The Personal Accident and Health Insurance Market Size, Share, Growth, Analysis, Trend, and Forecast
Author : Tech Educat | Published On : 28 Mar 2024
The personal accident and health insurance market size and growth
The personal accident and health insurance market industry is projected to grow from significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2032).
Key players
- Some of the key players in the PA&H insurance market include:
- Cathay Life Insurance
- Shin Kong Life Insurance
- Bright House
- John Hancock Financial
- Cigna Taiwan Life Insurance
- Taiwan Life Insurance
- Liberty Mutual
- MassMutual Mercuries Life Insurance
- Far Glory Life Insurance
- AIG
- Nan Shan Life Insurance Company
- Kuo Hua Life Insurance
- China Life Insurance
- Lincoln National Corporation
- Banner Life Insurance Company
- Fubon Life Insurance
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Market drivers
Market CAGR for personal accident and health insurance is being driven by the Increasing Knowledge of Health Hazards. Your policy provides coverage against medical expenses, accidental death, and disability if you have personal accident insurance. Coverage for all accident-related medical costs is provided by this component of a health insurance policy.
Additionally, health insurance coverage is sought after by people in order to protect themselves from future medical expenses due to increased awareness of lifestyle diseases, health risks, and the value of preventative healthcare practices. The need for personal accident and health insurance coverage is fueled by escalating healthcare costs, which include hospital stays, medical treatments, and the cost of drugs and procedures altogether. To reduce the financial risk of unanticipated medical emergencies, people look for insurance. One factor driving the need for health insurance coverage is the aging population and the rising incidence of chronic diseases. Insurance is sought for by the elderly and people with long-term illnesses in order to control costs and guarantee access to high-quality medical care.
Market segmentation
The Personal Accident and Health Insurance Market segmentation, based on Application includes Direct Marketing, Bancassurance, Agencies, E-commerce, and Brokers. The brokers segment dominated the market. Insurance brokers have in-depth knowledge of the range of policies, coverage alternatives, and insurance products that are offered in the market. They are skilled in deciphering the intricacies of insurance policies, so they can direct people toward appropriate coverage that corresponds with their individual requirements and preferences.
Market trends
The establishment of required health insurance systems in certain regions, tax incentives on health insurance premiums, and government measures mandating health insurance coverage all contribute to market expansion by raising insurance penetration. Urban populations seeking better healthcare services have a greater need for personal health and accident insurance coverage when their disposable income rises, particularly in emerging nations.
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