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The High Incidence Of Work-Related Injuries Is Fueling The Growth Of The Market Due To Increasing Risk Exposure And The Need For Financial Protection: The Driving Engine Behind Domestic Worker Insurance Market Evolution in 2025
Domestic Worker Insurance
What Is the Expected CAGR for the Domestic Worker Insurance Market Through 2025?
The market size for insurance for domestic workers has seen a robust expansion in the past years, with projected growth from $3.51 billion in 2024 to $3.79 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. Factors contributing to this growth during the historic period include an increased demand for cost-effective domestic help, the expansion of the informal workforce, escalating consciousness of exploitation of domestic employees, strengthening campaigns for labor rights, and an increase in domestic service agreements.
What's the Projected Size of the Global Domestic Worker Insurance Market by 2029?
A substantial increase is projected in the domestic worker insurance market over the upcoming years, with an estimation to reach $5.05 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.5%. The sizeable growth in this period can be connected to the escalating demand for in-home care facilities, an increasing population of migrating domestic workers, and emerging legal requirements for employer-provided coverage. Other factors contributing to this growth include heightened consciousness regarding workers' rights and a burgeoning middle-class population that engages domestic help. Key trends expected to emerge during the forecast period are the proliferation of digital insurance platforms, the crafting of region-specific insurance regulations, the creation of innovative household insurance bundles, improvements in regulatory compliance mechanisms, and the application of artificial intelligence in processing insurance claims.
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Top Growth Drivers in the Domestic Worker Insurance Industry: What's Accelerating the Market?
The escalating prevalence of job-related injuries is propelling market expansion due to the rising exposure to risks and the demand for monetary security.
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What Are the Key Trends Driving Domestic Worker Insurance Market Growth?
Prominent firms involved in the domestic worker insurance sector are strategically partnering to enhance domestic workers' access to custom insurance solutions. This approach involves the cooperation of companies to harness each other's strengths for mutual growth, fostering market growth, improved abilities, and creativity. A case in point occurred in December 2023 when Surer, a Singaporean digital insurance provider, joined forces with Etiqa Insurance, a Singaporean insurance and takaful operator. They unveiled Go-Helper, a fully adjustable migrant domestic worker insurance product. This product allows brokers to customize coverage from a selection of 12 options, encompassing outpatient medical services, repatriation, termination, and traditional Chinese medicine procedures. This flexibility addresses precise needs. This product launch solidifies their alliance following prior motor insurance collaborations and aids employment firms with sophisticated tools for smoother insurance plan suggestions.
What Are the Main Segments in the Domestic Worker Insurance Market?
The domestic worker insurance market covered in this report is segmented
1) By Coverage Type: Health Insurance, Liability Insurance, Disability Insurance, Life Insurance, Other Coverage Types
2) By Policy Type: Individual, Group
3) By Distribution Channel: Online, Insurance Brokers, Direct Sales, Other Distribution Channels
4) By Application: Maid, Nanny
5) By End-User: Households, Agencies, Other End-Users
Subsegments:
1) By Health Insurance: Individual Health Plans, Group Health Coverage, Hospitalization Coverage Plans, Outpatient Medical Coverage, Preventive Health Checkup Plans
2) By Liability Insurance: Employer Liability Coverage, Third Party Injury Coverage, Property Damage Liability Plans, Legal Expense Protection, Personal Liability Coverage
3) By Disability Insurance: Short Term Disability Plans, Long Term Disability Coverage, Temporary Total Disability Benefits, Permanent Partial Disability Insurance, Accidental Disability Protection
4) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Life Policies, Employer-Sponsored Life Cover, Accidental Death Benefit Plans
5) By Other Coverage Types: Emergency Evacuation Insurance, Repatriation Expense Coverage, Wage Compensation Coverage, Rehabilitation Services Coverage, Personal Accident Insurance
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Which Top Companies are Driving Growth in the Domestic Worker Insurance Market?
Major companies operating in the domestic worker insurance market are Axa SA, HSBC Insurance Holdings Limited, American International Group Inc., Chubb Limited, AIA Group Limited, Manulife Limited, China Taiping Insurance Pte. Ltd., Great Eastern Holdings Limited, Income Insurance Limited, FWD Singapore Pte. Ltd, Allied World Assurance Company Ltd, Etiqa Insurance Pte. Ltd, Liberty Insurance Pte. Ltd., ERGO Insurance Pte. Ltd., Lonpac Insurance Bhd, United Overseas Insurance Limited, EQ Insurance Company Ltd, MSIG Insurance Co. Ltd, HL Assurance Pte. Ltd., and Raffles Health Insurance Pte. Ltd.
Which Regions Will Dominate the Domestic Worker Insurance Market Through 2029?
North America was the largest region in the domestic worker insurance market in 2024. The regions covered in domestic worker insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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