Family accident insurance seen hitting $6.7b by 2029

Asia-Pacific is expected to post the fastest growth.

The global family accident insurance market is set to rise from $4.11b in 2024 to $4.54b in 2025, reflecting a 10.6% compound annual growth rate (CAGR), according to The Business Research Company.

North America led the global market in 2024, whilst the Asia-Pacific region is expected to post the fastest growth in the coming years.

The growth so far has been supported by rising urbanisation, greater awareness through traditional agent networks, regulatory incentives for personal accident coverage, broader banking access, and increasing demand for family financial protection.

Looking ahead, the market is projected to reach $6.72b by 2029, with a 10.3% CAGR. 

The expansion will be driven by rising demand for financial security, the spread of digital insurance platforms, government-led health and social protection programs, a growing middle class, and stronger corporate adoption of group accident insurance.

Emerging trends shaping the sector include the use of telemedicine, artificial intelligence, and behavioral analytics, as well as the rise of micro-insurance, wellness-linked coverage, and voice-activated insurance tools.