Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Disability Insurance Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global disability insurance market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
Disability insurance plays a vital role in providing financial security to individuals and businesses when faced with disabilities that may prevent them from earning income. Several key factors are driving the growth of this market.
Increasing Insurance Claims:
One of the primary drivers of market growth is the escalating number of insurance claims across the globe. According to the Social Security Administration's annual statistical report on the Social Security Disability program, millions of people aged 18-64 received disability benefits as of December 2021. This data underscores the substantial demand for disability insurance products and services.
The beneficiaries include individuals who receive benefits from the Social Security program, the Supplemental Security Income (SSI) program, or both. The prevalence of disability benefit recipients underscores the critical role disability insurance plays in providing financial support to individuals and families during periods of disability.
Segmental Outlook:
The global disability insurance market is segmented based on various factors, including insurance type, end-user, and coverage type. These segments cater to different consumer needs and preferences. Some key segments include:
- Employer-Supplied Disability Insurance: This segment holds a significant market share due to its ability to protect skilled employees and provide a competitive advantage to businesses. Employer-supplied disability insurance ensures that employees have a safety net in case they become disabled and unable to work. This type of insurance helps maintain employee financial security and morale.
- Individual Disability Insurance: Individuals, including self-employed professionals, seek individual disability insurance to protect their personal income and financial well-being in case of disability. This segment provides customized coverage tailored to an individual's unique needs.
- High Limit Disability Insurance: High limit disability insurance is designed to offer substantial coverage in cases of severe disability. It provides a higher level of financial protection compared to standard disability insurance policies.
- Business Overhead Expense Disability Insurance: This segment targets businesses and helps cover essential overhead expenses in case the business owner or a key employee becomes disabled. It safeguards the financial health of the business.
Regional Growth:
- North America: North America, particularly the United States, is expected to dominate the disability insurance market. The region has well-established programs like Social Security Disability Insurance (SSDI), which provide financial support to disabled individuals. The United States, in particular, has seen a significant increase in the number of former workers receiving SSDI benefits.
- Canada: Canada is also taking steps to create a more inclusive society by addressing barriers faced by persons with disabilities. Government initiatives and social security programs contribute to the growth of the disability insurance market in Canada.
- Asia-Pacific: The Asia-Pacific region is anticipated to experience substantial growth in the disability insurance market. The entrance of leading insurance providers and increasing awareness of disability insurance benefits are key drivers. As economies in the region expand, individuals and businesses recognize the importance of disability coverage in ensuring financial stability during periods of disability.
Market Players:
Several major companies operate in the global disability insurance market, including Aegon N.V., Ping An Insurance, Ahana, Assurity Group, Inc., Allianz, and Assicurazioni Generali SpA. These market players adopt various strategies to maintain competitiveness and capture a larger market share. Strategies include mergers and acquisitions, partnerships, collaborations, and the introduction of new disability insurance products to meet evolving customer needs.
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