About Life Accident Insurance
Life accident insurance policy provides insurance benefits for personal as well as enterprise purposes and protects against any kind of accidental damage. There are two main categories of life accident insurance which include individual accident insurance and group accident insurance. The individual accident insurance policy covers the individual or personal damage accident cost such as accidental death, disability whether partial or permanent. The group accident insurance policy covers usually the employees obtained by the employers, this policy coverage is good for the small business where cost is very low.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.23% |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Life Accident 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.
Assicurazioni Generali S.p.A. (Italy), MetLife, Inc. (United States), Sumitomo Life Insurance Company (Japan), Great American Insurance Company. (United States), Aviva plc (United Kingdom), Munich Re Group (Germany), AIA Singapore Pte Ltd (Singapore), Zurich Insurance Group Ltd (Switzerland), Gerber (Western & Southern Financial Group) (United States), Pacific Prime Singapore (Singapore), American International Group, Inc., (United States) and ManhattanLife (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Life Accident Insurance market by Type (Individual Accident Insurance and Group Accident Insurance), Application (Personal and Enterprise) and Region.
On the basis of geography, the market of Life 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). If we see Market by Distributional Channel, the sub-segment i.e. Online Service will boost the Life Accident 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. Personal Injury Claims will boost the Life Accident Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Number of New Policies and Plans in the Life Accident Insurance
Market Growth Drivers:
Rising Number of Accidents and Injury Cases and Need for Reducing the Cost of Burden and Coverage for the Accidental Expenses
Challenges:
Stringent Regulatory Guidelines on the Life Accident Insurance
Restraints:
High-Cost Premium Associated with the Life Accident Insurance Plans
Opportunities:
Advancement in the Distribution Service of Life Accident Insurance and Surging Investment in the Various Types of Life Accident Insurance with the Growing Awareness through Advertisements
Market Leaders and their expansionary development strategies
On 23rd June 2020, ManhattanLife, announced the acquisition of Standard Life and Casualty Insurance Company, expanding the company’s growing national footprint and complementing their already robust product offerings. This acquisition significantly broadens our multi-channel product platform and allows us access into markets that we’ve been eager to enter
On 1st September 2020, the Great American Insurance Group announced the launch of pomiSM, a digital platform and website for accident and health (A&H) insurance. Pomi (an acronym for Peace of Mind Insurance) is the company’s first all-digital platform where brokers can quote and bind most blanket special risk policies in just a few minutes. The platform has been customized for brokers selling A&H insurance to industries such as daycares, nonprofits, after school activities, and camps. The innovative “click and bind” method provides fast service and will help improve the way brokers fulfill the needs of their insureds.
Key Target Audience
Life Accident Insurance Providers, Life Accident Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
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.