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The global accident insurance market is expected to grow with a CAGR of 12.9% during the forecast period. Accident insurance helps in paying medical costs that are incurred after an accidental injury. The accident insurance coverage pays only if the death can be directly attributed to the accident, whereas, deaths caused by illnesses, suicides, wars, old age, natural calamities, and others are not included in the accident insurance policy.
In addition to this, deaths caused due to personal accountabilities such as the intake of drugs and breaking of laws imposed by the government are not included in the policy. The rules and regulation imposed by the government are boosting the growth of the accident insurance market in recent years. For instance, The Insurance Laws (Amendment) Act, 2015 has been enforced by the Indian government to drive the growth of the accident insurance market in the region.
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Moreover, the increasing number of accidents is also driving the growth of the accident insurance market. According to the World Health Organization (WHO), 1.35 million people died due to road accidents in 2018. The increasing number of road accidents is creating the demand for accident insurance policies, in order to reduce the financial implications of such events.
Accident insurance is an insurance product that provides reimbursement to the beneficiary in the case of permanent disabilities, death, and injuries caused by accidents. Owing to these factors, there is an overall growth of the accident insurance market in recent years. However, the lack of awareness about this insurance policy is restraining the growth of the market.
The accident insurance market is segmented based on its type, applications, and regions. Based on types, the market is segmented into death and dismemberment insurance, General Accident Insurance, and disabilities insurance. Based on applications, the market has been segmented into enterprise and personal. Personal accident policies cover injuries that occur due to accidents.
The major key players in the accident insurance market are Dai-ichi Mutual Life Insurance, Assicurazioni Generali, MetLife Inc., PingAn Insurance, Zurich Financial Services, AXA, Allianz, Sumitomo Life Insurance, China Life Insurance, Aegon N.V., Aviva plc, Munich Re Group, Nippon Life Insurance, Gerber Life Insurance, American International Group, Inc., and others.
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Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share. For instance, in July 2018, Bajaj Allianz General Insurance, a joint venture between Bajaj Finserv Ltd. and Allianz SE, announced the launch of personal accident cover for school students, in order to offer protection to kids travelling in pre-registered bus.
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