Disability Insurance Market
Disability Insurance Market Size, Share & Trends Analysis Report by Insurance Type (Employer Supplied Disability Insurance, Individual Disability Insurance, High Limit Disability Insurance, Business Overhead Expense Disability Insurance, and Others), by End User (Government, Enterprise, and Individual), and by Coverage Type (Short Term Disability Insurance and Long Term Disability Insurance), Forecast Period (2023-2030)
Disability insurance market is anticipated to grow at a CAGR of 11.4% during the forecast period. The primary factor boosting the market growth includes the increasing number of insurance claims across the globe. According to social security administration annual statistical report on the social security disability, in December 2021, about 11.5 million people aged 18–64 received benefits on the basis of disability. Sixty-two percent (7.2 million) received benefits from the Social Security program only, 29 percent (3.3 million) received benefits from the Supplemental Security Income (SSI) program only, and 9 percent (1.1 million) received benefits from both programs concurrently.
Segmental Outlook
The global disability insurance market is segmented based on the Insurance type, end-user, and coverage type. Based on the Insurance type, the market is segmented into employer supplied disability insurance, individual disability insurance, high limit disability insurance, business overhead expense disability insurance, and others. Based on the end user, the market is sub-segmented into Government, Enterprise, and Individual. Further, based on coverage type the market is segmented into short term disability insurance and long term disability insurance. Among the coverage type, the business overhead expense disability insurance segment is expected to grow at the fastest rate during the forecast period because it protects the company from bankruptcy or losses during the employer's disability period.
The Employer-Supplied Sub-Segment is Anticipated to Hold Prominent Share in the Global Disability Insurance Market
In terms of insurance type, the employer-supplied disability insurance segment has the prominent market share because it protects skilled employees and provides a competitive advantage over competitors. According to Harvard University’s published report, the dramatic rise of disability insurance participation over the last several decades has caused concern among policymakers in the US and other developed nations. In the U.S., 8.5 million former workers received Social Security Disability Insurance (SSDI) benefits in 2018, up from 2.8 million in 1988 and 4.7 million in 1998.
Regional Outlook
The global disability insurance market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). Among these, the Asia-Pacific regional market is expected to grow considerably over the forecast period. Increasing entrance of leading insurance providers, in the region are attributed the growth for the disability insurance market across the region. Increasing entrance of leading insurance providers and awareness towards disability insurance are attributed the growth for the disability insurance market across the region.
Global Disability Insurance Market Growth, by Region 2023-2030
The North America Region is expected to Hold a Prominent Share of the Global Disability Insurance Market
North America is expected to dominate the disability insurance market size in 2021 and is expected to maintain its position during the forecast period. Disability insurance policies in North America vary in term of coverage, benefits, and premiums. The increasing use for technology and the importance of knowing requirements of the user and available products of insurance is driving the North America market growth. The increasing number of favorable government initiatives towards disabilities, social securities for employees, are the factors leading the market. For instance, Social Security Disability Insurance (SSDI) is a government-run disability insurance program in the US that provides benefits to eligible individuals who have worked and paid into the social security system. The SSDI program pays benefits to certain family members if they are insured. This means that worked long enough and recently enough and paid social security taxes on their earnings. The SSI program pays benefits to adults and children who meet our requirements for a qualifying disability and have limited income and resources. Persons with disabilities face physical, financial, attitudinal, and other barriers to participating in society. Many of these barriers are systemic and long-standing. The Government of Canada is working with the disability community to remove those barriers, and to consciously create a more inclusive country. The work required to achieve this is extensive, and it requires meaningful and sustained action. In October 2022, the Government of Canada releases the national disability inclusion action plan, which consists of current and future actions, including programs, policies and investments that aim to improve the lives of persons with disabilities in Canada. The action plan has four initial pillars such as financial security, employment, accessible and inclusive communities, and a modern approach to disability.
Market Players Outlook
The major companies serving the global Disability Insurance market include Aegon N.V., Ping An Insurance, Ahana, Assurity Group, Inc., Allianz, Assicurazioni Generali SpA. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In December 2020, New York Life, America's mutual life insurer, acquired Cigna's group life, accident, and disability insurance business. This acquisition enhanced the company’s product portfolio of strategic business, which supports the core retail life insurance franchise and bolsters the company’s financial strength.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global disability insurance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. AEGON N.V.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. AXA Group
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Allianz SE
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Assurity Group, Inc.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Assicurazioni Generali S.p.A.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Disability Insurance Market by Insurance Type
