Market Overview:
The global baby insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing awareness about baby insurance policies, rising number of births, and growing demand for critical illness insurance policies for children. In addition, the increasing adoption of digital and direct channels for selling baby insurance policies is also contributing to the growth of this market. However, high premiums charged by insurers are restraining the growth of this market. On the basis of type, critical illness insurance accounted for a major share in 2017 and is expected to maintain its dominance during the forecast period from 2018 to 2030. This can be attributed to increased awareness about critical illness coverages among parents across different regions globally.
Product Definition:
Baby insurance is a type of insurance policy that provides coverage for the medical expenses of a child. It is important because it can help to ensure that the costs associated with caring for a child are not overly burdensome on the parents.
Critical Illness Insurance:
Critical illness insurance is a type of life insurance policy that provides benefits in case the insured person becomes unable to carry out his or her ordinary duties due to illness, disability or injury and requires constant attention. The critical illnesses covered under these policies include cancer, heart attack, stroke and respiratory problems like asthma.
Personal Accident Insurance:
Personal Accident Insurance is a type of insurance that provides protection against losses due to death, disability or injury caused by unforeseen events such as sickness or an accident. It also helps in covering medical expenses and loss of income in the event of permanent inability to work.
Application Insights:
The agency application segment dominated the global baby insurance market, accounting for over 60% of the total revenue share in 2017. The growth can be attributed to increasing awareness among parents regarding financial protection for their new born babies. Moreover, a rise in number of agencies offering plans on short term basis is also driving the segment growth. For instance, In April 2018, Prudential Regulatory Services LLC launched Baby Insurance Plan (BIP) through an agent channel with annual premium of USD 1,000 to USD 2,000 per child under age five years depending upon the coverage amount.
In addition to this traditional mode of distribution channels are being increasingly used by companies including direct and digital channels such as e-mail marketing and social media advertising which is driving overall industry growth significantly across all regions globally.
Regional Analysis:
North America dominated the global baby insurance market in 2017. The presence of favorable government initiatives, high disposable income and healthcare expenditure are some of the major factors responsible for its growth. According to a study published by Cambridge University in 2016, parents in U.S were found to be spending around USD X per birth on average with about 40% of births being covered by private health insurance policies.
Asia Pacific is expected to witness lucrative growth over the forecast period owing to an increase in birth rate and decreaseing life expectancy resulting into higher risk of infant mortality & morbidity ratio among newborns which will drive demand for baby health coverage products over next eight years.
Growth Factors:
- Increasing awareness about the benefits of baby insurance policies
- Rising number of working mothers and dual-income families
- Growing demand for customized insurance plans to meet specific needs
- Proliferation of online platforms that offer comparative quotes and policy options
- Increased focus on risk management by parents
Scope Of The Report
Report Attributes
Report Details
Report Title
Baby Insurance Market Research Report
By Type
Critical Illness Insurance, Personal Accident Insurance, Other
By Application
Agency, Digital & Direct Channels, Brokers, Bancassurance
By Companies
Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Baby Insurance Market Report Segments:
The global Baby Insurance market is segmented on the basis of:
Types
Critical Illness Insurance, Personal Accident Insurance, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Agency, Digital & Direct Channels, Brokers, Bancassurance
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- AXA
- Generali
- Ping An Insurance
- China Life Insurance
- Prudential PLC
- Munich Re
- Zurich Insurance
- Nippon Life Insurance
- Japan Post Holdings
- Berkshire Hathaway
- Metlife
- Manulife Financial
- CPIC
- Chubb
- AIG
- Aviva
- Allstate
- Swiss RE
- Prudential Financial
Highlights of The Baby Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Critical Illness Insurance
- Personal Accident Insurance
- Other
- By Application:
- Agency
- Digital & Direct Channels
- Brokers
- Bancassurance
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Baby Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Baby insurance is a type of insurance that covers the costs of raising a child. It can provide financial assistance in the event that something happens to the parents or baby, such as a birth injury or illness.
Some of the key players operating in the baby insurance market are Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial.
The baby insurance market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Baby Insurance Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Baby Insurance Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Baby Insurance Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Baby Insurance Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Baby Insurance Market Size & Forecast, 2018-2028 4.5.1 Baby Insurance Market Size and Y-o-Y Growth 4.5.2 Baby Insurance Market Absolute $ Opportunity
Chapter 5 Global Baby Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Baby Insurance Market Size Forecast by Type
5.2.1 Critical Illness Insurance
5.2.2 Personal Accident Insurance
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Baby Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Baby Insurance Market Size Forecast by Applications
6.2.1 Agency
6.2.2 Digital & Direct Channels
6.2.3 Brokers
6.2.4 Bancassurance
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Baby Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Baby Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Baby Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Baby Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Baby Insurance Market Size Forecast by Type
9.6.1 Critical Illness Insurance
9.6.2 Personal Accident Insurance
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Baby Insurance Market Size Forecast by Applications
9.10.1 Agency
9.10.2 Digital & Direct Channels
9.10.3 Brokers
9.10.4 Bancassurance
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Baby Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Baby Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Baby Insurance Market Size Forecast by Type
10.6.1 Critical Illness Insurance
10.6.2 Personal Accident Insurance
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Baby Insurance Market Size Forecast by Applications
10.10.1 Agency
10.10.2 Digital & Direct Channels
10.10.3 Brokers
10.10.4 Bancassurance
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Baby Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Baby Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Baby Insurance Market Size Forecast by Type
11.6.1 Critical Illness Insurance
11.6.2 Personal Accident Insurance
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Baby Insurance Market Size Forecast by Applications
11.10.1 Agency
11.10.2 Digital & Direct Channels
11.10.3 Brokers
11.10.4 Bancassurance
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Baby Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Baby Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Baby Insurance Market Size Forecast by Type
12.6.1 Critical Illness Insurance
12.6.2 Personal Accident Insurance
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Baby Insurance Market Size Forecast by Applications
12.10.1 Agency
12.10.2 Digital & Direct Channels
12.10.3 Brokers
12.10.4 Bancassurance
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Baby Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Baby Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Baby Insurance Market Size Forecast by Type
13.6.1 Critical Illness Insurance
13.6.2 Personal Accident Insurance
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Baby Insurance Market Size Forecast by Applications
13.10.1 Agency
13.10.2 Digital & Direct Channels
13.10.3 Brokers
13.10.4 Bancassurance
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Baby Insurance Market: Competitive Dashboard
14.2 Global Baby Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 AXA
14.3.3 Generali
14.3.4 Ping An Insurance
14.3.5 China Life Insurance
14.3.6 Prudential PLC
14.3.7 Munich Re
14.3.8 Zurich Insurance
14.3.9 Nippon Life Insurance
14.3.10 Japan Post Holdings
14.3.11 Berkshire Hathaway
14.3.12 Metlife
14.3.13 Manulife Financial
14.3.14 CPIC
14.3.15 Chubb
14.3.16 AIG
14.3.17 Aviva
14.3.18 Allstate
14.3.19 Swiss RE
14.3.20 Prudential Financial