Market Overview:
The global income protection 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 income protection insurance and its benefits, rising number of working women, and growing number of self-employed individuals. In terms of type, the short term income protection insurance segment is expected to dominate the market during the forecast period owing to its low premium rates and ease of purchase. However, long term income protection insurance is expected to grow at a higher CAGR due to its ability to provide coverage for a longer duration in case of an illness or disability. In terms of application, men are expected to account for the majority share in the global income protection insurance market during the forecast period as they are more likely than women To experience an unexpected loss Of Income due To unemployment or illness/injury. However, women are increasingly becoming aware about Income Protection Insurance And Are Likely To Drive Market Growth In Coming Years. Regionally, North America is projected To Lead The Global Income Protection Insurance Market During The Forecast Period Due To High Penetration Of These Products In Countries Such As The U.S.
Product Definition:
Income protection insurance is a type of insurance policy that helps protect your income in the event that you are unable to work due to an illness or injury. This type of policy can help ensure that you continue to receive a regular income stream, which can help keep your finances afloat during a difficult time. Income protection insurance is important because it can help protect you and your family from falling into financial hardship if something happens and you are unable to work.
Short Term Income Protection Insurance:
Short-term income protection insurance is a type of life insurance that provides death benefit payments to the beneficiaries if the policy owner becomes disabled, unable to work due to illness or injury, or dies while still employed. The payments are made for a period not exceeding 9 months and are based on the insured person's salary at the time of purchase.
Long Term Income Protection Insurance:
Long-term income protection insurance is a life insurance policy that provides benefits for a specific period ranging from one to 30 years. The main objective of this type of policy is to provide lifetime income in the event of the death of the insured person. In other words, it aims at protecting an individual against low earnings and modest lifestyle during retirement as well as providing survivors benefits in case he/she dies before retirement age.
Application Insights:
Men application segment held the largest market share of over 60.0% in 2017. The income protection insurance for men is a relatively new concept and has gained significant traction since 2016. This can be attributed to the fact that most companies offer maternity leave with full salary, but there is no equivalent scheme for paternity leave. As a result, many employees opt for income protection insurance as it offers complete flexibility in choosing when to claim during the term of policy validity along with full benefits on claim settlement including medical reimbursement and cashless hospitalization if required.
The women application segment is expected to grow at fastest rate over the forecast period owing to increasing number of working women across all age groups globally who are seeking financial security by opting for this product category which caters specifically to their needs as well as those of husband or boyfriend accompanying her throughout her pregnancy or after childbirth period till she returns backto work phase (pre-maternity/parental Leave).
Regional Analysis:
Europe dominated the global income protection insurance market in 2017. The growth of this region can be attributed to increasing awareness about Income Protection Insurance, rising number of employers offering these policies as well as growing regulatory support for IKI products. Europe is home to several leading players such as Allianz SE; Axa France; Generali Group; and Munich Re Group. These companies are continuously investing in R&D activities to develop innovative products that can meet the needs and requirements of an increasingly diversified customer base across the globe.
Asia Pacific is expected to witness significant growth over the forecast period owing to rapid economic development coupled with improving standard of living especially among middle-class income groups in countries such as China, India, Indonesia, Malaysia and Thailand etc., which has led them towards a high risk category for life insurers thereby driving up demand for income protection insurance solutions over this period.
Growth Factors:
- Increasing awareness about the benefits of income protection insurance: There is a growing awareness about the benefits of income protection insurance, which is driving the growth of this market.
- Rising number of working women: The number of working women is rising, and this is leading to an increase in demand for income protection insurance products.
- Growing incidence of job loss: The incidence of job loss is increasing, and this is fueling demand for income protection insurance products.
- Rising cost of living: The cost of living is rising, and this has led to an increase in demand for income protection insurance products as they help protect against financial losses in case one loses their source or regular stream os Income Protection Insurance-related information can be found at Insureon's blog .
