BURIAL INSURANCE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global burial insurance market is estimated to be valued at USD 291.10 Bn in 2024 and is expected to reach USD 425.20 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031. The global burial insurance market has been witnessing steady growth in the recent years. Burial insurance, also known as funeral planning insurance, is a type of life insurance that provides payout to cover the costs associated with burial or cremation of the insured person upon their death. With rising life expectancy and increasing costs related to last rites and ceremonies, more individuals are opting for burial insurance policies. The growing elderly population base susceptible to health issues and medical expenses further substantiates the need for such insurance plans. Manufacturers are leveraging technological solutions to automate claims processing and provide efficient customer services aiding the market expansion. However, factors like economic downturns affecting individual spending may impede the market progress to a certain extent during the forecast period.
Market Dynamics:
The key drivers fueling the global burial insurance market include rapid growth of the aged population worldwide susceptible to health issues, rising funeral costs necessitating monetary protection, and increasing awareness among consumers about pre-planning funeral arrangements. However, the market growth can be restrained by factors such as economic slowdowns negatively impacting individual spending, stringent underwriting procedures followed by insurers, and preference for alternative saving instruments over insurance. On the opportunities front, digitization of insurance processes, customized plans as per client needs, and favorable government regulations are expected to unlock new avenues for the players in the coming years.
(Key Features of the Study):
- This report provides in-depth analysis of the global burial insurance market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global burial insurance market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Gerber Life, Foresters Financial, Allianz Life, AIG, American National, Assurity Life Insurance Company, Transamerica, Americo Financial Life and Annuity Insurance Company, Baltimore Life, AAA Life Insurance Company, State Farm, Sagicor Life Insurance Company, Mutual of Omaha, United Home Life Insurance Company, and New York Life Insurance Company
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global burial insurance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global burial insurance market
Market Segmentation
Market Segmentation
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