The global accidental death insurance market was valued at about
The accidental death insurance market consists of sales of accidental death insurance. The financial institutions pays a lump sum amount to the beneficiary in case of an accidental death, in addition to the standard benefit payable if the insured died of natural causes. This type of insurance is often an addition or a clause connected to a life insurance policy.
The North American market is the largest market for
The accidental death insurance market is being driven by rising number of accidental deaths. Due to the rising number of deaths by accidents, there is an increase in awareness in the general public about benefits of having accidental death insurance and is driving them to opt for accidental death insurance policies, to safeguard their family's income.
The accidental death insurance market is being restrained by a low awareness about life insurance including accidental death insurance. This results in fewer number of people opting for accidental death insurance, especially in underdeveloped and developed countries.
For instance, according to a report by
The companies in the accidental death insurance market are witnessing transformation due to the integration of block chain technology in life insurance products and processes. Block chain technology is a system which keeps a track of transactions done via cryptocurrencies and maintains it across several computers which are linked to each other.
This facilitates a transparent process for both the insurance companies and customers, thus enabling the removal of fraudulent claims and activities. In addition to that, claims can be processed quickly, and the process becomes more flexible. For instance, Generali, a major life insurance firm, partnered with Accenture in 2019, to launch a new block chain based insurance service which saves time and reduces processing errors.
The accidental death insurance market is regulated by authorities such as
The goal of the GDPR is to protect all citizens of EU from data breaches, and life insurance companies are fined upto 4% of their annual turnover for data violation. In case of a data breach, customers are required to be notified within 72 hours after the company is aware of the breach. In 2016, the
Major players in the market are Allianz, Assicurazioni Generali,
For more information about this report visit https://www.researchandmarkets.com/r/km2erg
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