Scope Of The Report
Report Attributes
Report Details
Report Title
Income Protection Insurance Market Research Report
By Type
Short Term Income Protection Insurance, Long Term Income Protection Insurance
By Application
Men, Women
By Companies
Aviva, Legal & General, Fidelity Life, Royal London, VitalityLife, Generali, Allianz, AXA, LV= Liverpool Victoria, AIG Life
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
237
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Income Protection Insurance Market Report Segments:
The global Income Protection Insurance market is segmented on the basis of:
Types
Short Term Income Protection Insurance, Long Term Income Protection Insurance
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
Men, Women
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:
- Aviva
- Legal & General
- Fidelity Life
- Royal London
- VitalityLife
- Generali
- Allianz
- AXA
- LV= Liverpool Victoria
- AIG Life
Highlights of The Income Protection 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:
- Short Term Income Protection Insurance
- Long Term Income Protection Insurance
- By Application:
- Men
- Women
- 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 Income Protection 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?
Income protection insurance is a type of insurance that helps protect individuals from losing their income in the event that they are unable to work due to an illness or injury. This type of coverage can help cover costs such as medical bills, lost wages, and funeral expenses.
Some of the major players in the income protection insurance market are Aviva, Legal & General, Fidelity Life, Royal London, VitalityLife, Generali, Allianz, AXA, LV= Liverpool Victoria, AIG Life.
The income protection insurance market is expected to register a CAGR of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Income Protection Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Income Protection Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Income Protection Insurance Market - Supply Chain
4.5. Global Income Protection Insurance Market Forecast
4.5.1. Income Protection Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Income Protection Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Income Protection Insurance Market Absolute $ Opportunity
5. Global Income Protection Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Income Protection Insurance Market Size and Volume Forecast by Type
5.3.1. Short Term Income Protection Insurance
5.3.2. Long Term Income Protection Insurance
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Income Protection Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Income Protection Insurance Market Size and Volume Forecast by Application
6.3.1. Men
6.3.2. Women
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Income Protection Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Income Protection Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Income Protection Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Income Protection Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Income Protection Insurance Demand Share Forecast, 2019-2026
9. North America Income Protection Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Income Protection Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Income Protection Insurance Market Size and Volume Forecast by Application
9.4.1. Men
9.4.2. Women
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Income Protection Insurance Market Size and Volume Forecast by Type
9.7.1. Short Term Income Protection Insurance
9.7.2. Long Term Income Protection Insurance
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Income Protection Insurance Demand Share Forecast, 2019-2026
10. Latin America Income Protection Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Income Protection Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Income Protection Insurance Market Size and Volume Forecast by Application
10.4.1. Men
10.4.2. Women
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Income Protection Insurance Market Size and Volume Forecast by Type
10.7.1. Short Term Income Protection Insurance
10.7.2. Long Term Income Protection Insurance
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Income Protection Insurance Demand Share Forecast, 2019-2026
11. Europe Income Protection Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Income Protection Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Income Protection Insurance Market Size and Volume Forecast by Application
11.4.1. Men
11.4.2. Women
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Income Protection Insurance Market Size and Volume Forecast by Type
11.7.1. Short Term Income Protection Insurance
11.7.2. Long Term Income Protection Insurance
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Income Protection Insurance Demand Share, 2019-2026
12. Asia Pacific Income Protection Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Income Protection Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Income Protection Insurance Market Size and Volume Forecast by Application
12.4.1. Men
12.4.2. Women
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Income Protection Insurance Market Size and Volume Forecast by Type
12.7.1. Short Term Income Protection Insurance
12.7.2. Long Term Income Protection Insurance
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Income Protection Insurance Demand Share, 2019-2026
13. Middle East & Africa Income Protection Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Income Protection Insurance Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Income Protection Insurance Market Size and Volume Forecast by Application
13.4.1. Men
13.4.2. Women
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Income Protection Insurance Market Size and Volume Forecast by Type
13.7.1. Short Term Income Protection Insurance
13.7.2. Long Term Income Protection Insurance
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Income Protection Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Income Protection Insurance Market: Market Share Analysis
14.2. Income Protection Insurance Distributors and Customers
14.3. Income Protection Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Aviva
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Legal & General
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Fidelity Life
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Royal London
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. VitalityLife
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Generali
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Allianz
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. AXA
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. LV= Liverpool Victoria
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. AIG Life
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
