Personal Accident and Health Insurance Market Scope
The Canadian personal accident and health insurance market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The Canadian personal accident and health insurance market was estimated to be around USD XXX Million in 2019 which is expected to witness a CAGR of 4.5% during the forecast period. Moreover, the rising elder age population across Canada with health issues is spreading awareness regarding health insurance across the region, and an increasing number of road accidental cases across the Canadian region is expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the 2nd half of FY 2021.
The Personal Accident and Health Insurance market study is segmented by Type (Personal Accidental Insurance and Personal Health Insurance) and major geographies with country level break-up.
The vendors in this market are majorly focusing on providing innovative solutions & better services for customers in order to cater to the market's demands to remain competitive in the market based on the current scenario. The recent industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the vendors have been witnessing a decrease in the adoption of personal & accidental insurance covers across Canada. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Personal Accident and Health Insurance market throughout the predicted period.
AIG(United States), Allianz (Germany), Assicurazioni Generali (Italy), Aviva plc (United Kingdom), AXA (France), Berkshire Hathaway (United States), China Pacific Insurance (China), Chubb Limited (United States), Geico (United States), Liberty Mutual (United States), PICC (China), Ping An Insurance (China), Prudential PLC (United Kingdom) and Zurich (Switzerland) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Personal Accident and Health Insurance market by Type, Application and Region.
On the basis of geography, the market of Personal Accident and Health Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Stringent Government Regulations by Superintendents of Insurance in Canada
- Rising Awareness Regarding the Investments in Health Insurance Sector Owing to Tax Savings
- Increasing Number of Accidental Cases Propelling the Demand for Personal Accident Insurance
- Presence of a Large Number of Old Age Population Generating Health Concerns & Propelling the Demand for Health Insurance in the Region
- Rising Disposable Income of Canadian Population Propelling the Investments in Insurance Sector Across Canada
- Health Concerns After the COVID-19 Pandemic is Expected to generate Future Opportunities During the Forecast Period
- Longer Time for Insurance Claims
- COVID-19 has Created Challenges for the Market Vendors in FY 2020
Analyst ViewIn the FY 2020, the consumers facing employment issues along with potential loss in income, and general market volatility which is hampering the new purchase of life insurance policies across the world. However, once the pandemic across the world becomes neutral and the consumer behavior begins to normalize, the effect of pandemic may bring new opportunities for market vendors by highlighting new products related to consumerís lives. Moreover, reduced sales along with unpredictable consumer behavior across the insurance sector can challenge the ability to predict investment opportunities.
Frequently asked questions:1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Personal Accident and Health Insurance Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.
3. What is expected growth rate?
According to AMA, the Global Personal Accident and Health Insurance market is expected to see growth rate of 4.5%.