Disability insurance refers to a type of insurance policy that provides financial support to the insured individual in the event they are unable to work due to a disability caused by illness or injury. This benefit is paid as a percentage of the individual's income or a fixed amount, depending on the policy terms.
The disability insurance market consists of sales, by entities (organizations, sole traders, or partnerships), of disability insurance services that provide periodic payments to policyholders in the event they are unable to work due to a disability. This payment can be used at the discretion of the insured, providing them with financial support during their period of disability.
The global disability insurance market was valued at $2,412.84 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Increased Number Of Insurance Claims
The increased number of insurance claims has significantly contributed to the growth of the disability insurance market during the historic period. An insurance claim refers to a formal request for compensation for losses covered by the insurance policy made to the insurance provider. Disability insurance protects against catastrophic injuries and illnesses that can result in a person's unemployment. Disability insurance can also protect against diseases such as heart disease and cancer. For instance, in December 2022, according to an article published by the Institute for Fiscal Studies, a UK-based research institute, the number of working-age people who started disability insurance claims increased from 15,000 in 2021 to 30,000 in 2022. Therefore, the Increased number of insurance claims drove the disability insurance market.
Technological Advancements Driving Innovation In Disability Insurance Market
Technological advancement is a key trend gaining popularity in the disability insurance market. Major companies operating in the disability insurance market are focusing on integrating new technologies to automate insurance claims to encourage claimants to provide essential updates and information about their condition or situation. For instance, in February 2022, FastTrack, a US-based life and disability insurance technology provider, launched a new PTD Auto-Recertification Solution. With the help of the new solution, carriers can benefit from trigger questions on digitized claimant statements and low-code/no-code implementation procedures. The service requires very little to no IT support from carriers during the implementation process.
The global disability insurance market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 40.4% of the total market in 2022.
Disability Insurance Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global disability insurance market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for disability insurance? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The disability insurance market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider disability insurance market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by insurance type, by coverage type and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the disability insurance market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by insurance type, by coverage type and by end user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for disability insurance providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Insurance Type: Employer Supplied Disability Insurance; Individual Disability Insurance; High Limit Disability Insurance; Business Overhead Expense Disability Insurance; Other Insurance Types
- 2) By Coverage Type: Short Term Disability Insurance; Long Term Disability Insurance
- 3) By End User: Government; Enterprise; Individual
- Companies Mentioned: Aflac Incorporated; Northwestern Mutual; AIA Group Limited; Ping An Insurance Company of China, Ltd; China Life Insurance Company Limited
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; disability insurance indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.