Disability Insurance Market Size, Share & Growth Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Disability Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The disability insurance market size has grown rapidly in recent years. It will grow from $3.7 billion in 2023 to $4.16 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to change in workforce dynamics, legislative changes, increased awareness, employer benefits programs, healthcare costs and risks..

The disability insurance market size is expected to see rapid growth in the next few years. It will grow to $6.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to focus on employee well-being, rising healthcare concerns, flexible work arrangements, global economic trends, individualization of coverage.. Major trends in the forecast period include advancements in claim processing, increased awareness and education, dynamic pricing models, expansion of income protection services, regulatory compliance emphasis..

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Market Drivers and Trends:

Increasing number of insurance claims is significantly contributing to the growth of the disability insurance market going forward. An insurance claim refers to a formal request for compensation for losses covered by the insurance policy made to the insurance provider. Disability insurance provides protection against catastrophic injuries and illnesses that can result in a person's unemployment. Disability insurance can also protect against diseases such as heart disease and cancer. Hence, the increasing number of insurance claims is expected to propel the disability insurance market. For instance, according to a December 2022 article published by the Institute for Fiscal Studies, a UK-based research institute, the number of working-age people who started disability insurance claims increased from 15,000 in 2021 to 30,000 in 2022. Therefore, an increasing number of insurance claims will drive the disability insurance market.

Technological advancement is the key trend gaining popularity in the disability insurance market. Major companies operating in the disability insurance market focus on integrating new technologies to automate insurance claims. For instance, in February 2022, FastTrack, a US-based life and disability insurance technology provider, launched a new PTD Auto-Recertification Solution. With the help of the new solution, carriers can benefit from trigger questions on digitized claimant statements and low-code/no-code implementation procedures. The service requires very little to no IT support from carriers during the implementation process.

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Major Key Players of the Market:

Aegon N.V.; Assurity Life Insurance Company; Allianz SE; Assicurazioni Generali S.p.A; Aviva plc; société anonyme; Munich Re; Zurich Insurance Group; Nippon Life Insurance Company; Gerber Life Insurance Company; MetLife Services and Solutions LLC; Ping An Insurance (Group) Company of China Ltd.; Guardian Life Insurance Company of America; Illinois Mutual Life Insurance Company; Petersen International Underwriters (PIU); Massachusetts Mutual Life Insurance Company; Mutual of Omaha Insurance Company; China Life Insurance (Group) Company; Sumitomo Life Insurance Company; Dai-ichi Life Holdings Inc.; American International Group Inc.; State Farm Mutual Automobile Insurance Company; Aflac Incorporated; American International Assurance Group Limited; The Hartford Financial Services Group Inc.; Unum Group; Prudential Financial Inc.; StanCorp Financial Group Inc.; The Guardian Life Insurance Company of America; Reliance Standard Life Insurance Company; Principal Financial Group Inc.

Disability Insurance Market 2024 Key Insights:

• The disability insurance market size will grow to $6.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Rising Number Of Insurance Claims To Drive Market Growth
• Technological Advancements Driving Innovation In Disability Insurance Market
• North America was the largest region in the global disability insurance market in 2023

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