The global disability insurance market is anticipated to grow at a CAGR of 11.4% during the forecast period (2024-2031). 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.
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.
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Market Coverage
- The Market Number Available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Insurance Type
- By End User
- By Coverage Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Aegon N.V., Ahana, Assurity Group, Inc., Allianz, Assicurazioni Generali SpA, and others.
Disability Insurance Market Report Segment
By Insurance Type
- Employer Supplied Disability Insurance
- Individual Disability Insurance
- High Limit Disability Insurance
- Business Overhead Expense Disability Insurance
- Others (Retirement Plan Disability Insurance)
By End User
- Government
- Enterprise
- Individual
By Coverage Type
- Short Term Disability Insurance
- Long Term Disability Insurance
A full Report of Disability Insurance Market is Available @ https://www.omrglobal.com/industry-reports/disability-insurance-market
Disability Insurance Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Bombardier Recreational Products Inc.
- Duffy Electric Boat Company
- Forza X1
- Hercules Electric Marine
- JT Boats
- Kennedy Pontoons Inc.
- Master Craft Boat Holdings, Inc.
- Moggaro Aluminium Yachts
- Polaris Inc.
- Princecraft
- Pure Watercraft, Inc.
- Tahoe Pontoon Boats
- Times Marine Company Ltd.
- VirtualExpo Group
- White River Marine Group
- Wild River Sport & Marine
Reasons to buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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