Global Accident Insurance Market Size Likely to Expand at a CAGR of 6.57% By 2034

Accident Insurance Market Size

As per the Accident Insurance Market size analysis conducted by the CMI Team, the global Accident Insurance Market is expected to record a CAGR of 6.57% from 2025 to 2034. In 2025, the market size is projected to reach a valuation of USD 90.01 Billion. By 2034, the valuation is anticipated to reach USD 159.60 Billion.

Accident Insurance Market Overview

The global Accident Insurance Market is changing at a very rapid rate with a growing need for personalized, cost-effective, and digitally enabled insurance products. Industry giants such as China Life Insurance, PingAn, AXA, Sumitomo Life Insurance, and Aegon are spearheading the transformation with AI-enabled claims settlement, mobile app-based policy management, and personalized accident coverage policies.

Chinese insurers China Life and PingAn are leveraging big data analytics to measure risks and enhance underwriting accuracy. European players such as AXA and Aegon are leading with embedded insurance and expanding digital distribution through bancassurance and fintech partnerships. Japanese behemoth Sumitomo Life, in turn, is focusing on digital transformation to reach aging segments and introduce wellness-bundled accident coverage.

With global markets, public-private partnerships are also starting to find traction through regulatory direction and financial education campaigns, establishing accident insurance as a strong foundation of financial security.

Accident Insurance Market Growth Factors and Dynamics

Increasing Road Traffic Accidents: Increasing road traffic accidents globally have increased the need for accident insurance. As more and more individuals become aware of the cost incurred due to vehicular accidents, there is increased demand for insurance products offering coverage in case of medical costs, disability, and loss of income due to accidents. For instance, in April 2025, China Life Insurance posted a strong year-over-year 40% quarterly net profit of 28.8 billion yuan during Q1 2025, driven by exemplary investment yields and steady demand for savings-type insurance products.

Investment income surged dramatically to 25.2 billion yuan, attributable to a tactical focus on high-dividend stocks and higher-yielding bonds, while posting little fair-value losses. Premium income increased 5%, while new business value increased 4.8%, both a manifestation of a broader industry trend toward increasing demand for life insurance during a period in which consumers turn to long-term savings solutions amidst low interest rates.

Increasing Financial Protection Awareness: There is a growing world awareness of the need for financial protection from unexpected situations. This awareness encourages people and organizations to invest in accident insurance as a way to protect themselves from potential financial losses arising from accidents.

For example, in April 2025, Ping An’s 2024 Sustainability Report highlights robust financial and ESG performance, highlighting 30 years of education for public welfare and its “worry-free, time-saving, and money-saving” service. The firm posted 9.1% operating profit and 47.8% net profit growth, as its integrated comprehensive finance and health ecosystem served 242 million retail customers.

Expansion was led by tech innovation, with over 55,000 fintech and healthtech patents and AI processing 80% of customer queries. Ping An led green finance, grew green insurance premiums 57% and reduced emissions 8%, and funded small and micro enterprise. Its business earned best-in-class ESG ratings and inclusion in leading performing sustainability indices.

Increasing Middle-Class Population: Increasing middle-class population all over the world, and particularly in emerging markets, led to increased disposable income.Costlier financial position allows more people to be in a place to pay for and factor accident insurance as a part of their well-thought-out item in personal finance planning.

AXA announced in February 2025 a record year financially for 2024, in which net profit rose 11% to USD 8.94 billion, while revenues in total rose 8% to USD 124.9 billion. Expansion was fueled by robust performance in all segments, such as a 7% increase in property & casualty premiums, an 8% increase in life & health premiums (with a significant 18% increase in unit-linked products), and an 8% increase in asset management revenues.

Underlying earnings increased 7% to USD 9.1 billion, while asset management earnings increased 11%. Even as the Solvency II ratio declined to 216%, CEO Thomas Buberl credited the performance to the successful implementation of AXA’s “Unlock the Future” strategy, with a strong insurance strategy and solid balance sheet.

Report Scope

Accident Insurance Market SWOT Analysis

• Strengths: The accident insurance market is strengthened by increasing global awareness for personal security and management of money risk. Its capability of tailoring coverage across the different segments of customers—individuals, employees, and youth—raises its appeal. Addition of digital channels, faster claim settlement, and hospital and employer arrangements provide added support to its market position.

• Weaknesses: One of the major weaknesses is the complexity of policy terms, which can confuse customers and lead to under-penetration of benefits. Second, low insurance penetration and weak financial literacy in emerging markets limit the potential of the market. The other weakness is the reliance of traditional insurers on legacy IT systems, thereby stifling innovation.

• Opportunities: There is a huge opportunity in emerging markets where accident insurance remains underdeveloped. Microinsurance for poor segments and digitally first policies tailored to younger, technology-savvy consumers present strong growth opportunities. Telemedicine and wearable devices for real-time health monitoring can also provide new value-added products.

• Threats: Regulatory overhauls, privacy concerns in data, and fraud constitute the highest threats to the accident insurance industry. Economic recession in certain regions of the world can also cap consumer spending on insurance. Stiffer competition from insurtech companies that have more agile and technology-based solutions can also unseat conventional players.

List of the prominent players in the Accident Insurance Market:

• China Life Insurance
• PingAn
• AXA
• Sumitomo Life Insurance
• Aegon
• Dai-ichi Mutual Life Insurance
• CPIC
• Aviva
• Munich Re Group
• Zurich Financial Services
• Nippon Life Insurance
• Gerber Life Insurance
• AIG
• Others

The Accident Insurance Market is segmented as follows:

By Type of Accident Insurance

• Personal Accident Insurance
• Workplace Accident Insurance

By Policy Coverage

• Accidental Death Coverage
• Permanent Disability Coverage

By Customer Type

• Individual Customers
• Young Adults

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America