Income Protection Insurance Market Size, Share, Growth, and Industry Analysis by Type (Short Term Income Protection Insurance, Long Term Income Protection Insurance), by Application (Men, Women), and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global income protection insurance market size was 43090 million in 2021. As per our research, the market is expected to reach USD 52760 million in 2028, exhibiting a CAGR of 2.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with income protection insurance market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Income protection insurance is a type of policy that will pay out in the result of your being unable to work, whether through disorder or injury. It pays out until the insured person can start working again or until they retire, die or reach the end of the policy term, whichever is sooner.  It covers most illnesses that leaves the insured person unable to work either in the short or long-term reliant on the type of policy and its definition of ineffectiveness. Income protection provides a regular income to the insured person even though being temporarily out of work which confirms that everything can be protected thus ensuring the insured person is at peace and recovers speedily. Therefore, by taking out income protection insurance an insured person can ensure themselves and their family will be fiscally stronger while the insured person is provisionally out of work. Companies offer maternity leave with full salary but there is no alike scheme for paternity leave. As a consequence many employees choose for income protection insurance as it offers complete flexibility in selecting when to claim during the term of policy authority along with full benefits on claim settlement including medical reimbursement and cashless hospitalization if required. Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the income protection insurance market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

COVID-19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID-19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Segmentation

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• By Type

According to type, the market can be segmented into short term income protection insurance, long term income protection insurance.

Short term income protection insurance capture the maximum market share through forecast period.

• By Application

According to application, the market can be segmented into men, women.

Income protection insurance market players cover segment as women will dominate the market share during forecast period.

Driving Factors

"Increase In Unstable Rate Of Unemployment To Boost The Market Growth"

As the employment rate has been unstable causing recession, seasonal unemployment and job closure leading to people provisionally or everlastingly losing their job. Income protection plans offer financial support for people suffering from diseases or any case for which they cannot work and earn. Demand for income protection is taken into focus with growing awareness of people to put financial safety in place for themselves and their families within health concerns and monetary uncertainty.

"Rise In Number Of Patients To Upsurge The Market."

Upsurge in the number of cases for patients suffering from life-threatening diseases such as kidney failure, cancer, heart attack, strokes, the modern lifestyle & the growing incidence of these diseases.  Income protection insurance is important because it can help to protect you and your family from falling into fiscal hardship if something happens and to you are unable to work.

Restraining Factor

"Lack Of Knowledge To Hamper The Market Growth"

Lack of knowledge and awareness is hampering development of income protection insurance market. Lack of knowledge about coverage included in financial protection policy and increase in financial protection premium cost are the factors that limit the market growth. Technical difficulties will reduce the industry revenue.

Regional Insights

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"Asia Pacific To Dominate The Region Due To Rapid Economic Development"

Asia Pacific is further expected to witness growth in the income protection insurance market share. The region is dominating the market due to speedy economic development coupled with improving standard of living especially among middle-class income groups. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the market growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Aviva (U.K.)
• Legal & General (U.K.)
• Fidelity Life (U.S.)
• Royal London (U.K.)
• VitalityLife (U.K.)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.