According to a recent report published by Allied Market Research, titled, “Financial protection Market by Type, Policy Coverage, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global financial protection market size was valued at $53.34 billion in 2020, and is projected to reach $77.43 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.
Mandatory provision of financial protection in the private & public sector employees and surge in prevalence of chronic diseases, such as cardiovascular disease, cancer, and diabetes are the key factors that boost the global financial protection market growth. However, limitation of availability of income protection policies and increase in financial protection premium cost restrict growth of the market. On the contrary, development of advanced technology in the financial sector and increase in unemployment rate are expected to create an immense opportunity for the market in the coming years.
Moreover, the COVID-19 pandemic has further increased demand for financial protection plans as there is rise in job cuts, which leads to unemployment. In addition, longer hospitalization and quarantine periods results in absence of employees from work and thus, puts financial pressure on their families. Therefore, to ensure financial protection and receive income regularly, customers are opting for financial protection plans. Furthermore, various government initiatives are undertaken to ensure that employees get regular payment despite their health conditions.
Download Report Sample with Latest Industry Insights: https://www.alliedmarketresearch.com/request-sample/5023
On the basis of policy coverage, the mortgage payment protection segment in financial protection market is expected to grow at the fastest rate during the forecast period. Mortgage payment protection allows the insured person to continue paying off their mortgage if they are no longer receiving a secure income. In addition, mortgage payment protection can help insured person families to cover their mortgage under certain circumstances through which the insured person can avoid foreclosure if they can no longer work to pay their mortgage.
By region, the global financial protection market share is being dominated by Europe in 2021, and is expected to maintain this trend during the forecast period. Furthermore, amidst the impact of the COVID-19 pandemic on the economy and the most vulnerable citizens, debate around minimum income schemes (MIS), universal basic income (UBI), and adequate measures to prevent social exclusion has gained renewed attention at national and regional levels, therefore, income protection plans have been adopted by governments to provide financial assistance to people in this region.
The COVID-19 outbreak has positively impacted the financial protection market size since the demand for financial protection among employees have increased owing to the growing health concerns which results to hospitalization further leading to absence from office. Moreover, employers are giving financial protection plans to their employees to ensure the employee gets enough time to recover without having to worry about getting payment cuts because of absence.
Interested? Do Purchase Enquiry Now: https://www.alliedmarketresearch.com/purchase-enquiry/15917
Key findings of the study
- By type, the long-term financial protection segment led the financial protection market in terms of revenue in 2020.
- By policy coverage, the payment protection segment accounted for the highest financial protection market share in 2020.
- By region, Europe generated the highest revenue in 2020.
The key players profiled in the financial protection market analysis are AXA, ABI, American International Group, Inc., Aviva, Aon, Citizens Advice, Marsh Ltd., StanCorp Financial Group, Inc., The Guardian Life Insurance Company of America, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060