Disability insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for completion of core work functions. In addition, those whose employers do not provide benefits, and self-employed individuals who desire disability coverage, may purchase policies themselves. Moreover, premiums and available benefits for individual coverage vary considerably between companies, occupations, states, and countries. In general, premiums are higher for policies that provide more monthly benefits, offer benefits for longer periods of time, and start payments of benefits more quickly following a disability claim.
Rising awareness about the benefits of disability insurance policies and tax benefits under various sections of the income tax act is boosting the growth of the global disability insurance market. In addition, development of new offers and schemes by insurance companies is positively impacts growth of the disability insurance market. However, lack of awareness among the customers is hampering the disability insurance market growth. On the contrary, increasing government support for medical and health insurance is expected to offer remunerative opportunities for expansion of the disability insurance market during the forecast period.
The disability insurance market is segmented on the basis of by insurance type, end user, coverage type, and region. On the basis of insurance type, the market is categorized into employer supplied disability insurance, individual disability insurance, high limit disability insurance, business overhead expense disability insurance, and others. On the basis of end user, the market is bifurcated into government, enterprise, and individual. By coverage type, it is classified into short term disability insurance and long term disability insurance. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the disability insurance market are Aegon N.V., Ahana, Assurity Group, Inc., Allianz, Assicurazioni Generali SpA, Asteya, Aviva, AXA, Guardian Life Insurance Company, Illinois Mutual, Petersen International Underwriters (PIU), Massmutual, Mutual of Omaha, MetLife Services and Solutions, LLC, Ping An Insurance, Nippon Life Insurance, and Zurich Insurance Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Rising awareness about the benefits of disability insurance policies and tax benefits under various sections of the income tax act is boosting the growth of the global disability insurance market. In addition, development of new offers and schemes by insurance companies is positively impacts growth of the disability insurance market. However, lack of awareness among the customers is hampering the disability insurance market growth. On the contrary, increasing government support for medical and health insurance is expected to offer remunerative opportunities for expansion of the disability insurance market during the forecast period.
The disability insurance market is segmented on the basis of by insurance type, end user, coverage type, and region. On the basis of insurance type, the market is categorized into employer supplied disability insurance, individual disability insurance, high limit disability insurance, business overhead expense disability insurance, and others. On the basis of end user, the market is bifurcated into government, enterprise, and individual. By coverage type, it is classified into short term disability insurance and long term disability insurance. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the disability insurance market are Aegon N.V., Ahana, Assurity Group, Inc., Allianz, Assicurazioni Generali SpA, Asteya, Aviva, AXA, Guardian Life Insurance Company, Illinois Mutual, Petersen International Underwriters (PIU), Massmutual, Mutual of Omaha, MetLife Services and Solutions, LLC, Ping An Insurance, Nippon Life Insurance, and Zurich Insurance Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the disability insurance market analysis from 2021 to 2031 to identify the prevailing disability insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the disability insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global disability insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Insurance Type
- Individual Disability Insurance
- High Limit Disability Insurance
- Business Overhead Expense Disability Insurance
- Others
- Employer Supplied Disability Insurance
By End User
- Government
- Enterprise
- Individual
- Individual Type
- Male
- Female
By Coverage Type
- Short Term Disability Insurance
- Long Term Disability Insurance
By Region
- North America
- U.S
- Canada
- Europe
- UK
- Germany
- Netherlands
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Mexico
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- AEGON N.V.
- Assurity Group, Inc.
- Allianz SE
- assicurazioni generali spa
- Aviva plc
- AXA Group
- Guardian Life Insurance Company
- Illinois Mutual
- Petersen International Underwriters (PIU)
- Massmutual
- Mutual of Omaha
- MetLife Services and Solutions, LLC .
- Ping An Insurance
- Nippon life insurance
- Zurich Insurance Group
- Asteya
- Ahana
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DISABILITY INSURANCE MARKET, BY INSURANCE TYPE
CHAPTER 5: DISABILITY INSURANCE MARKET, BY END USER
CHAPTER 6: DISABILITY INSURANCE MARKET, BY COVERAGE TYPE
CHAPTER 7: DISABILITY INSURANCE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Disability Insurance Market," the disability insurance market was valued at $3.3 billion in 2021, and is estimated to reach $9.2 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.Standard disability insurance provides risk coverage for the lost income due to failure to work in case of any permanent or temporary disability. This kind of insurance helps in providing a part of the lost income along with the medical expenses, if the policyholder happens to meet with an accident that led to disability. It covers sick leave and offers disability benefits for short and long-term periods.
Furthermore, the key factor driving the disability insurance market trends rising awareness about the benefits of social security disability insurance policies and tax benefits under various sections of the income tax act is boosting the growth of the global disability insurance market. In addition, development of new offers and schemes by insurance companies is positively impacts growth of the disability insurance market. However, lack of awareness among the customers is hampering the disability insurance market growth. On the contrary, increasing government support for medical and health insurance is expected to offer remunerative opportunities for expansion during the disability insurance market forecast.
Depending on coverage type, the long term disability insurance segment holds the largest disability insurance market share as enterprises usually provide this type of insurance to their employees. However, the short term disability insurance segment is expected to grow at the highest rate during the forecast period, owing to increase in the number of accidents that only effects for short period of time and is not permanent.
Region-wise, the disability insurance market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to expanding investments to provide income to the disabled people. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to large population countries such as India and China and elderly dominated countries like Japan.
The COVID-19 pandemic is expected to positively impact the overall economy of the disability insurance market, owing to surge in need for analyzing large data sets of genuine claims and to reduce risks and costs related to frauds and achieve superior results. For instance, according to a survey of Australian bureau of statistics in June 2020, more than 29% people with disability experienced high or very high levels of psychological distress as compared with 17% of people without disability. In addition, technologies such as online insurance process and automate claim process, is providing cost-saving opportunities, thus propelling the growth of the market. This is attributed to increasing in attention toward data to help insurers to find out the future performance of the firm to take corrective measures, which, in turn, is contributing toward the growth of the market. Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping insurance companies in handling various critical issues related to customer insights during COVID-19 pandemic, which is driving the growth of the disability insurance industry.
Key Findings of the Study
- By insurance type, the employer supplied disability insurance segment accounted for the largest disability insurance market share in 2021.
- Region wise, North America generated highest revenue in 2021.
- Depending on end user, the enterprise generated the highest revenue in 2021.
- The key players profiled in the disability insurance market analysis are Clearbit, Demandbase, Inc., Dun & Bradstreet Corporation, Data Axle, HG Insights, InsideView, LinkedIn Corporation, Oracle Corporation, ZoomInfo Technologies LLC, and Zoho Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the disability insurance industry.
Companies Mentioned
- Aegon N.V.
- Assurity Group, Inc.
- Allianz Se
- Assicurazioni Generali Spa
- Aviva plc
- Axa Group
- Guardian Life Insurance Company
- Illinois Mutual
- Petersen International Underwriters (Piu)
- Massmutual
- Mutual of Omaha
- Metlife Services and Solutions, LLC .
- Ping An Insurance
- Nippon Life Insurance
- Zurich Insurance Group
- Asteya
- Ahana
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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