New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global financial protection market is estimated to generate a revenue of $29,381.6 million by 2028 and grow at a CAGR of 3.8% over the forecast period (2021 to 2028). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the global financial protection market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per analysts at Research Dive, the growing cases of dangerous diseases such as dengue, malaria, and cancer among people across the globe are expected to drive the growth of the financial protection market during the forecast period. In addition, the availability of customizable financial protection plans for customers is further expected to bolster the growth of the market during the forecast period. The rising rate of unemployment among people across the globe is expected to create ample opportunities for the growth of the financial protection market during the forecast period. However, lack of knowledge about numerous financial protection policies among people is expected to impede the growth of the market during the forecast period.
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COVID-19 Impact on the Financial Protection Market
The outbreak of COVID-19 has had a significant impact on the growth of the global financial protection market, owing to the financial crisis experienced by people during the pandemic. The rate of unemployment surged subsequently during the pandemic as companies across the globe suffered huge financial losses. In addition, extensive spread of virus around the world led to serious health issues among people, which led to the inclination of people towards financial protection policies. Thus, coronavirus has had a positive impact on the growth of the market.
Segments of the Market
The report has divided the financial protection market into various segments based on type, policy coverage, end-user, and region.
Type: Long-term Financial Protection Sub-segment to be Most Profitable
The long-term financial protection sub-segment is expected to witness the fastest growth rate, and surge rapidly at a CAGR of 4.6% during the forecast period. More coverage provided by the long-term health insurance policy, and less chance of it being rejected is expected to accelerate the growth of the market sub-segment during the forecast period.
Policy Coverage: Payment Protection Sub-segment to be Most Beneficial
The payment protection sub-segment is expected to generate a revenue of $14,552.5 million by 2028 and is further expected to surge exponentially during the forecast period. Numerous varieties of payment protection plan to choose from coupled with the rising rate of unemployment is expected to drive the growth of the market sub-segment during the forecast period.
End-User: Men Sub-Segment to be Most Lucrative
The men sub-segment is expected to generate a revenue of $15,295.3 million during the forecast period. More number of accidents occurred by men and the availability of cheaper price of policies for men is expected to stimulate the growth of the sub-segment during the forecast period.
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Asia-Pacific Region to Have the Fastest Growth Rate
The Asia-Pacific financial protection market is expected to register a revenue of $9,801.7 million during the forecast period. The growing number of policyholders in this region is expected to drive the growth of the market during the forecast period. In addition, a significant surge in the number of people opting for financial protection in this region is further expected to accelerate the growth of the regional market during the forecast period.
Key Market Players
Some of the top players of the global financial protection market are
- AXA
- Aon
- American International Group Inc.
- ABI
- Marsh Ltd.
- Aviva
- The Guardian Life Insurance Company of America
- Zurich
- Citizens Advice
- StanCorp Financial Group Inc
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
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For instance, in October 2021, Alaska USA Insurance Brokers LLC, an innovative insurance agency offering loan protection, auto, home, life insurance, and other varieties of coverage services, collaborated with Policygenius, USA’s leading online insurance marketplace. This collaboration will facilitate Alaska USA’s customers with life insurance fulfilment with the help of Policygenius online platform.
More about Financial Protection Market:
- 3 Types of Financial Protection Plans That You Need to Know
- Company Acquisitions and Product Launches by Market Players such as Bharti AXA and Others to Foster the Growth of the Global Financial Protection Market
