Accident Insurance Market: Global Size, Industry Share, Outlook, Trends Evaluation, Geographical Segmentation, Business Challenges

Accident Insurance Market

Accident insurance is a type of financial product that provides benefits to the beneficiary if the cause of his/her injuries is an accident. This type of accident insurance benefits are added to some life insurance policies. The accident insurance coverage pays for injuries, initial care, treatment, facility care and follow-up care.

Based on types, the death & dismemberment segment is growing at the fastest pace. The accidental death and dismemberment insurance pays benefits to the concerned person if the cause of the death is accident. However, deaths caused by wars, suicides, old age, and illnesses are not covered in this type of insurance. Further, general accident insurance policies are limited to the events involving the death and dismemberment of the policy holder. This type of accidental insurance covers paralysis, loss of limbs, partial disabilities, and others.

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In addition to these, disabilities insurance is the type of insurance provided in the workplace by employers. This type of insurance covers on-the-job accidents that prevents the worker from continuing the work. This insurance provides benefits to employees by paying them on a monthly or weekly basis, depending on the type of the policy.

Based on applications, the enterprise segment is growing at the fastest pace during the forecast period. The increasing use of accident insurance by enterprises is driving the growth of the segment. Employers offer insurance benefits to workers in order to acquire talented employees and avoid penalties. Enterprises also provide accidental insurance to their employees in order to ensure their wellness.

Based on regions, North America is growing at the fastest pace owing to an increase in awareness about accident insurance policies in the region. The region is followed by the Asia-Pacific region, owing to an increase in disposable income in the region.

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