Market Snapshot:
Income Protection Insurance can be defined as an insurance policy which pays benefits to policyholders who are incapacitated and unable to work due to illness or accident. The global income protection insurance market is expected to grow at a moderate pace during the forecast period, according to the AMA study. Rising disability among end users due to increasing aging population and illness such as mental or physical health problems is expected to be one of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 due to COVID-19 but it is again expected to rise after a few years globally.
Highlights from Income Protection Insurance Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.3% |
The key Players profiled in the report are AIA Group Limited (Hong Kong), Allianz SE (Germany), AMP Services (NZ) Limited (New Zealand), American International Group, Inc. (United States), ASSICURAZIONI GENERALI S.P.A. (Italy), 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), Liverpool Victoria (United Kingdom), OnePath Limited (Australia), Suncorp Insurance (Australia), TAL Services Limited (Australia), The Royal London Mutual Insurance Society Limited (United Kingdom) and Vitality (United Kingdom). Additionally, other players that are part of this comprehensive study are Westpac Banking Corporation (Australia) and Zurich (Switzerland).
Geographic Breakdown and Segment Analysis
The Global Income Protection Insurance market presents a comprehensive analysis of the Income Protection Insurance market by product type (Short Term and Long Term), by end-user/application (Working Individuals, Entrepreneurs, Employers and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Income Protection Insurance industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in the geographical region of interest.
For instance, while the holds majority of market share of the Income Protection Insurance market
Analyst at AMA have segmented the market study of Global Income Protection Insurance market by Type, Application and Region.
Income Protection Insurance Market Dynamics:
Attributes | Details |
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Growth Drivers | - Failure in Income Protection During Disability or Illness is One of the Major Factors Pushing the Growth of the Market
- Rising Disability Levels Due to Aging Employees Population Globally
- Increasing Demand Majorly from the European Region
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Influencing Trends | - Vendors Are Majorly Focusing on Large Untapped Markets
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Restraints | - High Cost is One of the Major Restraints of the Market According to the Customers
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Gaps & Opportunities | - COVID-19 is Expected to Boost the Demand for Income Protection Insurance Owing to Reduction & Risk of Employment Opportunities & Global Recession
- Large Untapped Market Worldwide
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Market Developments Activities:
In September 2021, TAL, a leading provider of life insurance, introduced three new income protection insurance products for retail customers. Income Protection Enhance, Income Protection Assist, and Income Protection Focus are the new products for protecting their most valuable assets and their ability to earn a living.
In December 2020, AIA Australia announced that it will launch a new sustainable income protection (IP) product which is designed to align with the Australian Prudential Regulation Authority (APRA)'s guidance on product features that will drive sustainability by ensuring that benefits meet customer needs and expectations but pose far less risk of unexpected premium increases.
Regulatory Insights:
Stringent Government Regulations Regarding Shutting-Down of Several Industry's Operations Due to COVID-19 Pandemic has Impacted the Market in the FY2020
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time.
Analyst Comment
"Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the global income protection insurance market in FY 2020 positively. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics."
Key Target Audience
providers, Suppliers and Others