Navigating the Future: Passenger Accident Insurance Market Trends and Forecast Insights, 2025 Edition

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

Passenger Accident Insurance Market Size Growth Forecast: What to Expect by 2025?
In recent times, there's been a solid increase in the size of the passenger accident insurance market. The projected growth sees it scaling from $13.23 billion in 2024 to a figure of $14.12 billion in 2025, with a compound annual growth rate (CAGR) fixed at 6.7%. The substantial growth in the historic period is primarily due to the escalating usage of public transport, increasing consciousness about individual safety, growth in international travel, governmental focus on the safety of public transport, and boosted demand for cost-effective travel insurance.

How Will the Passenger Accident Insurance Market Size Evolve and Grow by 2029?
Expectations are high for the passenger accident insurance market as it is projected to experience significant growth in the forthcoming years. It is estimated to reach a value of $18.08 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth within the forecast period can be linked to the increased use of digital insurance platforms, a surge in demand for on-trip microinsurance, a wider acceptance of personalized coverage, an expanding middle-class demographic in emerging markets, and a rise in partnerships between transport providers and insurers. Key trends to watch out for during the forecast period include advancements in technology permitting real-time policy issuance, innovative approaches to claims automation and fraud detection, advancements in risk assessment models driven by artificial intelligence, investments into mobile-centric insurance applications, and innovative embedded insurance offerings.

View the full report here:
https://www.thebusinessresearchcompany.com/report/passenger-accident-insurance-global-market-report

What Drivers Are Propelling the Growth of Passenger Accident Insurance Market Forward?
The surge in air passenger traffic is projected to boost the expansion of the passenger accident insurance market in the future. The escalation of people using air travel for business, leisure, and personal purposes accounts for the rise in air passenger traffic. Affordability and accessibility of air travel to a larger populace, particularly in burgeoning markets and regional routes, is attributed to the swift proliferation of low-cost carriers. Passenger accident insurance elevates traveler confidence by offering recompense for injuries or death during air travel, and its provision of emergency support promotes the acceptance of air travel. For instance, Eurostat, the statistical office of the European Union based in Luxembourg, reported a massive increase in air travel in the EU in December 2023. The total passenger count hit 820 million in 2022, indicating a notable growth of 119% in comparison to 2021. Consequently, the rise in air passenger traffic is stimulating the expansion of the passenger accident insurance market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=27114&type=smp

Which Emerging Trends Are Transforming the Passenger Accident Insurance Market in 2025?
Top firms in the passenger accident insurance market are striving to solidify their position in the travel insurance sphere by developing innovative solutions such as travel accident protection plans. Such plans provide financial security in the event of accidental injuries, disabilities, or death during a journey, promising aid and monetary assistance to travelers in unforeseen scenarios on the road. For example, in September 2023, Everest Group Ltd., a UK-based reinsurance and insurance firm, introduced the Everest Business Travel Accident Insurance. This all-encompassing package merges insurance protection with travel, medical, and security assistance services exclusively adapted for corporate and not-for-profit organizations, their employees, and their traveling companions for both national and international business trips. The policy includes services such as pre-departure advice, prescription drug support, transportation to nearby medical experts, and emergency medical transportation. In partnership with Healix International, those insured under this plan are granted 24/7 support within the country, along with travel tracking, pre-journey assessments and a comprehensive duty of care travel program in line with ISO 31-0030 standards.

What Are the Key Segments in the Passenger Accident Insurance Market?
The passenger accident insurance market covered in this report is segmented -

1) By Policy Type: Single Trip Insurance, Annual Multi Trip Insurance, Group Insurance, Family Plan Insurance, Business Trip Insurance
2) By Coverage Type: Accidental Death Coverage, Medical Expenses Coverage, Personal Liability Insurance, Trip Cancellation Insurance, Emergency Evacuation Insurance
3) By Customer Type: Individual Travelers, Corporate Clients, Students, Senior Citizens, Adventure Travelers
4) By Distribution Channel: Direct Sales, Insurance Agents, Brokers, Travel Agencies, Mobile Applications

Subsegments:
1) By Single Trip Insurance: Domestic Single Trip Coverage, International Single Trip Coverage, Short-Duration Travel Insurance, Adventure Activity Add-On Cover, One-Time Flight Accident Protection
2) By Annual Multi Trip Insurance: Frequent Flyer Accident Coverage, Regional Multi Trip Plans, Worldwide Multi Trip Protection, Unlimited Trip Duration Plans, Annual Policy With Emergency Add-Ons
3) By Group Insurance: Corporate Group Travel Accident Plans, Educational Group Travel Cover, Tour Group Insurance Policies, Non-Profit Organization Group Plans, Event-Based Group Travel Protection
4) By Family Plan Insurance: Family Flight Accident Insurance, Multi-Member Coverage Policies, Dependent Child Travel Protection, Spouse Inclusion Add-On Cover, Family Medical And Emergency Support
5) By Business Trip Insurance: Executive Travel Accident Coverage, Client Meeting Travel Protection, Conference And Seminar Travel Cover, Workforce Mobility Accident Plans, Short-Term Assignment Accident Insurance

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=27114&type=smp

Who Are the Key Players Shaping the Passenger Accident Insurance Market's Competitive Landscape?
Major companies operating in the passenger accident insurance market are Allianz SE, AXA S.A., MetLife Inc., Tokio Marine Holdings Inc., The Progressive Corporation, Zurich Insurance Company Ltd, Chubb Limited, United Services Automobile Association (USAA), Aviva plc, QBE Insurance Group Limited, Everest Group Ltd., ICICI Lombard General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Prudential Guarantee and Assurance, Inc, Cocogen Insurance Inc., Oriental Assurance Corporation, Global Underwriters Inc., Atlas Underwriters LLC, ENNIA, Workforce Insurance Underwriters LLC.

What Geographic Markets Are Powering Growth in the Passenger Accident Insurance Market?
North America was the largest region in the passenger accident insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passenger accident insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=27114

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Saumya Sahey
Europe: +44 7882 955267,
Asia: +44 7882 955267 & +91 8897263534,
Americas: +1 310-496-7795
Email: saumyas@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.