Press release
Top Factor Driving Unemployment Insurance Market Growth in 2025: Impact Of Rising Job Insecurity On The Growth Of The Unemployment Insurance Market
Unemployment Insurance
The escalation of job instability is anticipated to fuel the expansion of the unemployment insurance market in the future. Job instability embodies the apprehension or uncertainty of a person potentially losing their job or experiencing a downgrade in their employment status, such as lower income or reduced work hours. Factors like economic instability, contractual and gig work, company reorganization, sector-specific obstacles, and alterations in the workplace contribute to the increase in job instability. Unemployment insurance (UI) serves to alleviate the ramifications of job instability by offering financial assistance and security to individuals who lose their jobs or have their work hours decreased. For example, it was reported by Lancaster University, a public university based in the UK, that in February 2024, the UK insecure work index saw an increase of 500,000 people in 2022 and 600,000 people in 2023. Consequently, the augmented job instability is stimulating the growth of the unemployment insurance market.
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What is the future CAGR of the unemployment insurance market, and how will it impact industry expansion?
Over recent years, significant growth has been observed within the unemployment insurance market. Its projected trajectory suggests a rise from $98.38 billion in 2024 to $105.71 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 7.5%. Factors contributing to this historic growth include a rise in inflation rates, a high cost of living, an upturn in bankruptcy cases, an increase in overseas job outsourcing, and frequent economic downturns.
Anticipated robust expansion is on the horizon for the unemployment insurance market, with projections suggesting it will reach a value of $138.97 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.1%. The forthcoming growth can be associated with factors such as an escalated surge in workforce automation, the growing trend of remote work, an increment in globalization, amplified investments in smart city infrastructures, and heightened cyber threat incidents. The forecast period is also likely to see major trends like technological advancements, incorporation of artificial intelligence, utilization of blockchain technology, augmented reality inclusion, and the integration of the Internet of Things.
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What new trends are reshaping the unemployment insurance market and its opportunities?
Leading firms in the unemployment insurance market are concentrating their efforts on the creation of innovative digital solutions like online insurance platforms to simplify the application procedure and increase accessibility. These digital platforms allow users to buy, administer, and monitor their insurance policies online. For example, in March 2024, Frances Online, an online system for managing unemployment insurance benefits and Paid Leave Oregon applications, was launched by the Oregon Employment Department (OED), an agency of the US government. This system allows employees and claimants to apply for benefits, submit necessary paperwork, and handle their claims on the internet. The introduction of Frances Online signifies a notable enhancement in handling unemployment and paid leave claims in Oregon, indicating a broader move towards digital solutions in public services.
What major market segments define the scope and growth of the unemployment insurance market?
The unemployment insurancemarket covered in this report is segmented -
1) By Type: Structural Unemployment, Cyclical Unemployment, Frictional Unemployment, Other Types
2) By Insurance Type: Involuntary Unemployment Insurance, Mortgage Unemployment Insurance
3) By Distribution Channel: Agents Or Brokers, Direct Response
Subsegments:
1) By Structural Unemployment: Skill-Based Unemployment, Geographic Unemployment, Industry-Specific Unemployment, Long-Term Unemployment
2) By Cyclical Unemployment: Recession-Induced Unemployment, Seasonal Cyclical Unemployment, Expansion Or Recovery Unemployment
3) By Frictional Unemployment: Job Transition Unemployment, First-Time Job Seekers, Re-entrants to the Workforce, Short-Term Unemployment
4) By Other Types of Unemployment: Voluntary Unemployment, Seasonal Unemployment, Technological Unemployment, Hidden Unemployment, Underemployment
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Which region dominates the unemployment insurance market?
North America was the largest region in the unemployment insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the unemployment insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the unemployment insurance industry growth?
Major companies operating in the unemployment insurance market are Cigna Corporation, Allianz SE, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, Banco Bilbao Vizcaya Argentaria S.A., Achmea B.V., Banco Bradesco S.A., CNP Assurances S.A., Assurant Inc., Cook County Government, Great American Insurance Group, Hiscox Ltd., American Association of Retired Persons, Anadolu Hayat Emeklilik A.S., BNP Paribas Cardif, Allied Solutions LLC, G&A Partners, Paisabazaar.com, Garanti BBVA Emeklilik ve Hayat A.S., AlfaStrakhovanie, Axcet HR Solutions, Aegon Asset Management, Flex HR LLC, LifeQuote Inc., Personnel Planners
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What Is Covered In The Unemployment Insurance Global Market Report?
•Market Size Forecast: Examine the unemployment insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the unemployment insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the unemployment insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the unemployment insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the unemployment insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the unemployment insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the unemployment insurance market.
•Competitive Landscape: Review strategic developments in the unemployment insurance market, including expansions, agreements, and new product launches.
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