Market Overview:
The global family accident insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing awareness about family accident insurance policies, rising number of work-related accidents, and growing demand for disability benefits. Based on type, the global family accident insurance market is segmented into industrial injury medical, work injury allowance, handicapped, death due to work, and others. The industrial injury medical segment is expected to account for the largest share of the global family accident insurance market in 2018. This can be attributed to the increasing number of workplace accidents and rising demand for medical coverage for such accidents. Based on application, the global family accident insurance market is segmented into third party applications (such as employers), insurance company applications (such as health insurers), and others (including government agencies). The third party applications segment is expected to account for the largest share of the global family accident insurance market in 2018.
Product Definition:
Family Accident Insurance is an insurance policy that provides coverage for accidents that occur to family members. The policy may provide benefits for medical expenses, funeral expenses, and other costs associated with accidents. The importance of Family Accident Insurance varies depending on the individual situation. Some people may find it important to have coverage in case of an accident, while others may not feel the need for coverage.
Industrial Injury Medical:
Industrial Injury Medical is a form of medical expense insurance that provides benefits in case of work-related injuries or illnesses. It also covers expenses in case the employee is unable to work due to injury or illness. The primary difference between this policy and other workers' compensation policies is that it specifically excludes coverage for loss of consortium (loss of companionship). Industrial Injury Medical plans are designed for large as well as small employers and provide significant cost advantages over traditional workers’ compensation programs.
Work Injury Allowance:
Work injury allowance is a payment made to an employee by his/her employer as compensation for injuries received at work. It is also used in some cases where the employee cannot prove that he/she has been injured at work, but the medical evidence suggests that he/she has been. The amount of money paid depends on various factors such as type of injury, duration of disability and age of worker.
Application Insights:
The others application segment held the largest share of over 50.0% in 2017. The others category includes personal injury, death due to work and other specified risks. The growing number of fatalities caused by road accidents, rise in air pollution and water pollution is expected to drive the demand for third party risk coverage globally. In addition, a significant increase in travel activities across various regions has led to an increased number of fatal accidents which is further anticipated to boost the demand for family accident insurance policies over the forecast period.
Insurance company application accounted for a considerable market share as compared with third party applications globally as they offer customized solutions according to their clientele¢â‚¬â„¢s needs while covering all risks involved during an accidental event or illness from loss of income due to medical absences up till full recovery including rehabilitation costs incurred by patients suffering from Work Injury (WIA) or Industrial Accident (IA).
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to high awareness levels regarding workplace safety, presence of a large number of companies offering policies, and favorable government initiatives promoting employee benefits.
Asia Pacific is estimated to witness significant growth over the forecast period owing to rising disposable income and improving standard of living in emerging countries such as India and China. Furthermore, an increasing number of manufacturing facilities by prominent players in these countries will drive demand for family accident insurance products over the next few years.
Growth Factors:
- Increasing awareness about the benefits of family accident insurance policies
- Rising number of road accidents and fatalities across the globe
- Growing demand for customized insurance products
- Proliferation of online insurance platforms and increasing internet penetration
- Surge in the number of self-employed professionals and small businesses
Scope Of The Report
Report Attributes
Report Details
Report Title
Family Accident Insurance Market Research Report
By Type
Industrial Injury Medical, Work Injury Allowance, Handicapped, Death due to Work, Others
By Application
Third Party, Insurance Company, Others
By Companies
ACE Insurance, Achmea, AEGON, Allianz, Anadolu Hayat Emeklilik, Assicurazioni Generali, Assurant, AIA Group, AlfaStrakhovanie, Banamex, Banco Bilbao Vizcaya Argentaria, Banco Bradesco, BNP Paribas Cardif, China Life Insurance Company, China Pacific Insurance, CNP Assurances, Credit Agricole, DZ Bank, Garanti Emeklilik ve Hayat, Great Eastern Holdings, Grupo Nacional Provincial, Hanwha Life Insurance Company, HDFC Standard Life Insurance Company, ICICI Prudential Life Insurance Company
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
169
Number of Tables & Figures
119
Customization Available
Yes, the report can be customized as per your need.
