Global Disability Insurance Market Report 2024: Growth Rate, Major Segments And Regions

The Disability 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 Disability Insurance Global Market Report 2024, 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..

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.

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The disability insurance market covered in this report is segmented –

1) By Insurance Type: Employer Supplied Disability Insurance, Individual Disability Insurance, High Limit Disability Insurance, Business Overhead Expense Disability Insurance, Other Insurance Types
2) By Coverage Type: Short Term Disability Insurance, Long Term Disability Insurance
3) By End User: Government, Enterprise, Individual

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.

The disability insurance market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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