Disability Insurance Market Size, Share, Trends, Growth Outlook

The Global Disability Insurance Market Size is estimated to be US$ 3.8 Billion in 2023 and is poised to register 8.4% growth over the forecast period from 2023 to 2030 to reach US $ 6.7 billion in 2030.

 

The market growth is driven predominantly by the increasing prevalence of chronic illnesses and conditions to a greater demand for disability insurance coverage that addresses both short-term and long-term. Leading companies focusing on Digital Transformation, Remote Work Gig Economy, Focus on Mental Health, Integrated Wellness Programs, Partnerships and Collaborations, Global Market Expansion, Regulatory Changes, Climate-Related Disabilities, and others to boost market shares in the industry.

Market Overview

The Disability Insurance market offers coverage to individuals facing temporary or long-term disabilities that impede their ability to work, aiming to replace a portion of their income during these periods. It includes short-term and long-term disability insurance types, driven by factors such as income protection, changing work patterns, rising healthcare costs, and an aging population. Market trends encompass increased mental health coverage, technological integration, customization options, return-to-work, and wellness programs, while challenges involve risk assessment complexity, pricing balance, regulatory compliance, and public awareness efforts. For accurate, up-to-date insights, refer to recent industry reports and analyses.

 

Market Dynamics

Market Trends- Companies are launching Customization and Flexibility to attract a consumer base

Customization and flexibility are key trends in the Disability Insurance market, enabling insurers to offer personalized coverage options such as benefit amounts, waiting periods, and riders. This addresses the needs of modern workers and diverse employment arrangements, enhancing satisfaction and reflecting evolving work dynamics. This trend is expected to play a crucial role in attracting and retaining customers while meeting their specific coverage requirements in a rapidly evolving market.

 

Market Driver- Technological Advancements demand for efficient Disability Insurance Market

Technological advancements are reshaping the Disability Insurance market by introducing innovative solutions that streamline processes, enhance customer experiences, and improve risk assessment accuracy. These advancements encompass digital platforms for seamless policy management, AI-driven underwriting for more precise risk evaluation, and data analytics for a better understanding of customer needs and market trends. Additionally, technology enables insurers to offer online applications, digital claims processing, and personalized policy recommendations. This transformation not only enhances operational efficiency but also empowers insurers to adapt to changing consumer behaviors and expectations in an increasingly digital landscape, ultimately shaping the future of the Disability Insurance market.

 

Market Opportunity-Introduction of Customization and Flexibility

Customization and flexibility are becoming pivotal in the Disability Insurance market, allowing insurers to tailor coverage to individuals' specific needs. This trend enables policyholders to choose benefit levels, waiting periods, and optional features according to their circumstances. By offering personalized plans, insurers can better cater to diverse employment arrangements and customer preferences, enhancing satisfaction and addressing the evolving nature of work. This trend is expected to play a crucial role in attracting and retaining customers in a rapidly changing insurance landscape.

 

Market Share Analysis- Employer-Supplied Disability Insurance the Disability Insurance Market will register the fastest growth

The global Disability Insurance Market is analyzed across Employer Supplied Disability Insurance, High Limit Disability Insurance, Business Overhead Expense Disability Insurance, and Others. Of these, Employer Supplied Disability Insurance is poised to register the fastest growth. Employer-supplied disability insurance is a significant aspect of the Disability Insurance market, where employers offer coverage to their employees as part of their benefits package. This approach helps employees safeguard their income in case of disabilities, ensuring financial stability. Employer-provided plans often cover both short-term and long-term disabilities and may be customizable to meet workforce needs. This trend fosters loyalty among employees and enables businesses to attract and retain talent. It reflects the growing importance of comprehensive benefits in the competitive job market, highlighting the integral role of employer-supplied disability insurance in the overall landscape of disability coverage.

 

Market Share Analysis- Individuals held a significant market share in 2023

The global Structural Heart Imaging (SHI) Market is analyzed across a wide range of End-users including Government, Enterprise, and Individual. Of these, individuals held a significant market share in 2023. Individual disability insurance is a key aspect of the Disability Insurance market, offering personalized coverage to individuals by providing financial protection in case of disability-preventing work. Tailored to individual needs, it safeguards income and ensures financial stability during periods of disability, addressing unique circumstances and preferences in the evolving landscape of disability protection.

