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The Burial Insurance Market grew from USD 142.10 billion in 2023 to USD 153.55 billion in 2024. It is expected to continue growing at a CAGR of 8.26%, reaching USD 247.77 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Burial insurance, also known as final expense insurance, is a type of life insurance designed to cover funeral costs and other end-of-life expenses, offering financial peace to families by mitigating out-of-pocket expenditures after the death of a loved one. The necessity for burial insurance is underscored by the increasing consumer demand for specialized insurance products that ease financial burdens at the end of life. Its application spans individuals, primarily the elderly or those planning estate matters, aiming to protect their families from sudden financial strain. End-use scope primarily involves funeral homes and insurance providers, with continuous growth due to rising awareness about financial preparedness for death. Influencing market growth are factors like the aging global population, increasing funeral costs, and heightened consumer awareness towards pre-need planning. Latest opportunities in this industry include digital insurers that offer policies through online platforms, catering to tech-savvy consumers seeking convenience and swift acquisition processes. Recommendations to capitalize on these opportunities include leveraging technology to streamline policy management, and expanding promotional activities targeting younger adults who are actively planning their financial futures. However, the market faces challenges such as regulatory compliance issues and the slow adaptation of digital solutions among older generations. Additionally, the prevalence of low-cost or prepaid funeral plans might limit traditional burial insurance growth. Areas for innovation include personalized policy structures and dynamic premium plans that cater to individual needs, offering flexibility in coverage options. The burial insurance market is characterized by its stable demand, affecting socio-cultural perceptions around death and financial planning. Stakeholders are encouraged to focus on technological enhancements, consumer education, and developing policies that address environmental concerns, such as those associated with greener burial practices, to stay competitive and relevant.
Understanding Market Dynamics in the Burial Insurance Market
The Burial Insurance Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Increasing Percentage of Geriatric Population
- Rising Funeral and Burial Related Expenses
- Market Restraints
- Limited Awareness of Burial Insurance and Concerns Regarding the Waiting Period of Insurance
- Market Opportunities
- Government Initiatives to Encourage the Adoption of Burial Insurances
- Implementing Product Bundling and Expanding Consumer Base on Digital Platforms
- Market Challenges
- Changes in Regulatory Policies Coupled With Issues Regarding Misleading Marketing
Exploring Porter’s Five Forces for the Burial Insurance Market
Porter’s Five Forces framework further strengthens the insights of the Burial Insurance Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Burial Insurance Market
External macro-environmental factors deeply influence the performance of the Burial Insurance Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Burial Insurance Market
The Burial Insurance Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Burial Insurance Market
The Burial Insurance Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Key Company Profiles
The report delves into recent significant developments in the Burial Insurance Market, highlighting leading vendors and their innovative profiles. These include Zurich Insurance Group, Genlife, Protective Life Insurance Company, Policygenius Inc. by Zinnia, LLC, The Savings Bank Mutual Life Insurance Company, The Baltimore Life Insurance Company, CVS Health, Gerber Life Insurance Company, State Farm Mutual Automobile Insurance Company, Allianz Group, Bsure Insurance Brokers Bloomfield SL, New York Life Insurance Company, Fidelity Life Association, African Unity Life Ltd., Mutual of Omaha Insurance Company, Globe Life Inc., Sagicor Financial Corporation Limited, Transamerica Corporation, Caser Expatinsurance, Sanlam Limited, United Home Life Insurance Company, TruStage Insurance, Ethos Technologies Inc., Prudential PLC, Metlife, Inc., and Assurity Benefits Group.Market Segmentation & Coverage
This research report categorizes the Burial Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:- Coverage Type
- Guaranteed Acceptance
- Level Death Benefit
- Modified or Graded Death Benefit
- Providers
- Agency
- Bancassurance
- Brokers
- Digital & Direct Channels
- End-user Age
- Below 50
- Over 50
- Over 60
- Over 70
- Over 80
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Burial Insurance Market, by Coverage Type
7. Burial Insurance Market, by Providers
8. Burial Insurance Market, by End-user Age
9. Americas Burial Insurance Market
10. Asia-Pacific Burial Insurance Market
11. Europe, Middle East & Africa Burial Insurance Market
12. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Burial Insurance market, which are profiled in this report, include:- Zurich Insurance Group
- Genlife
- Protective Life Insurance Company
- Policygenius Inc. by Zinnia, LLC
- The Savings Bank Mutual Life Insurance Company
- The Baltimore Life Insurance Company
- CVS Health
- Gerber Life Insurance Company
- State Farm Mutual Automobile Insurance Company
- Allianz Group
- Bsure Insurance Brokers Bloomfield SL
- New York Life Insurance Company
- Fidelity Life Association
- African Unity Life Ltd.
- Mutual of Omaha Insurance Company
- Globe Life Inc.
- Sagicor Financial Corporation Limited
- Transamerica Corporation
- Caser Expatinsurance
- Sanlam Limited
- United Home Life Insurance Company
- TruStage Insurance
- Ethos Technologies Inc.
- Prudential PLC
- Metlife, Inc.
- Assurity Benefits Group
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 191 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 153.55 Billion |
| Forecasted Market Value ( USD | $ 247.77 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 27 |
