Regional Analysis

Burial Insurance Market Regional Insights

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Regional Analysis:

Dominating Region: North America

North America dominates the burial insurance industry with an estimated 36.2% share in 2024. This can be attributed to the strong presence of insurance providers and well-established industry practices. Countries such as the U.S. have policies that support the growth of private insurers. Furthermore, social norms around caring for deceased family members financially contribute to the popularity of burial insurance plans in the region.

Fastest-Growing Region: Asia Pacific

The Asia Pacific region exhibits the fastest growth in the burial insurance industry, led by China, India, and other emerging markets. Rising incomes and awareness about financial planning are driving more consumers to consider life stages including death and subsequent costs. Governments are also encouraging inclusive insurance policies to help citizens of all income levels. Major global insurers like Sun Life Financial Inc. have expanded into these markets to tap growing demand.

Burial Insurance Market Outlook for Key Countries

U.S.’ Market Leads with Innovation and Scale

The U.S. dominates the North America burial insurance industry due to its large, diverse consumer base, advanced technology integration, strong regulatory framework, and competitive environment. In September 2024, Transamerica, a life insurance company in the U.S., launched FE Express, a digital platform for final expense insurance, offering lifetime coverage up to US$ 50,000 with guaranteed level premiums. Applications take as little as 10 minutes, featuring online management and optional funeral concierge services.

Strengthening Consumer Trust in Insurance in the U.K.

The U.K., as a global financial hub, holds a significant role in burial insurance industry, driven by its robust regulatory framework and consumer-centric approach. The Financial Conduct Authority (FCA) in the U.K. has urged life insurers to improve bereavement claim handling times and better measure customer experience. While some firms provide good support, the average claim processing times vary widely, from 20 to 122 days depending on policy type, with inconsistent data tracking.

Pioneering Insurance Growth in India

India continues to lead growth in South Asia with the insurance sector transforming rapidly. Regulations have loosened to allow for new entrants and product types, benefiting both providers and consumers. According to a report by Insurance Sector in India, in October 2024, India is witnessing rapid transformation in its insurance sector, attributed to relaxed regulations allowing new entrants and diverse product types. This has positioned India as a leader in South Asia's insurance growth.

Japan is Embracing Technology to Overcome Market Hurdles

Japan’s dominance in the burial insurance industry is attributed to its advanced economy, high insurance penetration, and innovative adaptation to challenges. In August 2023, the Japan Life Insurance Association noted that while the market faces challenges such as a declining birth rate and frequent natural disasters, insurance companies are increasingly adopting technology solutions. Approximately 60% of insurers reported implementing digital tools to enhance their service offerings for existing policyholders