Burial Insurance Market Size, Share And Forecast To 2033

The Burial Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Burial Insurance Global Market Report 2024, The burial insurance market size has grown strongly in recent years. It will grow from $227.78 billion in 2023 to $263.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the historic period can be attributed to increase in the number of persons, rising government initiatives, rise in funeral costs customization, increasing awareness of funeral expenses, and increase in demand for burial insurance plans.

The burial insurance market size is expected to see strong growth in the next few years. It will grow to $363.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.  The growth in the forecast period can be attributed to rising internet usage, increasing number of elderly individuals, increasing in the number of nuclear families, growing competition and related collaboration, and increase in disposable income. Major trends in the forecast period include advancements in insurance products, integration of value-added services, use of artificial intelligence (AI) and machine learning in underwriting processes, innovations in digital platforms, and technological advancements.

The rising funeral costs are expected to propel the growth of the burial insurance market going forward. Funeral costs are the expenses for arranging and carrying out a funeral or memorial service, including fees for services, caskets, urns, and transportation. The funeral cost is rising due to increased prices for services, goods, and facilities, regulations, inflation, and higher demand for more personalized or elaborate arrangements. Burial insurance policies are customized to meet individual needs, ensuring that specific funeral wishes and requirements are financially covered. For instance, in 2024, according to a report published by Sunlife, a UK-based financial services company, the cost of funerals in the UK increased from $10,120 in 2022 to $10,623 in 2023. Therefore, rising funeral costs drive the burial insurance market.

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The burial insurance market covered in this report is segmented –
1) By Type: Simplified Issue, Guaranteed Issue, Pre-Need Insurance
2) By Age Of End-User: Over 50, Over 60, Over 70, Over 80
3) By Target Demographic: Senoirs, Low-Income Individuals, Middle-Income Individuals
4) By Distribution Channel: Insurance Agents, Direct Sales, Online Channels

Major companies operating in the burial insurance market are focusing on innovative policies such as myFuneral Plan to provide tailored, comprehensive coverage options that meet the diverse needs and preferences of their clients, ensuring peace of mind and financial security for their families. The myFuneral Plan aims to provide a comprehensive and affordable solution for individuals and families to plan and cover their funeral expenses, ensuring financial security and peace of mind during a difficult time. For instance, in July 2021, HIS (Hang Seng Index), a UK-based stock-exchange company launched myFuneral Plan. The plan covers funeral expenses for death by natural causes, illness (including death from a pandemic), and accidents. The plan is available for individuals and families from 1 year old until death, with the maximum age to qualify for coverage being 68 years.

The burial insurance market report table of contents includes:

1. Executive Summary
2. Burial Insurance Market Characteristics
3. Burial Insurance Market Trends And Strategies
4. Burial Insurance Market – Macro Economic Scenario
5. Global Burial Insurance Market Size and Growth
…

32. Global Burial Insurance Market Competitive Benchmarking
33. Global Burial Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Burial Insurance Market
35. Burial Insurance Market Future Outlook and Potential Analysis
36. Appendix

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