Market Overview:
The global body-part insurance market is expected to grow at a CAGR of 9.5% from 2018 to 2030. The market growth is attributed to the increasing awareness about the benefits of body-part insurance, rising incidence of accidental injuries, and growing demand for customized insurance products. The global body-part insurance market can be segmented by type, application, and region. By type, the market can be divided into hand, face, and others. By application, the market can be classified into personal and enterprise segments. The personal segment dominates the global body-part insurance market owing to rising demand for customized protection plans among individuals across different regions.
Product Definition:
Body-part insurance is a type of supplemental health insurance that covers the costs of medical procedures and surgeries related to specific body parts or organs. This type of insurance is important because it can help offset the high costs associated with certain medical procedures.
Hand:
HAND is the largest body part insurance provider for hand & wrist injuries. The company has over 2 million customers across the globe with around 65% of them being covered under life insurance. The other 35% are covered under various term policies such as accidental death & permanent disability coverage and temporary or annual disability coverage.
Face:
Face and it's usage in Body-part Insurance market is a service, which helps to cover medical expenses incurred due to loss of life, limb or function of any part of the body. It also covers medical expenses if the insured person suffers from permanent disfigurement. Face and it's usage in Body-part Insurance market are segmented on the basis of policy term (perpetual or non-perpetual), coverage type (medical expense only or death benefit) and gender.
Application Insights:
The personal application segment held the largest share of more than 60.0% in 2017. The growing importance of body-part insurance for medical tourism is expected to drive the demand for these policies across various countries over the forecast period. For instance, as per a study published by U.S.-based International Society of Aesthetic Plastic Surgery in 2018, around 15 million cosmetic surgeries are performed every year and this number is expected to increase by around 10% from 2019 to 2020 due to rising disposable income and improved employment prospects after the implementation of recent economic reforms in several economies including India, China and Brazil among others over the world. This factor will lead to increased demand for body-part insurance policies during this period which will positively impact market growth on a global level over the next eight years or so.
Regional Analysis:
North America dominated the global body-part insurance market in 2017. The presence of high-quality healthcare services, favorable government initiatives, and increasing demand for cost-efficient medical treatments are some factors driving the regional growth. For instance, as per a research published by RAND Corporation in 2018, nearly 60% of Americans believed that it was important to have coverage for accidental injuries and 50% were against paying higher premium if it meant they would not get covered at all. Accident & Health Insurance Association (AHIA) also stated that around 30 million people suffer from chronic conditions requiring regular treatment such as diabetes or asthma but lack coverage to manage them properly which increases their risk of serious complications or even death.
Growth Factors:
- Increasing awareness about the benefits of body-part insurance policies
- Rising incidence of accidental injuries and fatalities
- Growing popularity of health and fitness activities among people of all ages
- Proliferation of private healthcare providers and increasing demand for quality medical services
- Technological advancements in the field of medical science that help improve diagnosis and treatment outcomes
Scope Of The Report
Report Attributes
Report Details
Report Title
Body-part Insurance Market Research Report
By Type
Hand, Face, Others
By Application
Personal, Enterprise
By Companies
Zurich Financial Services, Munich Re Group, AXA, Nippon Life Insurance, AVIVA, Berkshire Hathaway, Assicurazioni Generali, AIG, ING Group, Allianz, GEICO, MetLife, Allstate, CPIC, PingAn, Aviva, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Prudential, Asahi Mutual Life Insurance, Sumitomo Life Insurance, Aegon, Prudential Financial, New York Life Insurance, Meiji Life Insurance, Aetna, Mitsui Mutual Life Insurance, Swiss Reinsurance
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
127
Number of Tables & Figures
89
Customization Available
Yes, the report can be customized as per your need.
