Global Funeral Insurance Market Analysis Report (Level Death Benefit, Guaranteed Acceptance) 2022-2030 –

DUBLIN–(BUSINESS WIRE)–The “Global Funeral Insurance Market Size, Share and Trend Analysis Report by Type of Coverage (Level Death Benefit, Guaranteed Acceptance), by End User Age ( more than 50, 60, 70, 80), by region and segment Forecast, 2022-2030″ report has been added to from offer.

The global funeral insurance market size is expected to reach USD 416.072 billion by 2030 and is expected to grow at a CAGR of 6.1%

The industry is expected to grow over the forecast period owing to the growing awareness among the people. Moreover, due to the growing awareness, companies are trying to enter the market through marketing strategies, including offering various funeral insurance plans, which could appeal to a wide range of people. For example, in Brazil, there are currently different types of funeral insurance policies, including pre-funeral insurance, final expense insurance, and funeral insurance.

Furthermore, according to the FSCA’s Financial Sector Outlook 2022 study, in countries like South Africa, about 60% of people reported using insurance products. Additionally, according to the report, insurance penetration, which is calculated using premiums as a percentage of GDP, which was 13.7% in 2020, placing it among the highest in the world and overtaking the UK and the United States. insurance is among South Africans which would help the expansion of the funeral insurance industry in various ways.

The population is aging in many affluent countries and to serve this growing group, insurers need to focus on the best possible opportunities. They should at least adapt their services to better meet the needs of older people, such as offering more complex and diverse payment choices for health insurance and making funeral insurance a core part of their plans.

To be one of those companies to create a range of goods and services that customers can easily access in a seamless and integrated way, where not only technological advancements are made for better accessibility, but also funeral costs are taken into account and can then be integrated into customers’ current plans, will eventually lead the company to capture the attention of end consumers, which will lead to growth in the company’s revenue share.

For example, Munich Re acquired technology company Relayr in 2018. Through this acquisition, the company hopes to achieve its goal of digitizing its existing business to provide a more comprehensive range of services. It could also help the company’s other subsidiary, ERGO Group AG, which offers all types of insurance policies, including those that cover funeral costs, ultimately indicating the way for the insurer to bring an upgrade in its current font, with digitization helping to speed up the process. to reach and deal with.

To take advantage of the diverse types of services and technology capabilities needed for future success, forward-thinking insurers are expanding their options and going beyond traditional providers. To improve the company’s position in the global market, these companies have used various strategies, including partnerships, collaborations, product launches, joint ventures, and mergers and acquisitions.

For example, in December 2020, Chubb and Nubank, as part of their strategic partnership, intend to launch a digital life insurance product in Brazil. This service also covers funeral expenses. Additionally, this launch demonstrated the use of another distinct marketing tactic – product bundling to provide the individual with attractive offers such as comprehensive end-to-end coverage that covers funeral expenses.

Funeral Insurance Market Report Highlights

  • By coverage type, modified or graduated death benefits captured the largest revenue share of over 45.0% in 2021. Level death benefits are expected to grow at a lucrative CAGR of 6.8% over the course of 2021. the forecast period.

  • The growing demand for funeral services and their associated costs are among the main challenges for health insurance companies and other private payers in developed countries like Canada and the United States. This has enabled several government initiatives, such as those in Canada, to be put in place to ensure that everyone receives acceptable end-of-life care, regardless of their circumstances. As a result, the general market will expand as more people become aware of these initiatives and this insurance company will focus more on offering end-to-end policies to policyholders.

  • Based on end-user age, the 70+ segment held the largest revenue share of over 30.0% in 2021 and will maintain its lead over the projected period. The 80+ segment is expected to grow at a lucrative CAGR of 6.6% over the forecast period

  • North America led the market and accounted for a revenue share of more than 35.0% in 2021 owing to an increase in healthcare coverage, increase in government initiatives to offer healthcare dignified end-of-life, growing awareness of funeral insurance, and the growing competition and related collaboration bring a better product for policy seekers

  • Asia-Pacific and Latin America are expected to show a significant growth rate during the forecast period, mainly due to the expansion of companies through strategic alliances, the rapid expansion of the healthcare, government attempts to improve comprehensive end-to-end healthcare and the adoption of technological advances such as healthcare informatics systems

  • The key players are also contributing to the growth of the market through strategies such as partnerships, mergers and acquisitions, and new product launches. For example, in January 2020, Nassau Financial Group, LP completed its acquisition of Foresters Life Insurance and Annuity Company. Through this acquisition, the company continued its commitment to utilizing Foresters’ independent branch and taking full advantage of goal-oriented organizations to propel the growth of its insurance business in the United States.

Dynamics of the funeral insurance market

Market Driver Analysis

  • Government initiative on the rise to provide dignified end-of-life care

  • Rising cost of funeral expenses

  • Growing awareness of funeral insurance

  • Growing competition and related collaboration to bring a better product to policy seekers

  • Growing aging population and digitization

Analysis of market constraints

  • Limited scope of funeral insurance policy in developing countries Growing concerns about privacy and security of patient data

Analysis of unmet needs/opportunities

  • Implemented product bundling and provided end-to-end expense coverage to all policy applicants and insureds

Funeral Insurance Market Analysis Tools: Porter’s Five Forces Analysis

Pestel analysis

Regulatory framework

Analysis based on the prices of competing products

Covid-19 impact analysis

  • Current and future impact analysis

  • Impact of Covid-19 on market players

Company Profiles

  • Foresters Financial Services Inc (acquired by Nassau Financial Group, LP also known as “Nassau”)

  • America’s Royal Neighbors

  • Gerber Life Insurance Company

  • Zurich Insurance

  • Globe Life Inc. (Globe Life and Accident Insurance Company)

  • Omaha Mutual

  • Fidelity Life Association

  • Allianz Life

  • colonial enclosure

  • baltimore life

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