 

Disability Insurance Market Segmentation

By Insurance Type

• Employer Supplied Disability Insurance
• High Limit Disability Insurance
• Business Overhead Expense Disability Insurance
• Others

 

By Coverage Type

• Short Term Disability Insurance
• Long Term Disability Insurance

 

By End User

• Government
• Enterprise
• Individual

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

 Disability Insurance Market Companies

 

• Nippon life insurance
• Petersen International Underwriters (PIU)
• Aviva plc
• Assicurazioni Generali spa
• Ping An Insurance
• Allianz SE
• MetLife Services and Solutions LLC
• AEGON N.V.
• Ahana
• Illinois Mutual
• Asteya
• Assurity Group Inc
• Mutual of Omaha
• Zurich Insurance Group
• Massmutual
• AXA Group
• Guardian Life Insurance Company

 

* List not exhaustive

 

Disability Insurance Market Outlook 2023

1 Market Overview

1.1 Introduction to the Disability Insurance Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Disability Insurance Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Disability Insurance Market Companies with Area Served

4.2.2 Products Offerings Global Disability Insurance Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Disability Insurance Market Trends

6.1 Global Disability Insurance Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Disability Insurance Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Disability Insurance Revenue (USD Million) and CAGR (%) by Regions (2018-2030)

 

7 Global Disability Insurance Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Disability Insurance Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Disability Insurance Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Disability Insurance Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Disability Insurance Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Disability Insurance Development Regional Status and Outlook

8.1 Global Disability Insurance Revenue (USD Million) By Regions (2018-2022)

8.2 North America Disability Insurance Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Disability Insurance Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Disability Insurance Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Disability Insurance Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Disability Insurance Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Disability Insurance Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Disability Insurance Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Disability Insurance Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Disability Insurance Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Disability Insurance Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Disability Insurance Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Disability Insurance Revenue (USD Million) by Applications (2018-2022)

8.5 South America Disability Insurance Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Disability Insurance Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Disability Insurance Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Disability Insurance Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Disability Insurance Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Disability Insurance Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Disability Insurance Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Disability Insurance Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Disability Insurance Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Disability Insurance Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Disability Insurance Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Disability Insurance Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Disability Insurance Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Disability Insurance Development Regional Status and Outlook Forecast

11.1 Global Disability Insurance Revenue (USD Million) By Regions (2023-2030)

11.2 North America Disability Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Disability Insurance Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Disability Insurance Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Disability Insurance Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Disability Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Disability Insurance Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Disability Insurance Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Disability Insurance Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Disability Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Disability Insurance Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Disability Insurance Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Disability Insurance Revenue (USD Million), by Applications (2023-2030)

11.5 South America Disability Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Disability Insurance Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Disability Insurance Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Disability Insurance Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Disability Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Disability Insurance Revenue (USD Million), by Region (2023-2030)

11.6.2 Middle East and Africa Disability Insurance Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Disability Insurance Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Disability Insurance Market Companies with Areas Served

Table 3 Products Offerings Global Disability Insurance Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Disability Insurance Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Disability Insurance Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Disability Insurance Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 11 Global Disability Insurance Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Disability Insurance Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Disability Insurance Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Disability Insurance Market Share (%) By Regions (2018-2022)

Table 16 North America Disability Insurance Revenue (USD Million) By Country (2018-2022)

Table 17 North America Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 18 North America Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Disability Insurance Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Disability Insurance Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Disability Insurance Revenue (USD Million) By Country (2018-2022)

Table 26 South America Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 27 South America Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Disability Insurance Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 33 Global Disability Insurance Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Disability Insurance Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Disability Insurance Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Disability Insurance Revenue (USD)By Country (2023-2030)

Table 38 North America Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 39 North America Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Disability Insurance Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Disability Insurance Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Disability Insurance Revenue (USD Million) By Country (2023-2030)

Table 47 South America Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 48 South America Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Disability Insurance Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Disability Insurance Revenue Market Share (%) By Type (2022)

Figure 5 Global Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Disability Insurance Revenue Market Share (%) By Applications (2022)

Figure 7 Global Disability Insurance Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Disability Insurance Market Share (%) By Regions (2022)

Figure 9 North America Disability Insurance Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Disability Insurance Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Disability Insurance Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Disability Insurance Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Disability Insurance Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Disability Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Disability Insurance Revenue Market Share (%) By Type (2030)

Figure 26 Global Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Disability Insurance Revenue Market Share (%) By Applications (2030)

Figure 28 Global Disability Insurance Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Disability Insurance Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Disability Insurance Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Disability Insurance Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Disability Insurance Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Disability Insurance Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Disability Insurance Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Disability Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation

 

 

Disability Insurance Market Segmentation

By Insurance Type

• Employer Supplied Disability Insurance
• High Limit Disability Insurance
• Business Overhead Expense Disability Insurance
• Others

 

By Coverage Type

• Short Term Disability Insurance
• Long Term Disability Insurance

 

By End User

• Government
• Enterprise
• Individual

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)