The accidental death insurance market size is expected to grow from US$ 71.34 billion in 2023 to US$ 111.56 billion by 2031; it is anticipated to expand at a CAGR of 5.7% from 2023 to 2031.
As persons become more globally mobile, there is an increasing trend in the demand for accidental death insurance that provides coverage beyond nationwide borders. Frequent travelers, expatriates, and individuals engaged in worldwide business activities seek insurance solutions that bid seamless protection irrespective of their location. Insurers are acclimating to this trend by providing products with worldwide coverage or partnerships with global insurers to generate comprehensive solutions. The capability to deliver seamless coverage in numerous regions improves the application of accidental death insurance for individuals with varied geographical exposures.
Technological Integration and Data Analytics to Drive Market Growth
The scope of the accidental death insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is observing rapid growth and is expected to hold a noteworthy accidental death insurance market share in 2022. North America dominates the accidental death insurance market for numerous reasons, reflecting the region's financial, demographic, and governing characteristics. The US, in particular, plays a fundamental role in this supremacy. The region's mature and robust insurance business, coupled with a higher level of insurance awareness among individuals, contributes to a significant market share.
The US has a diverse and large population with a higher standard of living, driving the need for financial protection. The culture of financial planning and risk mitigation has led to extensive adoption of insurance products, including accidental death insurance, as individuals seek complete coverage for themselves and their families. Furthermore, the governing environment in North America, particularly in the US, delivers a conducive and stable framework for insurance processes. Stringent regulatory oversight ensures consumer protection and boosts trust in the insurance business, attracting both consumers and insurers to participate vigorously in the market. The dominance of North America in the accidental death insurance market is further powered by technological developments, a strong economy, and a practice of risk management, making it a booming hub for the accidental death insurance market.
The regional trends and factors influencing the Accidental Death Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Accidental Death Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 71.34 Billion |
| Market Size by 2031 | US$ 111.56 Billion |
| Global CAGR (2023 - 2031) | 5.7% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Distribution Channel
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Accidental Death Insurance Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Accidental Death Insurance Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Accidental Death Insurance Market Analysis" was carried out based on type, application, distribution channel, and geography. In terms of type, the market is segmented into personal injury claims, road traffic accidents, workplace accidents, and general-purpose reloadable cards. In terms of application, the market is segmented into enterprise and personal. By distribution channel, the market is distributed into direct marketing, bancassurance, agencies, e-commerce, and brokers. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the accidental death insurance market. A few recent key market developments are listed below:
(Source: MSIG Insurance, Company Website)
The market report "Accidental Death Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
Increasing investments in the accidental insurance market and high adoption in the personal segment are the major factors that propel the global accidental death insurance market.
The global accidental death insurance market was estimated to be US$ 71.34 billion in 2023 and is expected to grow at a CAGR of 5.7% during the forecast period 2023 - 2031.
Digital advancements in the accidental death insurance market to play a significant role in the global accidental death insurance market in the coming years.
The key players holding majority shares in the global accidental death insurance market are Aviva PLC, Allianz SE, MetLife Inc. , AXA SA, Aegon Life Insurance Company Limited
The global accidental death insurance market is expected to reach US$ 111.56 billion by 2031.