Industry Background:
Disability insurance refers to a type of insurance in which income is provided if the worker is unable to perform their work and earn money due to disability. Owing to the increased risk of accidents in the manufacturing facilities there has been a rise in demand for group disability insurance. Moreover, favorable government policies propelling market growth. In addition, rising benefits about the tax benefits under various sections of the income tax act expected to drive the market demand.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Assurity Group, Inc. (United States), Guardian Life (United States), Illinois Mutual (United States), PIU [Petersen International Underwriters] (United States), MassMutual (United States), Mutual of Omaha (United States), AXA (France), Allianz (Germany), Assicurazioni Generali S.P.A (Italy), MetLife Services and Solutions, LLC, (United States), Ping An Insurance (Group) Company of China, ltd. (China), Aegon N.V. (Netherlands) and MaxLife Insurance (India) |
This growth is primarily driven by Tax Benefits under Various Sections of the Income Tax Act and Rising Awareness about the Benefits of Disability Insurance Policies.
Globally, a noticeable market trend is evident Development of New offers and schemes by Insurance companies
Major Players, such as Assurity Group, Inc. (United States), Guardian Life (United States), Illinois Mutual (United States), PIU [Petersen International Underwriters] (United States), MassMutual (United States), Mutual of Omaha (United States), AXA (France), Allianz (Germany), Assicurazioni Generali S.P.A (Italy), MetLife Services and Solutions, LLC, (United States), Ping An Insurance (Group) Company of China, ltd. (China), Aegon N.V. (Netherlands) and MaxLife Insurance (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Disability Insurance is highly competitive, with several key players dominating the industry. The market players are focused on developing a variety of features and benefits to meet the needs and preference of consumers. Thus, constantly introducing new innovation in processing to meet the changing needs and preference of consumers. The companies are also planning strategies activities like partnerships, merger, and acquisition which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
In May 2023, Ameritas has announced the launch of DInamic Cornerstone Income ProtectionSM, a new disability income insurance product that includes greater strength and flexibility for policyholders. DInamic Cornerstone offers three new riders: Lump Sum Savings, Enhanced Plus Residual and Benefit Increase.
In August 2021, Max Life Insurance launched the critical illness and disability secure rider that can be attached to unit-linked policies as well. Critical illness and disability secure rider lets one opt for limited pay or regular pay option as per the base plan for the rider cover and comes with Max Fit.
Influencing Trend:
Development of New offers and schemes by Insurance companies and Rising demand for Group Plans from Various Industry
Market Growth Drivers:
Tax Benefits under Various Sections of the Income Tax Act and Rising Awareness about the Benefits of Disability Insurance Policies
Challenges:
Lack of Awareness among the Customers
Restraints:
Concerns Regarding Fraud Issues
Opportunities:
Increasing Government Support for Medical and Health Insurance and High Potential Growth Offered by Emerging Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Disability Insurance Market
- Analysis about New Entrants in Disability Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Disability Insurance Study Sheds Light on
The Disability Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Disability Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Disability Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.