Global Family Accident Insurance Market Report Segments:
The global Family Accident Insurance market is segmented on the basis of:
Types
Industrial Injury Medical, Work Injury Allowance, Handicapped, Death due to Work, 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
Third Party, Insurance Company, Others
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:
- ACE Insurance
- Achmea
- AEGON
- Allianz
- Anadolu Hayat Emeklilik
- Assicurazioni Generali
- Assurant
- AIA Group
- AlfaStrakhovanie
- Banamex
- Banco Bilbao Vizcaya Argentaria
- Banco Bradesco
- BNP Paribas Cardif
- China Life Insurance Company
- China Pacific Insurance
- CNP Assurances
- Credit Agricole
- DZ Bank
- Garanti Emeklilik ve Hayat
- Great Eastern Holdings
- Grupo Nacional Provincial
- Hanwha Life Insurance Company
- HDFC Standard Life Insurance Company
- ICICI Prudential Life Insurance Company
Highlights of The Family Accident 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:
- Industrial Injury Medical
- Work Injury Allowance
- Handicapped
- Death due to Work
- Others
- By Application:
- Third Party
- Insurance Company
- Others
- 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 Family Accident 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.
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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?
Family accident insurance is a type of insurance that helps cover the costs associated with unexpected accidents that occur within a family. This type of coverage can help to provide financial assistance to families who are affected by an accident, and can also help to ensure that those affected have access to necessary medical care.
Some of the major companies in the family accident insurance market are ACE Insurance, Achmea, AEGON, Allianz, Anadolu Hayat Emeklilik, Assicurazioni Generali, Assurant, AIA Group, AlfaStrakhovanie, Banamex, Banco Bilbao Vizcaya Argentaria, Banco Bradesco, BNP Paribas Cardif, China Life Insurance Company, China Pacific Insurance, CNP Assurances, Credit Agricole, DZ Bank, Garanti Emeklilik ve Hayat, Great Eastern Holdings, Grupo Nacional Provincial, Hanwha Life Insurance Company, HDFC Standard Life Insurance Company, ICICI Prudential Life Insurance Company.
The family accident insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Family Accident 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 Family Accident Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Family Accident 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 Family Accident 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 Family Accident Insurance Market Size & Forecast, 2020-2028
4.5.1 Family Accident Insurance Market Size and Y-o-Y Growth
4.5.2 Family Accident Insurance Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Industrial Injury Medical
5.2.2 Work Injury Allowance
5.2.3 Handicapped
5.2.4 Death due to Work
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 Third Party
6.2.2 Insurance Company
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Family Accident 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 Family Accident 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Industrial Injury Medical
9.6.2 Work Injury Allowance
9.6.3 Handicapped
9.6.4 Death due to Work
9.6.5 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 Market Size Forecast by Applications
9.10.1 Third Party
9.10.2 Insurance Company
9.10.3 Others
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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Industrial Injury Medical
10.6.2 Work Injury Allowance
10.6.3 Handicapped
10.6.4 Death due to Work
10.6.5 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 Market Size Forecast by Applications
10.10.1 Third Party
10.10.2 Insurance Company
10.10.3 Others
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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Industrial Injury Medical
11.6.2 Work Injury Allowance
11.6.3 Handicapped
11.6.4 Death due to Work
11.6.5 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 Market Size Forecast by Applications
11.10.1 Third Party
11.10.2 Insurance Company
11.10.3 Others
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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Industrial Injury Medical
12.6.2 Work Injury Allowance
12.6.3 Handicapped
12.6.4 Death due to Work
12.6.5 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 Market Size Forecast by Applications
12.10.1 Third Party
12.10.2 Insurance Company
12.10.3 Others
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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Industrial Injury Medical
13.6.2 Work Injury Allowance
13.6.3 Handicapped
13.6.4 Death due to Work
13.6.5 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) Market Size Forecast by Applications
13.10.1 Third Party
13.10.2 Insurance Company
13.10.3 Others
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 Family Accident Insurance Market: Competitive Dashboard
14.2 Global Family Accident Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ACE Insurance
14.3.2 Achmea
14.3.3 AEGON
14.3.4 Allianz
14.3.5 Anadolu Hayat Emeklilik
14.3.6 Assicurazioni Generali
14.3.7 Assurant
14.3.8 AIA Group
14.3.9 AlfaStrakhovanie
14.3.10 Banamex
14.3.11 Banco Bilbao Vizcaya Argentaria
14.3.12 Banco Bradesco
14.3.13 BNP Paribas Cardif
14.3.14 China Life Insurance Company
14.3.15 China Pacific Insurance
14.3.16 CNP Assurances
14.3.17 Credit Agricole
14.3.18 DZ Bank
14.3.19 Garanti Emeklilik ve Hayat
14.3.20 Great Eastern Holdings
14.3.21 Grupo Nacional Provincial
14.3.22 Hanwha Life Insurance Company
14.3.23 HDFC Standard Life Insurance Company
14.3.24 ICICI Prudential Life Insurance Company
