In-Depth Exploration of the Burial Insurance Market: Enriching Industry Understanding, Envisioning Trends, Evaluating Growth Catalysts, and Forecasting Advancements from 2023 to 2030.
Report Ocean has recently released a comprehensive research report on the global Burial Insurance Market. The report offers a detailed analysis of various market characteristics, such as size, growth, segmentation, regional and country breakdowns, competitive environment, market shares, trends, and strategies. It also provides insights into the impact of the COVID-19 pandemic on the market.
Global Burial Insurance Market is valued approximately USD 239.66 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.10% over the forecast period 2022-2028.
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Burial insurance is a sort of life insurance that is designed to cover the costs of burial services and products following a death. The coverage can be purchased online or over the phone without the need for a doctor’s examination by the insurance company. Also, no medical check is required for burial insurance. Applicants are questioned about their age, smoking history, and whether they have any major medical concerns. The growing demand for funeral services and their associated costs, which is one of the most difficult challenges confronting health insurance companies and other private payers in developed countries such as Canada and the United States, has resulted in a spectacular global development of the burial insurance market. Furthermore, the expanding health insurance industry, as well as increased internet usage and digitization, are having a beneficial impact on the entire Burial Insurance Market. The global COVID-19 pandemic has strengthened the funeral insurance industry. In reaction to the COVID-19 epidemic, the insurance industry, and burial insurance, saw an increase in demand from policy applicants searching for insurance coverage options.
This is due to an increase in demand among those looking to obtain insurance plans that include cover funeral expenditures as a result of the rising cost of such charges. Furthermore, the majority of the most impacted countries, including the United States, China, Spain, and Italy, lack burial sites. This has increased public awareness of the problem while also emphasising the difficulties of paying for funeral expenditures. According to SunLife Limited, a provider of financial planning, life insurance, health insurance, and other services, 17 percent of families would have substantial financial difficulties in 2021 while paying for a funeral, indicating a considerable demand for funeral insurance throughout the projected period. According to World Bank data, Italy has one of the highest percentages of elderly persons in Europe, with 22.8 percent of the population over 65. Over the foreseeable period, this older demographic might be the market-growth engine for burial insurance. Funeral expenses have been an important indicator for insurance firms such as SunLife Limited, which has also extensively highlighted it in its reports.. However, over the projection period of 2022-2028, a lack of awareness stifles market growth.
The key regions considered for the Global Burial Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America had the highest revenue share due to the presence of multiple insurance firms that provide integrated health, life, and death insurance. Furthermore, the Affordable Care Act in the United States makes comprehensive coverage mandatory, which will act as one of the primary drivers for the US industry, helping the overall North American market development throughout the projected period. Factors such as ageing populations, the prevalence of chronic diseases, the region’s big population, and growing prices are all contributing to Asia’s high growth throughout the projection period.
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Major market player included in this report are:
- Foresters Financial Services Inc
- Royal Neighbors of America
- Gerber Life Insurance Company
- Zurich Insurance
- Globe Life Inc. (Globe Life and Accident Insurance Company)
- Mutual of Omaha
- Fidelity Life Association
- Allianz Life
- Colonial Penn
- The Baltimore Life
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Coverage Type:
Level Death Benefit
Guaranteed Acceptance
Modified or Graded Death Benefit
By Age of End-user:
Over 50
Over 60
Over 70
Over 80
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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This report covers several key questions related to the global Burial Insurance market, including:
- What can be expected for the Burial Insurance market in the next decade?
- What are the primary drivers of growth in the global Burial Insurance market?
- Which technologies are likely to experience the most rapid growth, both by market and region?
- How do opportunities within the Burial Insurance market vary based on the size of the end market?
- What is the breakdown of Burial Insurance by type and application?
- How have recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict impacted the Burial Insurance market?
The Key Points Covered in the Table of Contents:
Overview: This section provides a concise summary of the report, offering a high-level understanding of the global Burial Insurance Market. It serves as an introduction, providing insights into the nature and contents of the research study.
Market Analysis: The research study accurately and reliably forecasts the market share of key segments within the Burial Insurance Market. This analysis enables industry participants to make strategic investments in the significant growth areas of the Food Container Market.
Analysis of Leading Players’ Strategies: Market participants can utilize this report to gain a competitive advantage over their rivals in the Burial Insurance Market. It offers an in-depth analysis of the strategies employed by leading players, enabling others to develop effective strategies and stay ahead in the market.
Regional Growth Analysis: The report covers all major regions and countries relevant to the Burial Insurance Market. The regional analysis facilitates market players in identifying untapped regional markets, devising unique regional strategies, and comparing the growth patterns across different regions.
Market Forecasts: Purchasers of this report gain access to precise and validated estimations of the overall market size in terms of both value and volume. The study also includes comprehensive forecasts for consumption, production, sales, and other pertinent factors related to the Burial Insurance Market.
Our Burial Insurance Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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