PUBLISHER: Allied Market Research | PRODUCT CODE: 1344298
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344298
According to a new report published by Allied Market Research, titled, "Burial Insurance Market," The burial insurance market was valued at $142.89 billion in 2022, and is estimated to reach $370.1 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.
One of the main drivers of the burial insurance market is an increase in the aging population. As the population ages, the demand for funeral and burial services increases. Burial insurance provides a way for individuals to plan and cover these expenses in advance, ensuring that their close ones are not burdened with financial obligations after their passing. Furthermore, many burial insurance companies have embraced online platforms and direct-to-consumer sales models. They provide user-friendly websites where customers can obtain quotes, compare policies, and apply for coverage online. This approach reduces the need for intermediaries and enables a more streamlined and convenient customer experience, which contribute to the growth of the burial insurance market. In addition, rise in funeral costs and ease of access and affordability of burial insurance policies drives the growth of the market. However, limited awareness & understanding and underwriting & eligibility requirements are some of the factors that hamper the burial insurance market growth. On the contrary, an increase in awareness and acceptance has played a crucial role in providing lucrative opportunities for the growth of the burial insurance market. Further, the insurance industry, including burial insurance, has embraced technological advancements and digital distribution channels. Insurers now offer online platforms and mobile applications that simplify the policy purchase process, facilitate quick quotes, and provide easy access to information. These digital innovations have made burial insurance more convenient and accessible to consumers, attracting new customers.
The burial insurance market is segmented into type, age of end user, and region. By type, the market is divided into simplified issue, guaranteed issue, and pre-need insurance. Depending on the age of end user, it is fragmented into over 50, over 60, over 70, and over 80. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The burial insurance market analysis includes top companies operating in the market such as Choice Mutual, Colonial Penn, Fidelity Life Association, Foresters Financial, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, Progressive Casualty Insurance Company, Sentinel Security Life Inc., State Farm Mutual Automobile Insurance Company, and The Baltimore Life Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting and budgeting software industry.