Press release
Unemployment Insurance Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Unemployment Insurance
What Is the Projected Growth of the Unemployment Insurance Market?
The unemployment insurance market size will grow from $98.38 billion in 2024 to $105.71 billion in 2025 at a CAGR of 7.5%. The growth in the historic period can be attributed to rising inflation, cost of living, bankruptcies, job outsourcing, and economic recessions.
The unemployment insurance market size is expected to reach $138.97 billion by 2029, growing at a CAGR of 7.1%. Growth is driven by workforce automation, remote work prevalence, globalization, investments in smart cities, and cyber threats. Trends include technological advancements, AI and blockchain technology adoption, augmented reality integration, and IoT adoption.
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What Are the Different Unemployment Insurance Market Segments?
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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What Are the Primary Drivers Shaping the Unemployment Insurance Market?
The growing uncertainty around job security is expected to drive the growth of the unemployment insurance market. Job insecurity arises from factors like economic uncertainty, gig and contract work, and corporate restructuring. Unemployment insurance offers financial stability to individuals facing job loss or reduced work hours. For instance, in February 2024, Lancaster University reported an increase in the UK's insecure work index by 500,000 in 2022 and 600,000 in 2023. This rise in job insecurity is fueling the growth of the unemployment insurance market.
Which Companies Are Leading in the Unemployment Insurance Market?
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
What Are the Major Trends Shaping the Unemployment Insurance Market?
In the unemployment insurance market, companies are developing digital platforms to streamline applications and improve accessibility. These platforms simplify the application process for users. For instance, the Oregon Employment Department (OED), a US-based agency, launched Frances Online in March 2024, an online system that allows employees to manage unemployment insurance and Paid Leave Oregon claims digitally, marking a significant shift towards digital public services.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Unemployment Insurance Market?
2. What is the CAGR expected in the Unemployment Insurance Market?
3. What Are the Key Innovations Transforming the Unemployment Insurance Industry?
4. Which Region Is Leading the Unemployment Insurance Market?
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