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.
Accidental Death Insurance Market Analysis
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.
Accidental Death Insurance
Industry Overview
- The insurance industry is undergoing a wave of modernization through the increase of insurance technology businesses. In the accidental death insurance market, insurance companies are leveraging digital platforms to restructure the purchase procedure, improve customer experiences, and provide innovative products.
- Digital distribution channels, such as mobile apps and online platforms, deliver consumers with efficient and convenient ways to purchase, explore, and manage their accidental death insurance policies.
- Insurance companies are also integrating developing technologies, including smart contracts and blockchain, to enhance transparency, decrease fraud, and accelerate claims processing. The digitization of the insurance value chain subsidizes augmented accessibility and affordability, making accidental death insurance more appealing to a wider demographic.
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Accidental Death Insurance Market: Strategic Insights
Market Size Value in US$ 71.34 billion in 2023 Market Size Value by US$ 111.56 billion by 2031 Growth rate CAGR of 5.7% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Accidental Death Insurance Market: Strategic Insights
| Market Size Value in | US$ 71.34 billion in 2023 |
| Market Size Value by | US$ 111.56 billion by 2031 |
| Growth rate | CAGR of 5.7% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Accidental Death Insurance Market Driver
Technological Integration and Data Analytics to Drive Market Growth
- In the digital stage of development, technology plays an essential role in restructuring the insurance business landscape, and the accidental death insurance market is no exception. Insurers are progressively leveraging innovative technologies such as data analytics and artificial intelligence (AI) to modernize underwriting procedures, improve risk assessment, and enhance overall operational efficiency.
- Data analytics allows insurers to evaluate enormous amounts of information, enabling more precise risk profiling and tailored pricing. Predictive modeling aids recognize evolving trends and enhance underwriting standards, contributing to improved risk management. Furthermore, technology enables seamless customer communications, allowing policyholders to access data, file claims information, and manage their policies through comprehensible mobile apps and online platforms.
- The incorporation of technology not only enhances the customer experience but also empowers insurers to acclimate to fluctuating risk landscapes more efficiently. As technology continues to develop, further innovations in customer engagement and risk assessment within the accidental death insurance market are expected to boost during the forecast period.
Accidental Death Insurance
Market Report Segmentation Analysis
- Based on application, the accidental death insurance market is segmented into enterprise and personal. The personal segment held a significant accidental death insurance market share in 2023.
- In the accidental death insurance market, the dominance between personal and enterprise segments is influenced by the exclusive requirements and primacies of each category. At present, the personal segment tends to dominate the market owing to its comprehensive consumer base and the extensive recognition of the importance of individual monetary protection. Consumers, driven by augmented awareness and a longing for personal security, actively seek out accidental death insurance to protect their families against unexpected tragedies.
- However, the enterprise segment is gaining importance, particularly as businesses identify the importance of delivering financial protection for their workforces. Corporate insurance policies, which often comprise accidental death insurance as part of employee benefits packages, subsidize the growth of the enterprise segment. The emphasis on employee welfare, combined with governing requirements in some industries, further drives the acceptance of accidental death insurance in the enterprise segment.
Accidental Death Insurance
Market Regional Analysis
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.
Accidental Death Insurance
Market Report Scope
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.
Accidental Death Insurance
Market News and Recent Developments
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:
- In January 2024, MSIG Insurance introduced a new comprehensive personal accident plan, PA Recovery Plus, crafted to safeguard individuals at numerous life stages. In the event of permanent disability or accidental death, PA RecoveryPlus ensures financial security through payouts. The coverage extends to vital benefits, including daily hospital income and reimbursement for medical expenses, as well as alternative treatments.
(Source: MSIG Insurance, Company Website)
Accidental Death Insurance
Market Report Coverage & Deliverables
The market report "Accidental Death Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Distribution Channel, Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
- Allianz SE
- Assicurazioni Generali SpA
- China Life Insurance Company Limited
- MetLife Inc.
- Ping An Insurance Company of China Ltd.
- AXA SA
- Sumitomo Life Insurance Company
- Aegon Life Insurance Company Limited
- Dai-ichi Life Insurance Company Limited
- Aviva plc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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