Accidental Death Insurance Market Report 2025

This Accidental Death Insurance market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The accidental death insurance market size has grown steadily in recent years. It will grow from $72.45 billion in 2024 to $74.74 billion in 2025 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to awareness and education, insurance market evolution, occupational hazards, and changing lifestyles.

The accidental death insurance market size is expected to see steady growth in the next few years. It will grow to $87.11 billion in 2029 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to risk management, digital platforms, health and wellness incentives, travel and adventure. Major trends in the forecast period include digital distribution, customized coverage, bundled insurance products, riders and add-ons.

The growing awareness of environmental issues is projected to propel the growth of the accidental death insurance market in the future. Environmental concerns include challenges related to the natural world, such as pollution, climate change, deforestation, habitat destruction, and biodiversity loss, all of which affect ecosystems and the environment. The increasing occurrence of natural disasters - such as floods, hurricanes, and wildfires - is likely to boost the demand for accidental death insurance policies. For instance, a report from the Ministry for the Environment in May 2024 indicated that environmental issues are the fourth most significant concern for New Zealanders, following more urgent issues like the cost of living, crime, and housing. Awareness of these environmental matters increased from 20% in 2022 to 25% in 2024. Thus, the rising awareness of environmental issues is expected to stimulate growth in the accidental death insurance market.

The rising incidence of road accidents is anticipated to drive the growth of the insurance market, including providers, brokers, and reinsurers, in the coming years. A road accident refers to unexpected harm, damage, injury, or loss resulting from an unforeseen incident while traveling on the road, occurring without prior planning or awareness. Insurance provides coverage and financial protection against losses, damages, or liabilities that may arise from such accidents. For instance, a report from the International Transport Forum (ITF), a Germany-based intergovernmental organization, noted in February 2024 that the United Kingdom recorded a road mortality rate of 2.6 deaths per 100,000 people in 2022, with a fatality risk of 0.4 deaths per 10,000 registered vehicles. In that year, car occupants represented 46% of all road deaths, followed by pedestrians at 23%, motorized two-wheeler users at 20%, and cyclists at 5%. Therefore, the increasing number of road accidents is driving the growth of the accidental death insurance market.

Key players in the accidental death insurance sector are innovating to gain a competitive edge. For instance, in March 2022, Asteya, a US-based technology company, introduced a new product - accidental death coverage. Their digital platform aims to provide accessible insurance, particularly catering to modern entrepreneurs' needs, prioritizing financial, physical, and mental well-being.

Major companies in the accidental death insurance industry are implementing innovative strategies, like simplified underwriting processes. Streamlined underwriting could facilitate easier access to accidental death insurance coverage. For instance, in March 2023, The Hartford, a US-based insurance company, revamped its accidental death and dismemberment product. Renamed as accidental loss of life and severe injury benefits, it now offers enhanced customization for employer customers and simplified benefits education materials. The move responds to a significant need for clearer benefits education and resources among workers and employers.

Major companies operating in the accidental death insurance market include Allianz SE, Assicurazioni Generali SpA, China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., AXA SA, Sumitomo Life Insurance Company, Aegon Life Insurance Company Limited, Dai-ichi Life Insurance Company Limited, Clinical Pharmacogenetics Implementation, Aviva plc, Munich Re Group, Zurich Insurance Group Ltd., Reliance Nippon Life Insurance Company, Gerber Life Insurance Company, American International Group Inc., Prudential Financial Inc., Mutual of Omaha Insurance Company, Aflac Inc., Transamerica Corporation, Fidelity Life Association, Hartford Financial Services Group Inc., Sun Life Financial Inc., Taiwan Life Insurance Co. Ltd., Massachusetts Mutual Life Insurance Company, Farglory Life Insurance Col Ltd., TruStage Financial Group Inc., Securian Financial Group Inc., American National Insurance Company, American Family Insurance, Amica Mutual Insurance Company, Erie Insurance Group.

Accidental death insurance safeguards individuals and their families in the event of fatal accidents or severe injuries. Financial institutions provide a lump sum payout to beneficiaries upon accidental death, supplementing the standard benefits for natural causes. This insurance is typically an adjunct to a life insurance policy.

The primary offerings within accidental death insurance encompass personal injury claims, road traffic accidents, workplace incidents, and related products. Workplace accident insurance specifically disburses benefits to employees or their kin affected by job-related injuries or fatalities. Accidental death insurance finds application in both personal and corporate contexts. Distribution channels for these products include direct marketing, bancassurance, agency networks, e-commerce platforms, and brokerage services.

The accidental death insurance research report is one of a series of new reports that provides accidental death insurance statistics, including accidental death insurance industry global market size, regional shares, competitors with accidental death insurance shares, detailed accidental death insurance segments, market trends and opportunities, and any further data you may need to thrive in the accidental death insurance industry. This accidental death insurance research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

North America was the largest region in the accidental death insurance market in 2024. Asia-Pacific was the second largest region in the accidental death insurance market. The regions covered in the accidental death insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the accidental death insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The accidental death insurance market consists of sales of accidental death insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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