How large is the unemployment insurance market, and what is its growth trajectory?
The unemployment insurance market size has grown strongly in recent years. It will grow from $98.38 $ billion in 2024 to $105.71 $ billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing inflation rates, increasing cost of living, an increasing number of bankruptcies, increasing outsourcing of jobs overseas, and increasing economic recessions.
The unemployment insurance market size is expected to see strong growth in the next few years. It will grow to $138.97 $ billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing automation in the workforce, increasing prevalence of remote work, increasing globalization, increasing investment in smart city infrastructure, and increasing cyber threats. Major trends in the forecast period include technological advancements, the adoption of artificial intelligence, blockchain technology, augmented reality, and the integration of the Internet of Things.
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What are the key forces behind the unemployment insurance market’s growth in recent years?
The rising job insecurity is expected to propel the growth of the unemployment insurance market going forward. Job insecurity refers to the uncertainty or fear that an individual may lose their job or face a reduced employment status, such as fewer hours or lower wages. The rise in job insecurity is due to economic uncertainty, contract and gig work, corporate restructuring, sector-specific challenges, and workplace changes. Unemployment insurance (UI) is used to mitigate the effects of job insecurity by providing financial support and stability to individuals who lose their jobs or face reduced working hours. For instance, in February 2024, according to Lancaster University, a UK-based public university, the UK insecure work index increased by 500,000 people in 2022 and 600,000 people in 2023. Therefore, rising job insecurity is driving the growth of the unemployment insurance market.
What are the major segments 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 companies dominate 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 major trends will shape the unemployment insurance market during the forecast period?
Major companies operating in the unemployment insurance market are focused on developing advanced digital solutions, such as online insurance platforms, to streamline the application process and enhance accessibility. Online insurance platforms are digital platforms that allow users to purchase, manage, and track insurance policies through the Internet. For instance, in March 2024, the Oregon Employment Department (OED), a US-based government agency, launched Frances Online, a new online system for unemployment insurance benefits. It is a new digital platform to manage unemployment insurance benefits and Paid Leave Oregon applications. It enables employees and claimants to apply for benefits, upload required documents, and manage their claims online. Frances Online marks a significant improvement in processing unemployment and paid leave claims in Oregon, illustrating a wider shift towards digital solutions in public services.
What are the key regional dynamics of the unemployment insurance market, and which region leads in market share?
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.
What Does The Unemployment Insurance Market Report 2025 Offer?
The unemployment insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Unemployment insurance is a government-provided financial assistance program that offers temporary income support to individuals who have lost their jobs through no fault. This insurance aims to help unemployed workers meet basic needs while they search for new employment.
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