4.1.1. Employer Supplied Disability Insurance
4.1.2. Individual Disability Insurance
4.1.3. High Limit Disability Insurance
4.1.4. Business Overhead Expense Disability Insurance
4.1.5. Others ( Retirement Plan Disability Insurance)
4.2. Global Disability Insurance Market by End User
4.2.1. Government
4.2.2. Enterprise
4.2.3. Individual
4.3. Global Disability Insurance Market by Coverage Type
4.3.1. Short Term Disability Insurance
4.3.2. Long Term Disability Insurance
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Ahana
6.2. Asteya
6.3. Aviva plc
6.4. Guardian Life Insurance Co.
6.5. Illinois Mutual
6.6. Massmutual
6.7. MetLife Services and Solutions, LLC.
6.8. Mutual of Omaha
6.9. Nippon life insurance,
6.10. Northwestern Mutual
6.11. Petersen International Underwriters (PIU)
6.12. Ping An Insurance
6.13. Unum Group
6.14. Zurich Insurance Group
6.15. vitality life insurance
1. GLOBAL DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2023-2030 ($ MILLION)
2. GLOBAL EMPLOYER SUPPLIED DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
3. GLOBAL INDIVIDUAL DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
4. GLOBAL HIGH LIMIT DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
5. GLOBAL BUSINESS OVERHEAD EXPENSE DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
6. GLOBAL OTHERS DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
7. GLOBAL DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2030 ($ MILLION)
8. GLOBAL DISABILITY INSURANCE FOR GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
9. GLOBAL DISABILITY INSURANCE FOR ENTERPRISE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
10. GLOBAL DISABILITY INSURANCE FOR ENTERPRISE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
11. GLOBAL DISABILITY INSURANCE FOR INDIVIDUAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION
12. GLOBAL DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COVERAGE TYPE, 2023-2030 ($ MILLION)
13. GLOBAL SHORT TERM DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
14. GLOBAL LONG TERM DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
15. GLOBAL DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2030 ($ MILLION)
16. NORTH AMERICAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2030 ($ MILLION)
17. NORTH AMERICAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2023-2030 ($ MILLION)
18. NORTH AMERICAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2030 ($ MILLION)
19. NORTH AMERICAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COVERAGE TYPE, 2023-2030 ($ MILLION)
20. EUROPEAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2030 ($ MILLION)
21. EUROPEAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2023-2030 ($ MILLION)
22. EUROPEAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2030 ($ MILLION)
23. EUROPEAN DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COVERAGE TYPE, 2023-2030 ($ MILLION)
24. ASIA-PACIFIC DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2030 ($ MILLION)
25. ASIA-PACIFIC DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2023-2030 ($ MILLION)
26. ASIA-PACIFIC DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2030 ($ MILLION)
27. ASIA-PACIFIC DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COVERAGE TYPE, 2023-2030 ($ MILLION)
28. REST OF THE WORLD DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2030 ($ MILLION)
29. REST OF THE WORLD DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2023-2030 ($ MILLION)
30. REST OF THE WORLD DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2023-2030 ($ MILLION)
31. REST OF THE WORLD DISABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY COVERAGE TYPE, 2023-2030 ($ MILLION)
1. GLOBAL DISABILITY INSURANCE MARKET SHARE BY INSURANCE TYPE, 2023 VS 2030 (%)
2. GLOBAL EMPLOYER SUPPLIED DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
3. GLOBAL INDIVIDUAL DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
4. GLOBAL HIGH LIMIT DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
5. GLOBAL BUSINESS OVERHEAD EXPENSE DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
6. GLOBAL OTHERS DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
7. GLOBAL DISABILITY INSURANCE MARKET SHARE BY END USER, 2023 VS 2030 (%/)
8. GLOBAL DISABILITY INSURANCE FOR GOVERNMENT MARKET SHARE BY REGION, 2023 VS 2030 (%)
9. GLOBAL DISABILITY INSURANCE FOR ENTERPRISE MARKET SHARE BY REGION, 2023 VS 2030 (%)
10. GLOBAL DISABILITY INSURANCE FOR INDIVIDUAL MARKET SHARE BY REGION, 2023 VS 2030 (%)
11. GLOBAL DISABILITY INSURANCE MARKET SHARE BY COVERAGE TYPE, 2023 VS 2030 (%)
12. GLOBAL SHORT TERM DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
13. GLOBAL LONG TERM DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
14. GLOBAL DISABILITY INSURANCE MARKET SHARE BY REGION, 2023 VS 2030 (%)
15. US DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
16. CANADA DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
17. UK DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
18. FRANCE DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
19. GERMANY DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
20. ITALY DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
21. SPAIN DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
22. REST OF EUROPE DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
23. INDIA DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
24. CHINA DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
25. JAPAN DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
26. SOUTH KOREA DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
27. REST OF ASIA-PACIFIC DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
28. REST OF THE WORLD DISABILITY INSURANCE MARKET SIZE, 2023-2030 ($ MILLION)
