Disability Insurance Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Disability insurance is a kind of insurance plan that pays out if a policyholder's disability prevents them from working or generating an income. Disability insurance covers the majority of common illnesses and injuries, including cancer and chronic pain, whether or not they are work-related.

Sizing and Forecast
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..

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Segmentation & Regional Insights
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

North America was the largest region in the global disability insurance market in 2023. The regions covered in the disability insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the disability insurance market report are Aegon N.V., Assurity Life Insurance Company, Allianz SE, Assicurazioni Generali S.p.A, Aviva plc, société anonyme, Munich Re, Zurich Insurance Group, Nippon Life Insurance Company, Gerber Life Insurance Company, MetLife Services and Solutions LLC, Ping An Insurance (Group) Company of China Ltd., Guardian Life Insurance Company of America, Illinois Mutual Life Insurance Company, Petersen International Underwriters (PIU), Massachusetts Mutual Life Insurance Company, Mutual of Omaha Insurance Company, China Life Insurance (Group) Company, Sumitomo Life Insurance Company, Dai-ichi Life Holdings Inc., American International Group Inc., State Farm Mutual Automobile Insurance Company, Aflac Incorporated, American International Assurance Group Limited, The Hartford Financial Services Group Inc., Unum Group, Prudential Financial Inc., StanCorp Financial Group Inc., The Guardian Life Insurance Company of America, Reliance Standard Life Insurance Company, Principal Financial Group Inc.

The disability insurance market report table of contents includes:
1. Executive Summary