An aging population coupled with macroeconomic growth over the five years to 2017 proved to be beneficial for the Disability Insurance industry. Declining unemployment and relatively higher awareness of the seriousness of disabilities have fueled industry revenue growth during the period. Additionally, the median age of the population increasing has benefited industry operators as well. Over the five years to 2022, an increase in the number of employees and greater awareness regarding the benefits of disability insurance are expected to boost demand. Furthermore, an anticipated increase in employer-sponsored coverage is also expected to boost industry revenue over the next five years.
This industry underwrites (i.e. assuming the risk and assigning premiums) disability insurance policies. Disability insurance insures the beneficiary’s earned income against the risk that a disability will render them unable to find full-time work in their chosen field. However, if an insured individual is deemed capable of working part time in a different field, they may not realize the full benefit of the insurance policy.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.