Insurance Market Scope
Accident and health insurance protects policyholders from the financial impact and consequences of unexpected medical bills by providing benefits to the insured for the treatment of illness, injury, or disability. The insurance coverage benefits for sickness, accidental injury, or accidental death. Health problems are increasing owing to the decline in environmental conditions, thereby causing even healthy persons prone to diseases. Additionally, rising road accidents globally because of the bad state of the road. These factors drive the global accident and health insurance market growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | 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) and Liberty Mutual (United States) |
CAGR | % |
Global Accident and Health Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. 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.
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) and Liberty Mutual (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are PICC (China), Ping An Insurance (China), Prudential PLC (United Kingdom) and Zurich (Switzerland).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Accident and Health Insurance market by Type , by Application (Individual and Group) and Region with country level break-up.
On the basis of geography, the market of Accident and Health Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In 2020, Bharti AXA General Insurance Co. Ltd and ICICI Lombard General Insurance Co. Ltd announced a merger after approval from Indian insurance regulator IRDAI which will make the joint entity India’s 3rd largest Insurance Firm.
On 17th December 2021, Bajaj Allianz General Insurance has launched Health Prime Rider. With the new launch company’s aim is to provide a total wellness ecosystem and encourage a preventive rather than curative approach as well as provide holistic healthcare solutions.
As per the California Department of Insurance (CDI), “Investigates fraud and takes enforcement action when necessary, licenses brokers and agents who sell insurance in California, etc.”
Influencing Trend:
Growing Awareness of Getting a Health Plan
Market Growth Drivers:
Increment in the Number of Road Accidents due to the Bad State of Roads and The Negligence of Drivers
Challenges:
Lack of Coverage Offerings
Restraints:
High Premium Costs Increases with Age
Opportunities:
Increasing Implementation of Accident and Health Insurance and A Reckless work Environment and a Busy Schedule will create Opportunities for the Market Growth
Key Target Audience
Accident and Health Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others