Disability Insurance Industry Focuses on Technological Advancements Amidst Global Chronic Disease Prevalence Increase

Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Disability Insurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

Growth trends in the disability insurance market are capturing global attention as advancements in technology and the increasing incidence of chronic diseases contribute to a significant market expansion. A new in-depth industry research publication, examining the progressive landscape and delivering comprehensive analytics of the global disability insurance market, has been released.

The report offers a robust outlook on the disability insurance market, which experienced a substantial growth from $3.7 billion in 2023 to an anticipated $4.16 billion in 2024, marking a compound annual growth rate (CAGR) of 12.5%.

The Growth Drivers

  • Increased awareness of disability risks and legislative changes.
  • An upsurge in employer benefits programs focusing on employee well-being.
  • Escalating healthcare costs and a trend towards individualized coverage.

Chronic Disease Impact and Technological Integration

The disability insurance market is witnessing a surge in chronic diseases incidence, compelling individuals to seek financial protection. The market report highlights projections from authoritative health sources, predicting a significant increase in chronic disease cases by 2050, doubling from the 2020 figures.

Technological advancements have become a cornerstone of the market's evolution, carving new pathways for innovation and efficiency. Insurance providers are integrating state-of-the-art automation technologies for a more seamless claims process, enhancing both speed and accuracy in service delivery.

Strategic Acquisitions and Regional Market Insights

In recent strategic developments, key market players have expanded their global footprint, such as the notable acquisition by Allianz SE, which has reinforced its presence in the European insurance market.

The North American region stands as the front-runner in the global market space, while the report also covers comprehensive analyses across various other regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

Types of Disability Insurance Covered

The research delves into the multitude of disability insurance types available, each serving a unique purpose and catering to different segments of the market:

  • Employer-supplied disability insurance, including short-term and long-term coverage options
  • Individual disability insurance for personal coverage needs
  • High-limit disability insurance designed for supplemental protection
  • Business overhead expense disability insurance supporting business continuity

This comprehensive report is an invaluable asset for entities aiming to understand the market's trajectory, evaluate growth opportunities, and make informed decisions within the disability insurance landscape. The coverage of key market players and regions, market dynamics, and future outlook paints a thorough picture of the industry, laying the groundwork for strategic planning and investment.

For a deep dive into these insights, the exhaustive research publication is now available, offering detailed market statistics and analysis tailored to provide clarity on the current and future states of the disability insurance market.

A selection of companies mentioned in this report includes

  • 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.

For more information about this report visit https://www.researchandmarkets.com/r/o2qe9x

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