Income Protection Insurance Market Size, Share, Trends, Growth Outlook

The Global Income Protection Insurance Market Size is estimated to register 3.8% growth over the forecast period from 2023 to 2030.

 

 Income Protection Insurance Market Overview

The overall economic environment, including employment rates, wage growth, and economic stability, is significantly raising the demand for income protection insurance. Changes in demographics, such as an aging population or shifts in workforce composition, are influencing the demand for income protection insurance. Changes in demographics, such as an aging population or shifts in workforce composition, are fueling the demand for income protection insurance. Insurers are expanding coverage to include mental health conditions in income protection policies, addressing the gap in traditional insurance offerings. Regulatory changes and updates regarding insurance practices, consumer protection, and data privacy continued to contribute to the income protection insurance market.

 

 

Income Protection Insurance Market Dynamics

Market Trends- Rising focus on Mental health coverage in the Income Protection Insurance Market

The increased focus on mental health coverage is highly contributing to the market demand. This shift represents a departure from traditional insurance offerings that often excluded or provided limited coverage for mental health-related issues. Mental health coverage is driven by social awareness and a growing body of research indicating the prevalence and impact of mental health issues on work performance. Further, Insurers are adapting their products and services to meet broader societal changes and regulatory shifts emphasizing the importance of mental well-being. Additionally, Insurers are aiming to attract a more diverse customer base by incorporating mental health coverage into their offerings.

 

Market Driver- Employment pattern shifts fuel increased demand for adaptable income protection insurance.

The most significant driver is the rise of the gig economy and the increasing prevalence of freelance work, temporary contracts, and independent contractors. The notable movement away from traditional full-time employment structures toward part-time roles, contract-based work, and remote employment opportunities are the key factors. Further, Uncertain economic conditions are resulting in job instability, downsizing, or industry shifts, heightening individuals' concerns about job security which represents another driver. Additionally, shifting demographic preferences, particularly among younger generations, play a role in altering employment patterns, thereby driving the market.

 

Market Opportunity- Evolving Distribution Channels are driving the demand.

The increasing emphasis on digitalization and technology adoption is the key factor. Insurers are leveraging advanced technologies, such as AI-driven customer interfaces, mobile apps, and online platforms, to enhance the accessibility and efficiency of income protection insurance. Partnerships with online marketplaces, banks, employer-based programs, or collaborations with fintech companies offer new avenues for reaching customers are fueling the demand. Technology-driven startups like Insurrects leverage data analytics, automation, and customer-centric approaches to offer personalized insurance solutions directly to consumers or through partnerships with traditional insurers.

 

Market Share Analysis- Long-term income protection Market will register the fastest growth.

The Global Income Protection Insurance Market is analyzed across short term & long term, and others. Long-term income protection is poised to register the fastest growth. Long-term income protection insurance policies typically offer coverage for an extended duration, often paying out benefits until retirement age or until the policyholder can return to work or reach a predefined recovery stage in case of disability or illness. These policies provide more comprehensive coverage, including both short and long-term disabilities, offering a more robust safety net for policyholders. The long-term income protection insurance segment often attracts individuals seeking more extensive coverage against unforeseen circumstances and prolonged periods of disability or illness and thereby raises the demand.

 

Market Share Analysis- Private insurance companies held a significant market share in 2023.

 The Global Income Protection Insurance Market analyzed across Private and Government vendors. Of these, Private insurance companies held a significant market share in 2023. Private insurers typically offer a wide range of income protection plans, including long-term disability insurance, critical illness coverage, and other related products. They often compete in the market by providing innovative policy features, customizable coverage options, and enhanced customer service experiences to attract and retain customers. Customizable plans that allow policyholders to tailor coverage based on their occupation, income level, and specific requirements are driving the demand. They focus on providing efficient claims processing, superior customer service, and accessible communication channels to support their policyholders.  The multi-channel approach allows them to reach a broad customer base and provide convenient access to their products.

 

Income Protection Insurance Market Segmentation

By Type

• Short Term
• Long Term

By Application

• Individuals
• Entrepreneurs
• Employers
• Others

By End-User

• Men
• Women

By Vendor

• Private
• Government

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)

 

Income Protection Insurance Market Companies

• Allianz SE (Germany)
• AMP Services Limited (New Zealand)
• American International Group Inc (United States)
• Assicurazioni Generali (Italy)
• AIA Group Limited (Hong Kong)
• Asteron Life & Superannuation Ltd (Australia)
• Aviva (United Kingdom)
• AXA (France)
• Commonwealth Bank of Australia (Australia)
• Fidelity Life Assurance Company Limited (New Zealand)
• LISA Group (Australia)
• Zurich (Switzerland)
• Vitality (United Kingdom)
• Westpac Banking Corporation (Australia)
• Liverpool Victoria (United Kingdom)
• OnePath Limited (Australia)
• Suncorp Insurance (Australia)
• TAL Services Limited (Australia)
• The Royal London Mutual Insurance Society Limited (United Kingdom)

*List not exhaustive

Income Protection Insurance Market Outlook 2023

1 Market Overview

1.1 Introduction to the Income Protection 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 Income Protection 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 Income Protection Insurance Market Companies with Area Served

4.2.2 Products Offerings Global Income Protection 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 Income Protection Insurance Market Trends

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

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

6.3 Global Income Protection Insurance Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

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

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

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

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

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

 

8 Global Income Protection Insurance Development Regional Status and Outlook

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

9 Company Profiles

 

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

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

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

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

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

 

11 Global Income Protection Insurance Development Regional Status and Outlook Forecast

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

11.6.1 Middle East and Africa Income Protection Insurance Revenue (USD Million), by region (2023-2030)

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

11.6.3 Middle East and Africa Income Protection 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 Income Protection Insurance Market Companies with Areas Served

Table 3 Products Offerings Global Income Protection Insurance Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 31 Financial Analysis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 52 Middle East and Africa Income Protection 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 Income Protection Insurance Revenue (USD Million) By Type (2018-2022)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 46 Data Triangulation

 

By Type

• Short Term
• Long Term

By Application

• Individuals
• Entrepreneurs
• Employers
• Others

By End-User

• Men
• Women

By Vendor

• Private
• Government

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)