Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) – ResearchAndMarkets.com has added a new report Disability Insurance Global Market Report 2024 to its offering. This report examines the growing trends in the disability insurance market, highlighting the crucial role of technological advancements and the rising number of chronic diseases in market expansion. The global disability insurance market is expected to grow from $3.7 billion in 2023 to an anticipated $4.16 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 12.5%.

Key growth factors include increased awareness of disability risks and legislative changes, an upsurge in wellness focused employer benefits programs, rising healthcare costs and a trend towards tailored coverage. The rise in chronic diseases incidences is prompting individuals to seek financial protection. By 2050, chronic disease cases are predicted to double from 2020 figures. Technological advancements in automating claims processes have enhanced speed and accuracy in service delivery.

Several types of disability insurance are examined in the report, namely employer-supplied disability insurance, individual disability insurance, high-limit disability insurance, and business overhead expense disability insurance.

The report also notes strategic acquisitions by key market players to expand their global reach such as Allianz SE’s increased presence in the European insurance market. The North American region leads the global market, with the report offering comprehensive analysis across Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

The report is crucial for anyone looking to understand the market trajectory, assess growth opportunities, and make informed decisions within the disability insurance industry. Key market players, market dynamics, and future outlook are included, offering a rounded view of the industry and insights for strategic planning and investment.