Accidental Death Insurance Global Market Report 2024

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 expansion observed during the historical period can be credited to increased awareness and education, the evolution of the insurance market, occupational risks, and shifts in 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%.Anticipated growth in the forecast period is expected due to advancements in risk management, the rise of digital platforms, incentives promoting health and wellness, and an increased interest in travel and adventure. Key trends forecasted during this period encompass the emergence of digital distribution channels, tailored coverage options, bundled insurance products, as well as the popularity of riders and add-ons.

The surge in environmental consciousness is anticipated to steer growth in the accidental death insurance sector. Environmental concerns encompass various challenges affecting ecosystems, from pollution to climate change. With an increase in natural disasters like floods, hurricanes, and wildfires, there's a growing demand for accidental death insurance. In 2022, catastrophic events exceeded the average of the past two decades, leading to substantial loss of lives, affecting millions, and causing economic losses of $223.8 billion globally. This awareness of environmental issues is projected to drive the expansion of accidental death insurance.

The rise in road accidents is set to propel the insurance market. Road accidents, often unforeseen, result in damages and injuries. In 2021, the US witnessed 42,939 fatal car accidents, marking a 10% increase from the previous year. Such incidents are driving the growth of accidental death insurance, providing coverage against losses incurred due to these unfortunate events. Key players in the accidental death insurance sector are innovating to gain a competitive edge. For instance, in March 2022, Asteya, a US-based technology company, introduced a new product - accidental death coverage. Their digital platform aims to provide accessible insurance, particularly catering to modern entrepreneurs' needs, prioritizing financial, physical, and mental well-being.

Major companies in the accidental death insurance industry are implementing innovative strategies, like simplified underwriting processes. Streamlined underwriting could facilitate easier access to accidental death insurance coverage. For instance, in March 2023, the Hartford, a US-based insurance company, revamped its accidental death and dismemberment product. Renamed as accidental loss of life and severe injury benefits, it now offers enhanced customization for employer customers and simplified benefits education materials. The move responds to a significant need for clearer benefits education and resources among workers and employers.

Regulatory bodies like EIOPA and NAIC oversee the accidental death insurance market. In the EU, adherence to GDPR is mandatory for life insurance companies, ensuring protection in data handling. Non-compliance can result in fines up to 4% of annual turnover for data breaches, with a requirement to notify customers within 72 hours of identifying the breach. Similarly, IRDAI in India has revised its commission structure for life insurance products to ensure consistency in commissions paid.

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.

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 The countries covered in the accidental death insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary offerings within accidental death insurance encompass personal injury claims, road traffic accidents, workplace incidents, and related products. Workplace accident insurance specifically disburses benefits to employees or their kin affected by job-related injuries or fatalities. Accidental death insurance finds application in both personal and corporate contexts. Distribution channels for these products include direct marketing, bancassurance, agency networks, e-commerce platforms, and brokerage services.

The accidental death insurance research report is one of a series of new reports provides accidental death insurance statistics, including accidental death insurance industry global market size, regional shares, competitors with accidental death insurance shares, detailed accidental death insurance segments, market trends and opportunities, and any further data you may need to thrive in the accidental death insurance industry. This accidental death insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The accidental death insurance market consists of sales of accidental death insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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