Disability Insurance Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

The global disability insurance market is anticipated to grow at a CAGR of 11.4% during the forecast period. The global disability insurance market is expanding due to increased awareness of the benefits of disability insurance policies and taxes under various sections of the Income Tax Act. In India, for persons with 40% to 79% disability a tax deduction of up to $918.1 (Rs. 75,000) can be availed per year. Furthermore, persons with more than 80% disability can avail of a tax deduction of $1,530.2 (Rs. 1, 25,000) per year. Additionally, several organizations are focusing on introducing various awareness campaigns and initiatives. For instance, in May 2021, LL Global, Inc. Announced May as the moth of disability insurance awareness month (DIAM). LIMRA is proud to support this industrywide initiative to raise awareness about the importance of income protection.

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Furthermore, the launch of new offers and facilities by insurance companies has a positive effect on the growth of the disability insurance market. However, a lack of customer awareness is impeding the growth of the disability insurance market. For instance, in August 2021, Max Life Insurance launched a critical illness and disability secure rider and strengthened its current riders, such as accidental death and dismemberment rider and waiver of premium plus rider. These enhanced riders are aimed to offer all-encompassing financial protection against unforeseen situations of death, disease, and disability. The disability insurance industry has benefited from an ageing population and economic growth, though the COVID-19 has temporarily slowed growth. Disability insurance provides customers with a source of income if they are unable to work in the same capacity due to an injury or illness. Disability insurance is available in both group and individual forms.

Global Disability Insurance Market Report Segment

By Insurance Type

• Employer Supplied Disability Insurance
• Individual Disability Insurance
• High Limit Disability Insurance
• Business Overhead Expense Disability Insurance
• Others (Retirement Plan Disability Insurance)

By End User

• Government
• Enterprise
• Individual

By Coverage Type

• Short Term Disability Insurance
• Long Term Disability Insurance

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Disability Insurance Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Ahana
• Asteya
• Aviva plc
• Guardian Life Insurance Co.
• Illinois Mutual
• Massmutual
• MetLife Services and Solutions, LLC.
• Mutual of Omaha
• Nippon life insurance,
• Northwestern Mutual
• Petersen International Underwriters (PIU)

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