About Personal Accident Insurance
Personal accident insurance is a policy that can reimburse your medical costs, provide compensation in case of disability or death caused by accidents. A Personal Accident Insurance Policy covers the loss of life, limb, or general disablement caused due to an accident while traveling. A Personal Accident Insurance cover is a must-have policy for people who frequently travel for work. it has various benefits such as Provides financial security to your family and loved ones., There no external tests and documents needed over and above the current condition, Extensive coverage at many affordable rates., Plans available in two categories, self and family and It offers worldwide coverage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Personal 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.
AIG(United States), Allianz (Germany), AXA (France), Aegon (India), Zurich (Switzerland), Allstate (United States), Liberty Mutual (United States), PICC (China), Ping An Insurance (China), China Pacific Insurance (China) and Geico (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Personal Accident Insurance market by Type (Personal Injury Claims, Road Traffic Accidents, Work Accidents and Others), Application (Personal Use and Enterprise Use) and Region.
On the basis of geography, the market of 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Coverage Type , the sub-segment i.e. Permanent Disability Cover will boost the Personal Accident Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Demographics , the sub-segment i.e. Minor will boost the Personal Accident 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 Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Upsurging demand from the enterprise use and Rising awareness regarding the Personal Accident Insurance
Market Growth Drivers:
Increasing Number of road accidents across the world and Growing demand for Group accident insurance
Restraints:
Strict regulation and longer time for claim reimbursement
Opportunities:
The potential market in the untapped regions and Rising awareness from emerging and developing countries
Market Leaders and their expansionary development strategies
On November 6, 2023, Star Health and Allied Insurance unveiled a strategic alliance with Finconvenio Services (Finequs), a technology-driven financial services distribution firm, aimed at strengthening its footprint throughout India. This partnership will streamline the availability of health insurance in more than 2,500 postal codes spanning 28 states and three Union territories in India, making a substantial contribution towards the realization of IRDAI’s 2047 vision
In October 9, 2023 ManipalCigna Health Insurance launched a new personal accident insurance plan named ManipalCigna Accident Shield, which provides comprehensive coverage for accidental death (AD), permanent total disablement (PTD), permanent partial disablement (PPD).
Key Target Audience
Government Regulatory Bodies, Private Research Organization, Government Research Organization 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.