Insurance

The global disability insurance market will reach $9.2 billion by 2031:

Portland, OR, Aug. 19, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the disability insurance market amassed revenue of $3.3 billion in 2021 and is expected to reach $9.2 billion by 2031, registering a CAGR of 11.2% from 2022 to 2031. The market study provides a detailed analysis of changing industry trends, most important segments, value chain analysis, key investment business scenarios, regional space and competitive space. The study is a key source of information for giant players, entrepreneurs, shareholders and owners to generate new strategies for the future and take action to improve their market position. The report presents an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly changing industry.

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Report coverage and details:

Report cover Details
Forecast period 2022–2031
Year of reference 2021
Market size in 2021 $3.3 billion
Market size in 2031 $9.2 billion
CAGR 11.2%
Number of pages in the report 325
Segments Covered Type of insurance, end user, type of coverage and region
Drivers Increased awareness of the benefits of Social Security Disability Insurance regulation and tax benefits under different sections of the Income Tax Act.
Launch of new offers and schemes by insurance companies.
Introduction of technologies such as automated claims processing and online insurance process resulting in cost savings.
Opportunities Increasing government assistance and favorable policies incentivizing the purchase of medical and health insurance.
Constraints Low knowledge of disability insurance among customers.

Covid-19 scenario-

  • The Covid-19 pandemic has had a positive impact on the growth of the global disability insurance market, due to the increase in the massive use of big data technologies for claims processing.
  • Algorithms have been used by insurance companies to derive meaningful insights from historical and real-time data during the COVID-19 pandemic. This has contributed to the immense growth of the global market.

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The report offers a detailed segmentation of the global disability insurance market on the basis of insurance type, coverage type, end-user, and region. It provides in-depth analysis of each segment and sub-segment in tables and figures through which consumers can draw conclusion about market trends and outlook. Market report analysis helps organizations, investors, and entrepreneurs to understand which sub-segments are to be tapped to achieve huge growth in the coming years.

In terms of insurance type, the employer-provided disability insurance segment was the largest in 2021, accounting for more than a third of the overall global disability insurance market share. Moreover, this segment is expected to maintain its number one position in terms of revenue over the forecasted period. However, the business overhead disability insurance industry is expected to record the Highest CAGR by 14.8% from 2022 to 2031. The report also provides an overall analysis of segments such as individual disability insurance, high ceiling disability insurance and others.

On an end-user basis, the individual segment held the largest share in 2021, contributing more than two-fifths of the overall global disability insurance market. Moreover, this segment is expected to account for the highest market share by 2031. However, the government segment is also expected to register the fastest CAGR of 13.0% during the forecast period. The report also provides an overall analysis of the business segment.

By type of coverage, the long-term disability insurance segment held the largest share in 2021, contributing nearly three-fifths of the overall global disability insurance market. Moreover, this segment is expected to account for the highest market share by 2031. However, short term disability insurance segment is expected to register the fastest CAGR of 12.9% during the forecast period .

By region, North America contributed the highest market share in 2021, accounting for more than half of the global disability insurance market. Moreover, the region is also expected to make a major contribution to the global market share in 2031. However, Asia Pacific disability insurance market is expected to register the highest CAGR of 13.5% during the period forecast. The research also analyzes regions such as LAMEA and Europe.

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Key players in the global disability insurance market examined in the research include Guardian Life Insurance Company, Aegon NV, Nippon Life Insurance, Massmutual, Ahana, Assurity Group, Inc., Allianz, MetLife Services and Solutions, LLC, Petersen International Underwriters (PIU), Assicurazioni Generali SpA, Asteya, Aviva, AXA, Illinois Mutual, Mutual of Omaha, Ping An Insurance and Zurich Insurance Group.

The report assesses these major players in the global disability insurance industry. These players have executed a range of major business strategies such as regional and customer base expansion, new product launches, strategic alliances and joint ventures to expand product lines in global markets. The market research report supports tracking the performance of each segment, the positioning of each product in the respective segments, and the impact of new technologies and product innovations on the overall market size.

Main benefits for stakeholders

  • This report provides a quantitative analysis of the Disability Insurance market forecasts, current trends, estimates and dynamics of the Disability Insurance market analysis from 2021 to 2031 to identify opportunities in the Disability Insurance market. Disability Insurance.
  • Market research is offered with information related to key drivers, restraints, and opportunities.
  • Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
  • An in-depth analysis of the disability insurance market segmentation helps in determining the existing market opportunities.
  • Major countries in each region are mapped based on their contribution to revenue in the Disability Insurance market outlook.
  • The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
  • The report includes analysis of regional and global Disability Insurance market trends, key players, Disability Insurance market opportunities, application areas and market growth strategies.

Key market segments

type of insurance

  • Individual Disability Insurance
  • High ceiling disability insurance
  • Business overhead disability insurance
  • Others
  • Disability insurance provided by the employer

Final user

  • Government
  • Company
  • Individual

Type of coverage

  • Short-term disability insurance
  • Long term disability insurance

By region

  • North America (US, Canada)
  • Europe (UK, Germany, Netherlands, France, Spain, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Rest of Asia Pacific)
  • LAMEA (Brazil, Mexico, United Arab Emirates, Saudi Arabia, South Africa, Rest of LAMEA)

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