The global disability insurance market revenue was around US$ 3.5 billion in 2021 and is estimated to reach US$ 9.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 11.2% during the forecast period from 2022 to 2031.

Disability insurance is a type of insurance that provides benefits if a policyholder becomes disabled and is unable to work or generate an income. If the insured becomes incapacitated due to an illness or accident, the insurance could financially cover them. If the insured person is unable to work because of their disease, it can replace a portion of their income. Depending on the conditions of the policy, the typical disability insurance plan may also pay for any medical expenses the policyholder may have as a result of the therapy.

Factors Influencing Market Growth

• Rising awareness of the advantages of social security disability insurance plans and tax incentives under various parts of the income tax statute drives the growth of the disability insurance market.

• The creation of new offers and programs by insurance companies has a positive impact on the disability insurance market expansion.

• Growing government support for health and medical insurance is anticipated to provide lucrative opportunities for market expansion.

• Customers' lack of awareness is hampering the market's expansion.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the global disability insurance market. The COVID-19 pandemic has caused changes in model performance because, in comparison to static validation and testing methods, more continuous monitoring and validation are needed to mitigate different sorts of risks. This has led to the development of disability insurance. Additionally, purchasing disability insurance online is no longer an option because it is the only way to obtain the required liability insurance. Even before COVID-19, digital-first insurers like Getsurance offered online plans, but given the situation, online insurance has now established itself as the new standard.

Regional Insights 

North America had a dominant position in the disability insurance market in 2021, and it is anticipated that it will continue to do so throughout the forecast period. This is due to the presence of major players that provide advanced solutions and make significant investments in solutions like faster claim management, which present lucrative opportunities for the market.

Asia-Pacific is anticipated to witness significant growth over the projected period due to increased awareness of the value of disability insurance among companies and workers in hazardous sectors.

Leading Competitors 
The leading competitors in the global disability insurance market are: 
• Aegon
• Assurity Group
• Allianz SE
• Assicurazioni Generali SpA
• Aviva plc
• AXA Group
• Guardian Life Insurance Company
• Illinois Mutual
• Petersen International Underwriters (PIU)
• MassMutual
• Mutual of Omaha
• MetLife Services and Solutions, LLC 
• Ping An Insurance
• Nippon life insurance
• Zurich Insurance Group
• Asteya
• Ahana 
• Others 
Segmentation Analysis
The global disability insurance market segmentation focuses on Insurance Type, End User, Coverage Type, and Region.
Segmentation based on Insurance Type
• Individual Disability Insurance
• High Limit Disability Insurance
• Business Overhead Expense Disability Insurance
• Others
• Employer Supplied Disability Insurance
Segmentation based on End User
• Government
• Enterprise
• Individual
o Individual Type
? Male
? Female

Segmentation based on Coverage Type
• Short Term Disability Insurance
• Long Term Disability Insurance
Segmentation based on Region
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe 
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific

• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

• South America
• Brazil
• Argentina
• Rest of South America