The global disability insurance market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
Disability insurance plays a vital role in providing financial security to individuals and businesses when faced with disabilities that may prevent them from earning income. Several key factors are driving the growth of this market.
One of the primary drivers of market growth is the escalating number of insurance claims across the globe. According to the Social Security Administration’s annual statistical report on the Social Security Disability program, millions of people aged 18-64 received disability benefits as of December 2021. This data underscores the substantial demand for disability insurance products and services.
The beneficiaries include individuals who receive benefits from the Social Security program, the Supplemental Security Income (SSI) program, or both. The prevalence of disability benefit recipients underscores the critical role disability insurance plays in providing financial support to individuals and families during periods of disability.
