The rising expenses of funeral expenditures and increasing concentrations of elderly in countries like Italy will benefit the Europe region's Burial Insurance market size.
Newark, Aug. 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global burial insurance market is expected to grow from USD 241.92 billion in 2021 to USD 461.10 billion by 2030, at a CAGR of 7.43% during the forecast period 2022-2030.
Burial insurance can be referred to as a life insurance component, which deals with expenses related to the deceased's funeral. The insurance industry has evolved a lot in the recent decade and has taken several different forms. The concerned organization may offer the contracts in some standard amounts, such as USD 150, USD 300, and USD 450. Burial insurance is also known as the names of funeral insurance and final expense insurance. The significant consumers of burial insurance are the people living in nuclear families. These insurance policies are dispersed based on a medical questionnaire. It is a guaranteed policy; thus, every applicant who opts for burial insurance receives the coverage. Burial insurance is more profitable than life insurance, as the cost of the former is less for the same level of coverage. The cost of a funeral can depend upon several factors, including the arrangements the applicant wants during the funeral.
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The demographic dividend in most countries is declining faster, i.e., the percentage of elderly people in the overall population is increasing. The evolving demographics and living standards have led to the adoption of unhealthy habits. Companies involved in the burial insurance market are expanding the reach of their services to tap into more consumer base. They are customizing their plants as per the needs of their consumer group. They even provide several payment options to provide flexibility for consumers. Further, on the demand side, the prevalence of several chronic diseases and the growing incidence of the pandemic has resulted in the lucrative growth of the burial insurance market. The Covid-19 impact has been positive on the market, as there was a massive surge in the number of applicants signing for burial insurance policies.
Key players operating in the global burial insurance market are Prudential, Royal Neighbors of America, PIB Holding, Foresters Financial Services Inc, Zurich Insurance, Gerber Life Insurance Company, Sagicor Life, Mutual of Omaha, Assurity, Globe Life Inc., Fidelity Life Association, Colonial Penn, Allianz Life, American Continental, United Home Life, Generali, Metlife Inc., Transamerica, The Baltimore Life among others. To enhance their market position in the global burial insurance market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The guaranteed acceptance segment should grow at the highest CAGR forecast period.
The product type segment is divided into guaranteed acceptance, level death benefit, and modified death benefit. The guaranteed acceptance segment should grow at the highest CAGR forecast period. Guaranteed acceptance provides most of the benefits of coverage plans. Acceptance of the application is guaranteed in most cases based on a questionnaire. The pre-existence of any medical condition does not affect the approval of the application.
The funeral service segment held the highest share of around 36.67% and a market value of USD 88.71 billion in 2021.
The coverage type segment is divided into a funeral procession, cemetery headstone and plot, funeral service, casket, and others. The funeral service segment held the highest share of around 36.67% and a market value of USD 88.71 billion in 2021. Funeral services have become costlier in most countries, especially North America and Europe. Further, the cost of this service depends upon the applicant's requirements. Traditional funeral services are based on religious customs, whereas modern funeral services include memorials and other life-celebrating functions. These customs can be expensive, and thus funeral insurance is gaining popularity among consumers.
The online brokers’ segment should grow at the highest CAGR forecast period.
The sales channel segment is divided into insurance companies and online brokers. The online brokers’ segment should grow at the highest CAGR forecast period. Numerous online brokers have surfaced in recent years in the burial insurance market. Burial insurance providers are expanding their base on digital platforms, and some have moved entirely to online mode.
The 61 to 70 segment held the highest share of around 37.10% and a market value of USD 89.75 billion in 2021.
The age group segment is divided into under 50, 51 to 60, 61 to 70, 71 to 80, and above 80. The 61 to 70 segment held the highest share of around 37.10% and a market value of USD 89.75 billion in 2021. The age group of 61 to 70 is the most suitable age for investing in burial insurance policy schemes. This age group can reap the most benefits from such schemes with minimal investments.
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Regional Segment Analysis of the Burial Insurance Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global market, with a market share of 34.02% in the year 2021. The region has a high percentage of the elderly population willing to opt for burial insurance because the rising cost of a funeral is the primary driver of growth in the U.S. and Canada. Further, the players engaged in burial insurance are adopting several strategies to expand their presence across digital channels. The local population of North America is experiencing a higher prevalence of many chronic diseases, leading to higher death rates. The United States accounted for the largest country-level share in 2021. U.S. agencies have formulated the Affordable Care Act, through which comprehensive coverage has been made necessary for the citizens. The regional government has planned to lower the premium price and widen the access to coverage. This will increase the number of insured people in the region. Insurance companies are formulating favorable reimbursement strategies as per the demographic trends. The Canadian government provides aid for funeral expenses through coverage, another driving factor for the North American region.
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About the report:
The global burial insurance market is analyzed based on value (USD Billion). All the segments have been analyzed globally, nationally, and country. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.