Latest News- Personal Accident And Health (Pa And H) Insurance Market: Personal health insurance is expected to lead the Type segment during 2024-2028

The Personal Accident And Health (Pa And H) Insurance Market is being driven by Increasing awareness about benefits of personal accident and health insurance

The Personal Accident And Health (Pa And H) Insurance Market is expected to grow at a CAGR of 8.81% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 720.5 billion. The global Personal Accident and Health (PA&H) insurance market has experienced significant expansion in recent years, driven by the proliferation of digital channels. Leveraging advanced technology, insurers have made it more convenient for customers to purchase policies, file claims, and access assistance online. This innovation has broadened market reach, particularly in emerging economies where insurance penetration is low and traditional distribution networks are limited. For instance, Indian insurers like ACKO General Insurance Ltd (ACKO) and Policybazaar Insurance Brokers Private Ltd (PolicyBazaar) have capitalized on digital platforms to offer customized PA&H insurance solutions to a wider audience. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Personal health insurance
  • Personal accidental insurance
• Age Group
  • Adults
  • Senior citizens
  • Children
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • Japan
  • Europe
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing awareness about benefits of personal accident and health insurance
• Rise in number of accidents
• Increase in prevalence of chronic diseases

However, the market also witnesses some limitations, which are as follows:

• Vulnerability toward cybercrime
• Stringent regulation compliance
• High cost of insurance policy

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Market Scope in Personal Accident And Health (Pa And H) Insurance Market Research Report

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Research Analysis Overview

The Personal Accident and Health (PA&H) insurance market encompasses various types of coverage, including medical insurance, critical illness insurance, and hospital indemnity insurance. These plans offer policy benefits for premium payments, addressing health-related risks through claims procedures. Insurance providers and companies offer a range of health insurance plans, from traditional to innovative solutions, in the dynamic health insurance marketplace. Trends, costs, and regulations shape the health insurance industry, with consumer protection, education, and awareness being crucial. Health insurance marketing, sales, distribution, technology, and consulting play significant roles in the sector, alongside research and analysis. However, challenges such as insurance fraud and legislation continue to impact the market.

Market Research Overview

The Personal Accident and Health (PA&H) insurance market encompasses revenue generated from providers of accident coverage, medical expenses, disability benefits, critical illness cover, and surgical expenses. According to Technavio's market research, the global specialized consumer services market, which includes PA&H insurance, is calculated based on the earnings of various service providers. This market size excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services. Key services included in the market are residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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