July 15, 2020
According to the research report titled ‘Global Personal Accident and Health Insurance Market Size study with COVID-19 impact, by Type (Personal Accident Insurance, Health Insurance), by Application (Direct Marketing, Bancassurance, Agencies, E-commerce, Brokers) and Regional Forecasts 2020-2026’, available with Market Study Report, global personal accident and health insurance market is expected to grow substantially during 2020-2026.
Factors such as increasing cases of road injuries or fatalities, rising prevalence of chronic diseases such as cancer and diabetes along with e-commerce platforms providing these policies are responsible for the high growth rate of global personal accident and health insurance market over forecast period.
Moreover, increasing prevalence of COVID-19 has boosted the demand for personal accident & health insurance policies due to drastic spread and growing intensity of the virus around the world. These policies aid in decreasing the burden of billing on consumers, thereby, driving the market growth in coming years. However, inapplicability of health insurance policies in certain clinics and hospitals is a major factor hindering the market growth over the forecast period of 2020-2026.
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With respect to type, the market is divided into personal accident insurance and health insurance. Based on application spectrum, the industry is segmented into direct marketing, e-commerce, bancassurance, agencies, and brokers.
Considering the regional overview, global personal accident and health insurance market is categorized into North America, Latin America, Asia Pacific, Europe, and rest of the world. North America accounts for notable market share currently, due to accessible multi-value health insurance policies and prevalence of large number of insurance vendors in the region.
Parallelly, Asia-Pacific market is anticipated to witness strong growth rate during 2020-2026. Rising cases of road accidents and availability of expensive health facilities will create lucrative opportunities for personal accident and health insurance market in Asia-Pacific.
Key players operating in global personal accident and health insurance market include China Life Insurance Co., Ltd., Taiping Life Insurance Co., Ltd., Aegon Life Insurance Company, Zurich Financial Services, MetLife, Assicurazioni Generali S.p.A., Sumitomo Life Insurance, Munich Re Group, Allianz, and FunDe Sino Life among others.