Allied Market Research published a report, titled, “Financial Protection Market by Type (Long-Term Financial Protection and Short-Term Financial Protection), Policy Coverage (Payment Protection and Mortgage Payment Protection), and End User (Men and Women): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global financial protection industry generated $53.34 billion in 2020, and is expected to reach $77.43 billion by 2030, witnessing a CAGR of 3.9% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Customization options for income protection insurance and mental peace offered to the insured during the recovery phase drive the growth of the global financial protection market. However, long waiting periods for certain insurance policies and pre-existing medical conditions impacting the premiums hinder the market growth. On the other hand, instability of the employment rate creates new opportunities in the coming years.
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Covid-19 Scenario
- The demand for financial protection policies increased significantly during the Covid-19 pandemic as there was huge surge in ratios of bad debts with inability to pay loans with job losses, salary cuts, and disruptions in business operations.
- As the number of claims increased during the pandemic, the premiums for financial protection policies rose. Moreover, the trend of digitization arrived in the global financial protection industry to streamline and accelerate the processes.
The long-term financial protection segment to continue its lead position during the forecast period
Based on type, the long-term financial protection segment accounted for the highest share in 2020, contributing to nearly three-fifths of the global financial protection market, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to register the fastest CAGR of 4.8% from 2021 to 2030. As this type provides peace of mind to the insured people by allowing them to keep up with all their essential monthly expenditures such as rent, mortgage, groceries, and utility bills, this segment will offer lucrative opportunities during the forecast period. The report also analyzes the short-term financial protection segment.
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The payment protection segment to maintain its lead in terms of revenue during the forecast period
Based on policy coverage, the payment protection segment contributed to the largest share in 2020, accounting for nearly three-fourths of the global financial protection market, and is projected to maintain its lead in terms of revenue during the forecast period. This is attributed to the regular flow of salary or payments in the case of unfortunate events and offering of opportunity to live a financially stable life. However, the mortgage payment protection segment is projected to manifest the largest CAGR of 5.6% from 2021 to 2030. This is due to ability of the insured to continue paying off the mortgage even when they are not receiving a secure income.
Europe, followed by North America, to continue its dominance in terms of revenue by 2030
Based on region, Europe, followed by North America, held the highest market share in 2020, contributing to around one-third of the global financial protection market, and is expected to continue its dominance in terms of revenue by 2030. This is due to surge in adoption of financial protection plans amid the pandemic and supportive minimum income protection (MIP) schemes for able-bodied people during the first five years of working. However, Asia-Pacific is estimated to portray the highest CAGR of 6.1% from 2021 to 2030, owing to rise in inequality and the need to build resilience to crises such as economic & financial crises and natural disasters.
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Leading Market Players
- AXA
- ABI
- American International Group, Inc.
- Aviva
- Aon
- Citizens Advice
- Marsh Ltd.
- StanCorp Financial Group, Inc.
- The Guardian Life Insurance Company of America
- Zurich
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