Accidental Death Insurance Market Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

Overview and Scope

An accidental death insurance policy protects you and your family in the event of serious injuries or death in an accident. The financial institutions pay a lump sum amount to the beneficiary in case of an accidental death, in addition to the standard benefit payable if the insured died of natural causes. This type of insurance is often an addition, or a clause connected to a life insurance policy.

Sizing and Forecast

The accidental death insurance market size has grown steadily in recent years. It will grow from $70.09 billion in 2023 to $72.45 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%.  The  growth in the historic period can be attributed to awareness and education, insurance market evolution, occupational hazards, changing lifestyles.

The accidental death insurance market size is expected to see steadily grown in the next few years. It will grow to $83.46 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.  The growth in the forecast period can be attributed to risk management, digital platforms, health and wellness incentives, travel and adventure. Major trends in the forecast period include digital distribution, customized coverage, bundled insurance products, riders and add-ons.

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Segmentation & Regional Insights

The accidental death insurance market covered in this report is segmented –

1) By Application: Personal, Enterprise

2) By Product: Personal Injury Claims, Road Traffic Accidents, Work Accidents, Other Products

3) By Distribution Channel: Direct Marketing, Bancassurance, Agencies, E-commerce, Brokers

North America was the largest region in the accidental death insurance market in 2023. Asia-Pacific was the second largest region in the accidental death insurance market. The regions covered in the accidental death insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The rising awareness of environmental issues is expected to drive the growth of the accidental death insurance market going forward. Environmental issues encompass concerns related to the natural world, including challenges such as pollution, climate change, deforestation, habitat destruction, and biodiversity loss, which impact the environment and ecosystems. The increasing frequency of natural disasters such as floods, hurricanes, and wildfires is expected to increase demand for accidental death insurance policies. For instance, in March 2023, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA), a US-based humanitarian information source on global crises and disasters, the total of 387 catastrophic events in 2022 was slightly higher than the average from 2002 to 2021 (370). The occurrence of each type of disaster was also close to average levels in the last two decades. In 2022, the Emergency Event Database (EM-DAT) recorded 387 natural hazards and disasters worldwide, resulting in the loss of 30,704 lives and affecting 185 million individuals. Economic losses totaled around $ 223.8 billion. Heat waves caused over 16,000 excess deaths in Europe, while droughts affected 88.9 million people in Africa. Hurricane Ian single-handedly caused damage costing $100 billion in the Americas. Therefore, the rising awareness of environmental issues is expected to drive the growth of the accidental death insurance market.

Key Industry Players

Major companies operating in the accidental death insurance market include 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, Clinical Pharmacogenetics Implementation, Aviva plc, Munich Re Group, Zurich Insurance Group Ltd., Reliance Nippon Life Insurance Company, Gerber Life Insurance Company, American International Group Inc., Prudential Financial Inc., Mutual of Omaha Insurance Company, Aflac Inc., Transamerica Corporation, Fidelity Life Association, Hartford Financial Services Group Inc., Sun Life Financial Inc., Taiwan Life Insurance Co. Ltd., Massachusetts Mutual Life Insurance Company, Farglory Life Insurance Col Ltd., TruStage Financial Group Inc., Securian Financial Group Inc., American National Insurance Company, American Family Insurance, Amica Mutual Insurance Company, Erie Insurance Group

The accidental death insurance market report table of contents includes:

1. Executive Summary
2. Accidental Death Insurance Market Characteristics
3. Accidental Death Insurance Market Trends And Strategies
4. Accidental Death Insurance Market – Macro Economic Scenario
5. Global Accidental Death Insurance Market Size and Growth.
..
31. Global Accidental Death Insurance Market Competitive Benchmarking
32. Global Accidental Death Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Accidental Death Insurance Market
34.Accidental Death Insurance Market Future Outlook and Potential Analysis
35. Appendix

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