The global disability insurance market is expected to jump from $3.3 billion in 2021 to $9.2 billion in 2031, according to market research store Research and Markets’ latest report.
The report expects the market to see a compound annual growth rate (CAGR) of 11.2% from 2022 to 2031.
“Raising awareness about the benefits of disability insurance policies and tax benefits under various sections of the income tax act is boosting the growth of the global disability insurance market. In addition, the development of new offers and schemes by insurance companies positively impacts the growth of the disability insurance market,” it said.
“However, a lack of awareness among the customers is hampering the disability insurance market growth. On the contrary, increasing government support for medical and health insurance is expected to offer remunerative opportunities for the expansion of the disability insurance market during the forecast period.”
The report covered insurance type, end-user, and coverage type. It also identified key players in the global disability insurance market:
Read next: Disability insurance: What is it and how does it work?
“These players have adopted various strategies to increase their market penetration and strengthen their position in the industry,” the report said.
