The personal accident and health insurance market industry is projected to grow from significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2032). Growing expenditures for hospital stays, medical care, and the growing price of drugs and procedures all contribute to increased healthcare costs are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for personal accident and health insurance is being driven by the Increasing Knowledge of Health Hazards. Your policy provides coverage against medical expenses, accidental death, and disability if you have personal accident insurance. Coverage for all accident-related medical costs is provided by this component of a health insurance policy.
Additionally, health insurance coverage is sought after by people in order to protect themselves from future medical expenses due to increased awareness of lifestyle diseases, health risks, and the value of preventative healthcare practices. The need for personal accident and health insurance coverage is fueled by escalating healthcare costs, which include hospital stays, medical treatments, and the cost of drugs and procedures altogether. To reduce the financial risk of unanticipated medical emergencies, people look for insurance. One factor driving the need for health insurance coverage is the aging population and the rising incidence of chronic diseases. Insurance is sought for by the elderly and people with long-term illnesses in order to control costs and guarantee access to high-quality medical care.
The establishment of required health insurance systems in certain regions, tax incentives on health insurance premiums, and government measures mandating health insurance coverage all contribute to market expansion by raising insurance penetration. Urban populations seeking better healthcare services have a greater need for personal health and accident insurance coverage when their disposable income rises, particularly in emerging nations. The introduction of cutting-edge insurance goods, including as wellness programs, telemedicine services, coverage for particular conditions, and personalized health insurance plans, draws in more customers and propels market expansion. More people are investing in health insurance as a result of the improved accessibility, convenience, and transparency brought about by the adoption of digital platforms for insurance buying, claims processing, and customer support.
For instance, the Insurance Institute for Highway Safety (IIHS) estimates that there were 39,508 fatal motor vehicle crashes in 2021, with 42,939 of those deaths occurring in the United States alone. As a result, it is anticipated that throughout the projection period, demand for personal accident and health insurance supplements will increase due to the rising death cases in many regions. Thus, result in driving the personal accident and health insurance market revenue.
The Personal Accident and Health Insurance Market segmentation, based on Application includes Direct Marketing, Bancassurance, Agencies, E-commerce, and Brokers. The brokers segment dominated the market. Insurance brokers have in-depth knowledge of the range of policies, coverage alternatives, and insurance products that are offered in the market. They are skilled in deciphering the intricacies of insurance policies, so they can direct people toward appropriate coverage that corresponds with their individual requirements and preferences.
The Personal Accident and Health Insurance Market segmentation, based on Product Type, includes Personal Accident Insurance, and Health Insurance. The Health Insurance category generated the most income. The primary benefit this category offers is that it shields consumers from financial obligations resulting from unforeseen medical costs while giving them access to high-quality healthcare services.
Figure1:Personal Accident and Health Insurance Market, by Application, 2022&2032(USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American personal accident and health insurance market area will dominate this market. The need for health insurance coverage is fueled by rising healthcare prices and expenses in North America. Insurance is a tool for managing and reducing the cost of hospital stays, medical procedures, and other healthcare services.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: PERSONAL ACCIDENT AND HEALTH INSURANCE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe personal accident and health insurance market has the second-largest portion of the market. This is because the population of Europe is aging significantly, which raises the prevalence of chronic diseases and age-related health problems. Further, the German personal accident and health insurance market possessed the most market share, and the UK personal accident and health insurance market was the European market with the quickest rate of growth.
The Asia-Pacific Personal accident and health insurance Market has the quickest predicted compound annual growth rate between 2023 and 2032. The demand for health insurance coverage is driven by rising healthcare costs, which include medical treatments, hospital stays, and the price of cutting-edge healthcare technologies. Moreover, China’s personal accident and health insurance market held the largest proportion of the market, and the Indian personal accident and health insurance market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money in R&D to expand their product lines, which will help the market for accident and health insurance, grow even more. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, personal accident and health insurance industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global personal accident and health insurance industry to help customers and expand the market segment. In recent years, the personal accident and health insurance industry has provided some of the biggest benefits to medicine. Major players in the personal accident and health insurance market, including Cathay Life Insurance, Shin Kong Life Insurance, BrightHouse, Liberty Mutual, John Hancock Financial, Cigna Taiwan Life Insurance, Taiwan Life Insurance, MassMutual Mercuries Life Insurance, and others, are engaging in research and development activities in an effort to boost market demand.
Cathay Life Insurance is situated in Taiwan. NT$38.3 billion (US$1.28 billion) was the company's total after-tax profit in 2019. A preference bidder for 50% of the development projects, namely the Xu Feng and Off Changhua County's shore are the Greater Changhua 3 projects and the Wo Neng projects off the coast of Taichung, Taiwan 2, was chosen by Ørsted in October 2023.
Liberty Mutual is a worldwide provider of property and liability insurance. The business gave its communities $46 million in 2019 in addition to more than 150,000 employee hours. The business is dedicated to upholding the highest standards of governance while being socially and environmentally responsible. Based on 2022 sales, the company came in at number 86 on the Fortune 100 list of the biggest American corporations.
June 2023: Liberty Mutual announced that Generali Group would purchase its personal and small commercial operations in Western Europe.
August 2023: Liberty Mutual was selected by PEOPLE Magazine as one of the 100 "Companies That Care."
November 2023: Liberty Mutual achieved the best possible grade in the Human Rights Campaign Foundation's 2023–2024 Corporate Equality Index.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.3 Billion |
| Market Size 2023 | USD 1.4 Billion |
| Market Size 2032 | USD 2.2 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Product Type, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Â Cathay Life Insurance, Shin Kong Life Insurance, BrightHouse, Liberty Mutual, John Hancock Financial, Cigna Taiwan Life Insurance, Taiwan Life Insurance, MassMutual Mercuries Life Insurance |
| Key Market Opportunities | People get insurance to reduce the financial risk of unanticipated medical problems. |
| Key Market Dynamics | Employers who include health insurance in employee benefits packages are driving market expansion. |
Frequently Asked Questions (FAQ) :
In 2022, the size of the worldwide market for personal health and accident insurance was estimated to be significant value.
From 2023 to 2032, The (CAGR) for the global market is predicted to be 9.00%.
North America held the most market share worldwide.
The major companies in the industry include MassMutual Mercuries Life Insurance, Cigna Taiwan Life Insurance, John Hancock Financial, BrightHouse, Liberty Mutual, Cathay Life Insurance, and Shin Kong Life Insurance.
The market in 2022 was led by the Brokers category.
Health insurance maintained the greatest global market share.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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