Disability Insurance in the US - Industry Market Research Report
Description
Disability Insurance
An aging population coupled with macroeconomic growth over the five years to 2019 proved to be beneficial for the Disability Insurance industry. The two main types of disability insurance are group and individual disability insurance. Group insurance comes in two forms: long-term (LTD) and short-term disability (STD) insurance. Benefits for an LTD insurance policy usually start coming in two to three months after a policyholder becomes disabled, while benefits for an STD policy usually start within a week of a person becoming disabled. Declining unemployment and relatively higher awareness of the seriousness of disabilities have fueled industry revenue growth during the five-year period. Additionally, the median age of the population increasing has benefited industry operators as well. People aged 65 and older are some of the most likely people to purchase disability insurance since they are more likely to become disabled through an injury or illness. Over the five years to 2024, growth in the number of employees and greater awareness regarding the benefits of disability insurance are expected to boost demand.
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.
An aging population coupled with macroeconomic growth over the five years to 2019 proved to be beneficial for the Disability Insurance industry. The two main types of disability insurance are group and individual disability insurance. Group insurance comes in two forms: long-term (LTD) and short-term disability (STD) insurance. Benefits for an LTD insurance policy usually start coming in two to three months after a policyholder becomes disabled, while benefits for an STD policy usually start within a week of a person becoming disabled. Declining unemployment and relatively higher awareness of the seriousness of disabilities have fueled industry revenue growth during the five-year period. Additionally, the median age of the population increasing has benefited industry operators as well. People aged 65 and older are some of the most likely people to purchase disability insurance since they are more likely to become disabled through an injury or illness. Over the five years to 2024, growth in the number of employees and greater awareness regarding the benefits of disability insurance are expected to boost demand.
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.
MAJOR COMPANIES
Unum Group
Aflac Inc.
Hartford Financial Services Group Inc.
Prudential Financial Inc.
Unum Group
Aflac Inc.
Hartford Financial Services Group Inc.
Prudential Financial Inc.
Table of Contents
38 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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