Personal Accident and Health Insurance Market Trends and Analysis by Region, Competitive Landscape, Regulatory Overview and Forecast to 2027

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Personal Accident and Health Insurance (PA&H) Market Report Overview

The total written premiums in the personal accident and health (PA&H) insurance industry reached $2.01 trillion in 2022. The PA&H insurance market will grow at a CAGR of more than 8% from 2023 to 2027. The PA&H insurance industry growth during the projected period is mainly attributed to increased awareness, innovation, and inflation in the medical industry.

PA&H Insurance Market Outlook 2022-2027 ($ Trillion)

PA&H Insurance Market Outlook 2022-2027 ($ Trillion)

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The PA&H insurance market analysis report provides in-depth market analysis and actionable insights to achieve desired business growth. Furthermore, the report has documented a comprehensive overview of the global and regional PA&H insurance industry; key lines of business; key trends, drivers, and challenges; regulatory overview; and developments in the industry. Our PA&H insurance market study has also included a meticulous comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region. These data will help in evaluating the competitive landscape.

Market Size (2023) $2.01 trillion
CAGR (2023-2027) >8%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Trends ·        Insurtech

·        Inclusive Insurance

Key Regions ·        North America

·        Europe

·        Asia-Pacific

·        South and Central America

·        Middle East and Africa

Key Lines of Business ·        General Insurance Health/Standalone Health

·        General Insurance Personal Accident

·        Life Health

·        Life Travel

·        General Insurance Travel

·        Life Personal Accident

Leading Companies ·        UnitedHealth

·        Elevance Health

·        Centene

·        Humana

·        CVS Health

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PA&H Insurance Market Trends

The key trends that will shape the PA&H insurance market during the projected period are growing popularity of inclusive insurance and rising awareness about insurtech.

Insurtech: Insurtech will continue to focus on automation in claims management and customer service. Customers are moving database consisting of doctors and medical institutions accredited by AXA Philippines.

PA&H Insurance Market Segmentation by Regions

The key regions in the PA&H insurance market are North America, Europe, Asia-Pacific, South and Central America, and the Middle East and Africa. In 2023, North America dominated the PA&H insurance market and accounted for the largest market share. Also, the US was the leading market by written premiums in 2023.

PA&H Insurance Market Analysis by Regions, 2023 (%)

PA&H Insurance Market Analysis by Regions, 2023 (%)

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PA&H Insurance Market Segmentation by Lines of Business

The key lines of business in the PA&H insurance market are general insurance health/standalone health, general insurance personal accident, life health, life travel, general insurance travel, and life personal accident among others. In 2022, general insurance health/standalone health was the leading line of business. The popularity of dental plans, critical illness plans, and auxiliary healthcare-related plans/cash benefits will drive the growth of this LoB in the coming years.

PA&H Insurance Market Analysis by Line of Business, 2023 (%)

PA&H Insurance Market Analysis by Line of Business, 2023 (%)

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PA&H Insurance Market – Competitive Landscape

The leading companies in the PA&H insurance market are UnitedHealth, Elevance Health, Centene, Humana, CVS Health, HCSC, Cigna, Ping An, Independence Health, and Molina among others. In 2022, UnitedHealth garnered the highest PA&H insurance market share.

UnitedHealthcare provides the UnitedHealthcare app, which enables policyholders to view, update, and renew their policy details; submit and track claims; access digital medical cards; and locate nearby doctors, clinics, or hospitals. Also, policyholders can use the app to consult doctors 24/7; refill their prescriptions; view copays, annual deductibles, and out-of-pocket expenses; and access medication details and cost estimates for common procedures. Furthermore, in February 2023, the company introduced UnitedHealthcare Rewards. In this scheme, an annual reward of up to $1,000 is offered to eligible members (including spouses) for completing various daily and one-time health activities with the help of wearable devices.

PA&H Insurance Market Analysis by Companies, 2022 (%)

PA&H Insurance Market Analysis by Companies, 2022 (%)

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Segments Covered in the Report

PA&H Insurance Regional Outlook (%, 2023)

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

PA&H Insurance LoB Outlook (USD Billion, 2018-2027)

  • General Insurance Health/Standalone Health
  • General Insurance Personal Accident
  • Life Health
  • Life Travel
  • General Insurance Travel
  • Life Personal Accident

Scope

  • The report provides a comprehensive analysis of the global PA&H insurance industry.
  • It provides historical values for the global and regional PA&H insurance industry for the report’s 2018-22 review period, and projected figures for the forecast period 2023-27.
  • It offers a detailed analysis of the regional PA&H insurance industry and market forecasts for 2027.
  • It provides key market trends in the global PA&H insurance industry.
  • It provides rankings, premiums, and market share of top global and regional PA&H insurers and analyzes the competitive landscape.

Key Highlights

  • Key insights and dynamics of the PA&H insurance industry.
  • Insights on key market trends in the PA&H insurance industry.
  • Insights on key growth and profitability challenges in the PA&H insurance industry.
  • Comparative analysis of leading PA&H insurance providers.
  • In-depth analysis of regional markets.
  • Insight on the future growth trend and market outlook.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the global and regional PA&H insurance industry.
  • In-depth market analysis, information, and insights into the global PA&H insurance industry.
  • In-depth analysis of the competitive landscape and top 20 regional markets.
  • Understand the key dynamics, trends, and growth opportunities in the global and regional PA&H insurance industry.
  • Identify key regulatory developments impacting market growth.
  • Identify growth opportunities in key regional markets.

Achmea
Coöperatie
VGZ
CZ Group
Munich Re
Allianz
Debeka
Menzis
AXA
Generali
Signal Iduna
Mutua Madrilena
Bayern
Sogaz
ASR Nederland
Barmenia
Continentale
Helsana
Swica
HanseMerkur
Bupa

Table of Contents

Executive Summary

Key Market Trends

Global Overview

Competitive Landscape

Company Profiles

Regional Overview

Asia-Pacific

Europe

Middle East and Africa

North America

South and Central America

Market Outlook

Appendix

Frequently asked questions

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