Personal Accident and Health Insurance Market to 2025

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Published: May 14, 2022 Report Code: GDIS2472MR-ST

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The global personal accident and health (PA&H) insurance market size was valued at $1.6 trillion in 2020. The market is expected to grow at a CAGR of more than 6% from 2020 to 2025. Telemedicine/ telehealth, mental health, and personalization trends will gain mainstream momentum over the coming years across all regions in the global personal health and accident (PA&H) insurance market.

The personal accident and health insurance market research report provides values for key performance indicators such as written premium and loss ratio during the review period and forecast period. The report also gives a comprehensive overview of the global and regional personal accident & health insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview and developments, and the impact of COVID-19 on the industry. Moreover, it provides insight into key technological developments impacting the global PA&H insurance industry.

Personal Accident and Health Insurance Market Overview

Personal Accident and Health Insurance Market Overview

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What are the key personal accident & health insurance market trends?

The rise in popularity of health and wellness trends propelled wearable devices as tailored solutions into the mainstream, giving insurers access to detailed biometric and activity data from policyholders, allowing insurers to improve underwriting accuracy, prevent claims and increase customer engagement.

Technological advancements are allowing insurers to customize requirements through which a personalized insurance proposition can be presented to enhance customers’ experience. AI, natural language processing, predictive analytics, and machine learning are a few technologies that insurers are adopting to provide hyper-personalization with behavior-based insurance products to customers.

Regulatory development, such as the General Data Protection Regulation, to an extent, is expected to support the uptake of insurance policies that incorporate wearable tech, boosting consumer confidence in the security of personal data storage.

What is the regional-level outlook of the global personal accident & health insurance market?

The key regions in the global PA&H insurance market are North America, Europe, Asia-Pacific, South & Central America, and Middle East & Africa.

PA&H insurance market in North America

North America dominated the global PA&H premiums in 2020 with the US leading the global market. Reduced healthcare claims and medical costs due to delayed or cancellation of many healthcare procedures offset any unprecedented rise in healthcare claims related to COVID-19 in the US.

PA&H insurance market in Asia-Pacific

The Asia-Pacific PA&H insurance industry’s growth in 2021 was driven by economic recovery and increased insurance awareness. Across Asia-Pacific, the integration of online healthcare services in insurance policies and personalized insurance propositions using wearable devices has gained traction in 2021.

PA&H insurance market in Europe

Europe’s PA&H insurance is expected to have recovered in 2021. Across the region, insurers are focusing on preventive healthcare for the early detection and treatment of medical conditions to minimize large claims.

PA&H insurance market in the Middle East & Africa

The COVID-19 pandemic increased the demand for private health insurance solutions in the region, due to rising awareness and the implementation of mandatory covers. The revival in the tourism sector is also expected to support the growth of PA&H insurance in the region over the next five years.

PA&H insurance market in South & Central America

The COVID-19 pandemic boosted the demand for health insurance solutions in the region. Higher demand incentivized insurers to innovate their solutions to increase their market share.

Personal Accident & Health Insurance Market Analysis by Regions

Personal Accident & Health Insurance Market Analysis by Regions

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What are the key lines of business in the global personal accident & health insurance market?

The key segments in the global personal accident & health insurance market are non-categorized life personal accident & health, life travel, life personal accident, life health, non-categorized general insurance personal accident & health, general insurance travel, general insurance personal accident, and general insurance health/ stand-alone health.

Health insurance business of general insurance and stand-alone health insurers accounted for the largest share in PA&H insurance in 2020 and was followed by the health insurance business of life insurance.

Personal Accident & Health Insurance Market Analysis by Lines of Business

Personal Accident & Health Insurance Market Analysis by Lines of Business

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Which are the leading companies in the global personal accident & health insurance market?

The leading companies in the global PA&H insurance industry are UnitedHealth Group, Anthem Inc, Humana Group, Centene Corporation Group, HCSC Group, Ping An Insurance Company Of China Limited, CVS Health Corporation, Kaiser Foundation Group, Guidewell Mutual Holding Corporation, and Independence Health Group.

Personal Accident & Health Insurance Market Analysis by Companies

Personal Accident & Health Insurance Market Analysis by Companies

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Market Report Scope

Market size (2020) $1.6 trillion
CAGR (2020-2025) >6%
Forecast period 2021-2025
Key regions North America, Europe, Asia-Pacific, South & Central America, and Middle East & Africa
Key lines of business Non-Categorized Life Personal Accident & Health, Life Travel, Life Personal Accident, Life Health, Non-Categorized General Insurance Personal Accident & Health, General Insurance Travel, General Insurance Personal Accident, and General Insurance Health/ Stand Alone Health
Leading companies UnitedHealth Group, Anthem Inc, Humana Group, Centene Corporation Group, HCSC Group, Ping An Insurance Company Of China Limited, CVS Health Corporation, Kaiser Foundation Group, Guidewell Mutual Holding Corporation, and Independence Health Group

 Scope

This report provides a comprehensive analysis of the global personal accident and health insurance industry –

  • It provides historical values for the global and regional personal accident and health insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the regional personal accident and health insurance industry and market forecasts till 2025.
  • It provides key market trends in the global personal accident and health insurance industry.
  • It provides an in-depth analysis of the global retail and commercial personal accident and health insurance sectors.
  • It analyzes consumer preference in purchasing personal accident and health insurance via different channels.
  • It provides rankings, premiums, and market share of the top global and regional personal accident and health insurers and analyzes the competitive landscape.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the global and regional personal accident and health insurance industry.

  • In-depth market analysis, information, and insights into the global personal accident and health 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 personal accident and health insurance industry.

  • Identify key regulatory developments impacting the market growth.

  • Identify growth opportunities in key regional markets.

UnitedHealth Group
Anthem Inc
Humana Group
Centene Corporation Group
HCSC Group
Ping An Insurance Company Of China Limited
CVS Health Corporation
Kaiser Foundation Group
Guidewell Mutual Holding Corporation
Independence Health group

Table of Contents

Table of Contents

Executive Summary

Key Market Trends

Global Overview

Market Size

Key Market Trends

Global Overview

Market Size

Key Lines of Business

Commercial and Retail

Top Markets

Regulatory Trends

Competitive Landscape

Market Competition Overview

Company Profiles

Regional Overview

Asia-Pacific

Europe

Middle East and Africa

North America

South and Central America

Market Outlook

Key Statistics

Appendix

Frequently asked questions

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