Global Personal Accident and Health Insurance Market Size, Share and Trends Analysis Report, By Type (Accident Insurance, and Health Insurance), By Distribution Channel (Direct Sales, Agent or Broker, Banks, and Others), Forecast (2022-2028)

The global personal accident and health insurance market is anticipated to grow at a considerable CAGR 5% during the forecast period (2022-2028). Personal accident and health insurances are the policies that support the customers in managing their expenses due to road traffic accidents and several diseases, including cancer, cataracts, diabetes, and others. The major factor attributing to the growth of the global personal accident and health insurance market includes the increasing number of road traffic accidents across the globe. According to the report published by the World Health Organization (WHO) in June 2021, the mortality of around 1.3 million people globally is caused every year due to road traffic accidents. Most countries are burdened with around 3% of their gross domestic product due to road accidents. Around 20 million to 50 million people suffer from non-fatal injuries causing disability, or other physical conditions resulting in the need of getting hospitalized. Thus, increasing the use of personal accident and health insurance.

The subscription to personal accident and health insurance is also increasing to cover expenses of cataract surgery due to increasing cases of cataracts. According to the report published by the WHO in October 2021, around 2.2 billion people are affected by vision impairment around the globe. Among these, around 94 million cases are of cataracts. National Center for biotechnology information (NCBI) states that around 10 million cataract surgeries are performed every year around the globe. Thus increasing the demand for personal accident and health insurance policies.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Cebu Pacific, a low-cost Philippine airline service started offering an optional personal accident microinsurance policy called “Piso Protect” for passengers on their websites. The Piso Protect is offered by Cebu Pacific in partnership with AXA Philippines, an accident and health insurance company. The Piso Protect policy will cover the death and permanent disablement for the payout of $4,868, and other benefits including daily hospitalization costs, and surgical cash benefits.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Distribution Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- AIA Group Ltd., Aetna Inc., Allianz, Assicurazioni Generali S.P.A., and Aviva Life Insuarance Co. India Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Personal Accident and Health Insurance  Market Report by Segment

By Type

• Accident Insurance
• Health Insurance

By Distribution Channel

• Direct Sales
• Agent or Broker
• Banks
• Others