Personal accident and health insurance market is predicted to reach at a CAGR of 9% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Personal accident and health insurance market”.

The personal accident and health insurance market is estimated to register a CAGR of 9.00%during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global personal accident and health insurance market— Cathay Life Insurance, Shin Kong Life Insurance, BrightHouse, Liberty Mutual, John Hancock Financial, Cigna Taiwan Life Insurance, Taiwan Life Insurance, 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

Personal Accident and Health Insurance Market Highlights

The global personal accident and health insurance market is accounted to register a CAGR of 9.00%during the forecast period and is estimated to reach by 2032.

Age-related disorders, chronic diseases, and health difficulties are more common in the aging population. As a result, older people who need to manage their medical bills and seek medical attention have a greater need for health insurance coverage. Customers look for all-inclusive insurance plans that cover medical procedures, hospital stays, surgeries, prescription drugs, diagnostic testing, and preventative care. The demand for health insurance policies is driven by the requirement for comprehensive coverage. Adverse selection presents an obstacle for insurers when underwriting policies since it increases the likelihood that people with higher health risks may seek coverage, which could result in a rise in claims and financial risk for the insurance company.

Segment Analysis

The global personal accident and health insurance market has been segmented into application, and product type.

On the basis of Application, the market is segmented into Direct Marketing, Bancassurance, Agencies, E-commerce, and Brokers. The brokers segment was attributed to holding the largest market share in 2022. Because They are skilled in deciphering the intricacies of insurance policies.

Based on Product Type, the global personal accident and health insurance market has been segmented into Personal Accident Insurance, and Health Insurance. The health insurance segment was expected to hold the largest market share in 2022. Because it shields consumers from financial obligations resulting from unforeseen medical costs while giving them access to high-quality healthcare services.

Regional Analysis                                                 

The global personal accident and health insurance market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe personal accident and health insurance market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The personal accident and health insurance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World personal accident and health insurance market comprises of Middle East, Africa, and Latin America.

The largest market share for personal accident and health insurance was maintained by the North American regional sector. The need for health insurance coverage is driven by rising healthcare expenses in North America. People look for insurance in order to lessen the financial burden of medical care, hospital stays, and prescription medication. In North America, a lot of companies include health insurance in their benefits packages for staff members. The workforce's insurance coverage is greatly encouraged by employer-sponsored health plans, which also serve to enhance public healthcare systems.

Moreover, the Europe market has been persistently growing over the forecast period. Due to the substantial aging of the European population, chronic diseases and age-related health problems are more common there. The need for health insurance coverage among older people seeking medical care and managing health-related expenses is driven by this demographic trend. The European health insurance market is influenced by government policies and reforms. Regulations are being changed in an effort to increase coverage alternatives, cost, and accessibility, which will affect the demand for health insurance.

Additionally, Many Asia-Pacific nations are experiencing rapid economic expansion, which is creating a middle class with increasing discretionary income. Consequently, more people are able to buy health insurance to guard against unforeseen medical costs. Due to the fast aging population in the Asia Pacific area, chronic diseases and age-related health problems are more common. The need for health insurance coverage among older people seeking medical care and managing health-related expenses is driven by this demographic trend.

Furthermore, the rest of the world's personal accident and health insurance market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising investment in research and development. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

• The global personal accident and health insurance market is expected to reach USD XX billion by 2032, at a CAGR of 9.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the fast aging population in the Asia Pacific area, chronic diseases and age-related health problems are more common.


• Based on application, the brokers segment was attributed to holding the largest market in 2022.


• Cathay Life Insurance, Shin Kong Life Insurance, BrightHouse, Liberty Mutual, John Hancock Financial, Cigna Taiwan Life Insurance, Taiwan Life Insurance, 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.