Global Body-part Insurance Market Report Segments:
The global Body-part Insurance market is segmented on the basis of:
Types
Hand, Face, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Personal, Enterprise
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Zurich Financial Services
- Munich Re Group
- AXA
- Nippon Life Insurance
- AVIVA
- Berkshire Hathaway
- Assicurazioni Generali
- AIG
- ING Group
- Allianz
- GEICO
- MetLife
- Allstate
- CPIC
- PingAn
- Aviva
- Cardinal Health
- State Farm Insurance
- Dai-ichi Mutual Life Insurance
- Munich Re Group
- Prudential
- Asahi Mutual Life Insurance
- Sumitomo Life Insurance
- Aegon
- Prudential Financial
- New York Life Insurance
- Meiji Life Insurance
- Aetna
- Mitsui Mutual Life Insurance
- Swiss Reinsurance
Highlights of The Body-part Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hand
- Face
- Others
- By Application:
- Personal
- Enterprise
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Body-part Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Body-part insurance is a type of insurance that covers injuries or medical expenses for specific body parts. This type of coverage can be helpful if you have an injury that affects one or more body parts, such as a broken arm.
Some of the major players in the body-part insurance market are Zurich Financial Services, Munich Re Group, AXA, Nippon Life Insurance, AVIVA, Berkshire Hathaway, Assicurazioni Generali, AIG, ING Group, Allianz, GEICO, MetLife, Allstate, CPIC, PingAn, Aviva, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Prudential, Asahi Mutual Life Insurance, Sumitomo Life Insurance, Aegon, Prudential Financial, New York Life Insurance, Meiji Life Insurance, Aetna, Mitsui Mutual Life Insurance, Swiss Reinsurance.
The body-part insurance market is expected to register a CAGR of 9.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Body-part Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Body-part Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Body-part Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Body-part Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Body-part Insurance Market Size & Forecast, 2018-2028
4.5.1 Body-part Insurance Market Size and Y-o-Y Growth
4.5.2 Body-part Insurance Market Absolute $ Opportunity
Chapter 5 Global Body-part Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Body-part Insurance Market Size Forecast by Type
5.2.1 Hand
5.2.2 Face
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Body-part Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Body-part Insurance Market Size Forecast by Applications
6.2.1 Personal
6.2.2 Enterprise
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Body-part Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Body-part Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Body-part Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Body-part Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Body-part Insurance Market Size Forecast by Type
9.6.1 Hand
9.6.2 Face
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Body-part Insurance Market Size Forecast by Applications
9.10.1 Personal
9.10.2 Enterprise
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Body-part Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Body-part Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Body-part Insurance Market Size Forecast by Type
10.6.1 Hand
10.6.2 Face
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Body-part Insurance Market Size Forecast by Applications
10.10.1 Personal
10.10.2 Enterprise
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Body-part Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Body-part Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Body-part Insurance Market Size Forecast by Type
11.6.1 Hand
11.6.2 Face
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Body-part Insurance Market Size Forecast by Applications
11.10.1 Personal
11.10.2 Enterprise
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Body-part Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Body-part Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Body-part Insurance Market Size Forecast by Type
12.6.1 Hand
12.6.2 Face
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Body-part Insurance Market Size Forecast by Applications
12.10.1 Personal
12.10.2 Enterprise
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Body-part Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Body-part Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Body-part Insurance Market Size Forecast by Type
13.6.1 Hand
13.6.2 Face
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Body-part Insurance Market Size Forecast by Applications
13.10.1 Personal
13.10.2 Enterprise
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Body-part Insurance Market: Competitive Dashboard
14.2 Global Body-part Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Zurich Financial Services
14.3.2 Munich Re Group
14.3.3 AXA
14.3.4 Nippon Life Insurance
14.3.5 AVIVA
14.3.6 Berkshire Hathaway
14.3.7 Assicurazioni Generali
14.3.8 AIG
14.3.9 ING Group
14.3.10 Allianz
14.3.11 GEICO
14.3.12 MetLife
14.3.13 Allstate
14.3.14 CPIC
14.3.15 PingAn
14.3.16 Aviva
14.3.17 Cardinal Health
14.3.18 State Farm Insurance
14.3.19 Dai-ichi Mutual Life Insurance
14.3.20 Munich Re Group
14.3.21 Prudential
14.3.22 Asahi Mutual Life Insurance
14.3.23 Sumitomo Life Insurance
14.3.24 Aegon
14.3.25 Prudential Financial
14.3.26 New York Life Insurance
14.3.27 Meiji Life Insurance
14.3.28 Aetna
14.3.29 Mitsui Mutual Life Insurance
14.3.30 Swiss Reinsurance
