Global Accident Insurance Market expected to reach USD 159.60 Billion by 2034, driven by industry innovation.

From GlobeNewswire: 2025-05-14 12:30:00

The global Accident Insurance Market is expected to reach around USD 159.60 Billion by 2034, with a CAGR of 6.57%. Industry leaders like China Life, PingAn, AXA, Sumitomo Life, and Aegon are driving innovation with AI claims settlement and personalized policies. Increasing road accidents globally are fueling demand for accident insurance, with China Life Insurance reporting a 40% quarterly net profit growth in Q1 2025.

Financial protection awareness is driving the growth of accident insurance, with Ping An’s 2024 Sustainability Report showcasing strong financial and ESG performance. The rise of the middle-class population, especially in emerging markets, has led to increased disposable income, enabling more individuals to afford accident insurance. AXA reported a record year in 2024 with net profit rising 11% to USD 8.94 billion.

The report details the market size reaching USD 90.01 Billion in 2025 and projected to grow to USD 159.60 Billion by 2034, with a CAGR of 6.57%. It covers key segments by type of accident insurance, policy coverage, customer type, and region, providing revenue estimation, competitive landscape, and recent trends analysis. Regional scope includes North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The Accident Insurance Market report for 2024 includes an introduction, industry analysis, and COVID-19 impact study. Strengths include global awareness and tailored coverage, while weaknesses include complex policy terms and low penetration in emerging markets. Opportunities lie in emerging markets and new products like telemedicine, while threats include regulatory changes and competition from insurtech companies.

Key questions answered in the report include market size, growth factors, top companies, market categories, fastest-growing segments, players in the value chain, and how to access the sample report. Offerings include market share, dynamics, segmentation, and competitive landscape analysis.

The Accident Insurance Market can be divided into regions like North America, Europe, Asia-Pacific, and LAMEA. In North America, Geico is using telematics technology to optimize pricing strategies, while AIG faced significant losses due to the Los Angeles fires. In Europe, officials are enforcing accident insurance requirements on Russian oil tankers to combat sanctions evasion by the “dark fleet.” Russian exploitation of a “shadow fleet” of tanker vessels to evade EU sanctions poses risks to the environment, economy, and security. Untraceable, uninsured ships with AIS transmitters off could cause massive oil spills, harming sea life and tourism. Tougher EU sanctions and enhanced international cooperation are needed to prevent evasions.

Chinese electric vehicle manufacturer BYD gets approval to sell motor liability insurance, reflecting a trend of automakers entering the insurance sector. In 2023, Asia-Pacific suffered $65 billion in economic losses from natural disasters, with only $6 billion covered. Aon emphasizes the need for advanced climate modeling and increased insurance coverage to protect against climate hazards.

Accident insurance is growing in the LAMEA region due to regulatory changes and innovation. Brazil saw market growth with a new insurance contract law, while Middle Eastern reinsurers eased conflict-related exclusions. Africa introduced parametric insurance for climate risks, and Ghana launched the POKUAA digital platform for insurance services, signaling modernization and accessibility. 1. In a recent study, researchers found that the COVID-19 vaccine is highly effective in preventing severe illness and hospitalization. The study showed that the vaccine reduced the risk of hospitalization by 95% and severe illness by 90%.

2. A new report revealed that the global economy is expected to grow by 6% in 2021, the fastest rate in nearly 50 years. This growth is driven by vaccines, fiscal stimulus, and accommodative monetary policies.

3. The unemployment rate in the United States fell to 6% in March, the lowest level since the start of the pandemic. The economy added 916,000 jobs, surpassing expectations and signaling a strong recovery.

4. Tesla announced record profits in the first quarter of 2021, with a net income of $438 million. The electric car company also reported a 74% increase in revenue compared to the same period last year.

5. The CDC has updated its guidelines to say that fully vaccinated individuals can travel safely within the United States. Vaccinated travelers are still advised to wear masks and practice social distancing while traveling. 1. The stock market surged today, with the Dow Jones Industrial Average gaining 300 points to reach a new record high. This boost came after positive economic data was released, showing strong growth in consumer spending and a decrease in unemployment rates.

2. In other news, a new study has found that regular exercise can significantly reduce the risk of heart disease. Researchers found that individuals who engaged in at least 150 minutes of moderate exercise per week were 35% less likely to develop heart disease compared to those who were sedentary.

3. The United Nations reported a record number of refugees fleeing conflict and persecution in 2021, with over 82 million people displaced worldwide. This marks a concerning trend of increasing displacement, with many refugees facing hardships and lack of access to basic necessities such as food, shelter, and healthcare.

4. The latest data from the Centers for Disease Control and Prevention shows a decrease in COVID-19 cases across the United States. This decline is attributed to increased vaccination rates and public health measures. Despite this positive trend, experts warn of the continued threat of new variants and the importance of staying vigilant.

5. A groundbreaking discovery in the field of medicine has led to the development of a new treatment for Alzheimer’s disease. Researchers have found a compound that can target and remove toxic proteins in the brain, slowing down the progression of the disease. This breakthrough offers hope for millions of individuals affected by Alzheimer’s. 1. The stock market reached record highs today, with the S&P 500 closing at 3,850 and the Dow Jones Industrial Average hitting 31,000 points. Investor confidence is high due to positive earnings reports from major companies like Apple and Microsoft.

2. COVID-19 cases continue to rise, with over 200,000 new cases reported in the US alone. Hospitalizations are also increasing, putting strain on healthcare systems. Health officials urge the public to follow safety guidelines and get vaccinated when eligible.

3. In economic news, unemployment claims have decreased slightly to 787,000, but job growth remains slow. The Federal Reserve is considering further stimulus measures to support the economy, as the recovery from the pandemic continues to be uneven across different industries.



Read more at GlobeNewswire: [Latest] Global Accident Insurance Market Size/Share Worth