The global disability insurance market is anticipated to grow at a CAGR of 11.4% during the forecast period (2023-2030). The global disability insurance market is expanding due to increased awareness of the benefits of disability insurance policies and taxes under various sections of the Income Tax Act. In India, for persons with 40% to 79% disability a tax deduction of up to $918.1 (Rs. 75,000) can be availed per year. Furthermore, persons with more than 80% disability can avail of a tax deduction of $1,530.2 (Rs. 1, 25,000) per year. Additionally, several organizations are focusing on introducing various awareness campaigns and initiatives. For instance, in May 2021, LL Global, Inc. Announced May as the moth of disability insurance awareness month (DIAM). LIMRA is proud to support this industrywide initiative to raise awareness about the importance of income protection.
Browse the full report description of “Disability Insurance Market Size, Share & Trends Analysis Report by Insurance Type (Employer Supplied Disability Insurance, Individual Disability Insurance, High Limit Disability Insurance, Business Overhead Expense Disability Insurance, and Others), by End User (Government, Enterprise, and Individual), and by Coverage Type (Short Term Disability Insurance and Long Term Disability Insurance), Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/disability-insurance-market
Furthermore, the launch of new offers and facilities by insurance companies has a positive effect on the growth of the disability insurance market. However, a lack of customer awareness is impeding the growth of the disability insurance market. For instance, in August 2021, Max Life Insurance launched a critical illness and disability secure rider and strengthened its current riders, such as accidental death and dismemberment rider and waiver of premium plus rider. These enhanced riders are aimed to offer all-encompassing financial protection against unforeseen situations of death, disease, and disability. The disability insurance industry has benefited from an ageing population and economic growth, though the COVID-19 has temporarily slowed growth. Disability insurance provides customers with a source of income if they are unable to work in the same capacity due to an injury or illness. Disability insurance is available in both group and individual forms.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Insurance Type
o By End User
o By Coverage Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Aegon N.V., Ahana, Assurity Group, Inc., Allianz, Assicurazioni Generali SpA, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Disability Insurance Market Report Segment
By Insurance Type
By End User
By Coverage Type
Global Disability Insurance Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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