Accidental Death Insurance Market 2020 Precise Outlook-Allianz SE, Assicurazioni Generali SpA, China Life Insurance

Global Accidental Death Insurance Market, delivering a must-read report for industry stakeholders wanting to understand the strategic landscape of this increasing sector. Readers will find an in-depth analysis of the market and how it will impact existing traditional markets, as well as insights into future development and opportunities across the globe.

The global accidental death insurance market was valued at about $60.8 billion in 2018 and is expected to grow to $68.59 billion at a CAGR of 3.1% through 2022.

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Key Players:

Allianz SE, Assicurazioni Generali SpA, China Life Insurance, MetLife and Ping An Insurance., request sample for a complete list of companies.

The leading players of the industry, their market share, product portfolio, company profiles are covered in this report. The competitive market scenario among players will help the industry aspirants in planning their strategies.

The accidental death insurance market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America, and Middle East & Africa. The North American market is the largest market for Accidental Death Insurance and is expected to continue to be the largest market during the forecast period.

The accidental death insurance market is being driven by a rising number of accidental deaths. Due to the rising number of deaths by accidents, there is an increase in awareness in the general public about the benefits of having accidental death insurance and is driving them to opt for accidental death insurance policies, to safeguard their family's income. According to the Centers for Disease Control and Prevention (CDC), accidental deaths in the US reached a historical high in 2017, increasing by 5.3% from 2016. In 2017, more than 150,000 people were killed in traffic accidents in India. This high number of fatal accidents is driving the demand for accidental death insurance.

The accidental death insurance market is being restrained by a low awareness about life insurance including accidental death insurance. This results in a fewer number of people opting for accidental death insurance, especially in underdeveloped and developed countries. For instance, according to a report by the Insurance Regulatory and Development Authority published in 2016, the life insurance penetration in India was just 3.69%. Even though the awareness levels have been increasing recently, they are still very low in some regions such as the African subcontinent and parts of Asia, thus restraining the market.

The companies in the accidental death insurance market are witnessing transformation due to the integration of blockchain technology in life insurance products and processes. Blockchain technology is a system which keeps a track of transactions done via cryptocurrencies and maintains it across several computers that are linked to each other. This facilitates a transparent process for both the insurance companies and customers, thus enabling the removal of fraudulent claims and activities. In addition to that, claims can be processed quickly, and the process becomes more flexible. For instance, Generali, a major life insurance firm, partnered with Accenture in 2019, to launch a new blockchain-based insurance service which saves time and reduces processing errors.

Markets Covered:

1) By Application: Personal, Enterprise
2) By Product: Personal Injury Claims, Road Traffic Accidents, Work Accidents, Other
3) By Distribution Channel: Direct Marketing, Bancassurance, Agencies, E-commerce, Brokers

Market Segment by Regions:

Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA

These segments are thoroughly evaluated on an individual basis and a team of analysts has ensured to give a crystal clear idea about various lucrative segments of the industry. This detailed analysis using segmentation by providing precise results on industry-related markets.

The report also analyzed the evolution of industry trends. Several macroeconomic factors such as Gross domestic product (GDP) and the increasing inflation rate is expected to affect directly or indirectly in the development of the industry.

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Frequently Asked Questions about “Accidental Death Insurance market” :

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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or 3 countries or nearly 40 analyst hours. 

Note:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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This release was published on openPR.