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Global Burial Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Level Death Benefit, Guaranteed Acceptance), by Age Of End-user (Over 50, 60, 70, 80), by Region, and Segment Forecasts, 2022-2030

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    Report

  • 150 Pages
  • July 2022
  • Region: Global
  • Grand View Research
  • ID: 5644999
The global burial insurance market size is expected to reach USD 416.072 billion by 2030. It is expected to expand at a CAGR of 6.1% from 2022 to 2030. The industry is expected to grow over the forecast period owing to the rising awareness among the people. Furthermore, due to the rising awareness, companies are trying to enter the market through marketing strategies including providing various funeral insurance plans, which could attract a wide range of people. For instance, in Brazil, currently, there are different types of funeral insurance policies including preneed funeral insurance, final expense insurance, and burial insurance.

Furthermore, according to the FSCA's 2022 Financial Sector Outlook Study, in countries such as South Africa, around 60% of people reported the use of insurance products. Additionally, according to the report, insurance penetration, which is calculated by utilizing premiums as a percentage of GDP, which was 13.7% in 2020, placing it among the highest in the world and surpassing the U.K. and the U.S. This shows how well acceptable general insurance is among South Africans, which would help the industry expansion for burial insurance in various ways.

The population is aging in many wealthy nations and serving this expanding group requires insurers to concentrate on the best possible opportunities. They must, at least, adapt their services to better meet the needs of elderly persons, such as providing more complex and diverse payment choices for health insurance and making burial insurance a critical component of their plans. Being one of such companies to create a range of goods and services that customers can easily access in a seamless and integrated manner, whereby not only technological advancement is made for better accessibility, but also funeral costs are taken into account and may then be integrated into clients' current plans, will eventually result in the company gaining attention from end consumers, resulting in company revenue share growth.

For instance, Munich Re acquired tech company Relayr in 2018. Through this acquisition, the company hopes to achieve its goal of digitizing its existing business to provide a more comprehensive range of services. This could also help the company's other subsidiary, ERGO Group AG, which provides all types of insurance policies, including those that cover funeral expenses, ultimately indicating the insurer's way to bring in an upgrade in their current policy whereby digitization would help with the faster process to reach and process.

In order to take advantage of diverse sorts of services and technological capabilities needed for future success, forward-thinking insurers are widening their options and going beyond conventional vendors. To improve company position in the global market, these companies have used a variety of strategies, including partnerships, collaborations, product launches, joint ventures, and mergers & acquisitions. For instance, in December 2020, Chubb and Nubank through their strategic partnership intend to launch a digital life insurance product in Brazil. This service also covers funeral expenses. In addition, this launch has demonstrated the use of another distinct marketing tactic - product bundling to provide the individual with alluring offers like complete end-to-end coverage that covers funeral costs.

Burial Insurance Market Report Highlights

  • Based on coverage type, modified or graded death benefit captured the largest revenue share of more than 45.0% in 2021. Level death benefit is expected to expand at a lucrative CAGR of 6.8% over the forecast period
  • The rising demand for funeral services and their associated costs are among the main challenges for health insurance companies and other private payers in developed countries like Canada and the U.S. This has made it possible for several government initiatives to be put into place, such as those in Canada, to ensure that everyone receives acceptable end-of-life care regardless of their circumstances. As a result, the general market will expand as more people become aware of such initiatives along with this insurance company focusing more on offering end-to-end policies to policyholders
  • By age of end-user, the over 70 segment held the largest revenue share of over 30.0% in 2021 and will maintain its lead during the projected period. The over 80 segment is expected to expand at a lucrative CAGR of 6.6% over the forecast period
  • North America dominated the market and accounted for a revenue share of over 35.0% in 2021 owing to an increase in healthcare coverage, rising government initiative to offer dignified end-of-life care, growing awareness regarding funeral insurance, and growing competition and related collaboration to bring in a better product for the policy seekers
  • Asia Pacific and Latin America are likely to exhibit a significant growth rate over the forecast period mainly owing due to companies expanding through strategic alliances, quick expansion of the healthcare business, government attempts to provide improve complete end-to-end healthcare, and the adoption of technological advancements such as healthcare IT systems
  • Key players also contribute to the market growth through strategies such as partnerships, mergers and acquisitions, and new product launches. For instance, in January 2020, Nassau Financial Group, L.P. completed its acquisition of Foresters Life Insurance and Annuity Company. By this acquisition, the company has maintained its commitment to utilizing the independent Foresters branch and taking full advantage of goal-driven organizations to propel the growth of its insurance business in the U.S.


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Frequently Asked Questions about the Global Burial Insurance Market

What is the estimated value of the Global Burial Insurance Market?

The Global Burial Insurance Market was estimated to be valued at $259.72 Billion in 2022.

What is the growth rate of the Global Burial Insurance Market?

The growth rate of the Global Burial Insurance Market is 6.1%, with an estimated value of $416.07 Billion by 2030.

What is the forecasted size of the Global Burial Insurance Market?

The Global Burial Insurance Market is estimated to be worth $416.07 Billion by 2030.

Who are the key companies in the Global Burial Insurance Market?

Key companies in the Global Burial Insurance Market include Foresters Financial Services Inc (acquired by Nassau Financial Group, L.P. also known as ‘Nassau’), Royal Neighbors Of America, Gerber Life Insurance Company, Zurich Insurance, Globe Life Inc. (Globe Life and Accident Insurance Company), Mutual of Omaha, Fidelity Life Association, Allianz Life and The Baltimore Life.

Table of Contents

Chapter 1 Research Methodology & Scope
1.1 Market Segmentation & Scope
1.1.1 Estimates And Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database:
1.3.2 Internal Database
1.3.3 Secondary Sources
1.3.4 Primary Research:
1.3.5 Details Of Primary Research
1.4 Information Or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.6.1.1 Approach 1: Commodity Flow Approach
1.7 List Of Secondary Sources
1.8 List Of Primary Sources
1.9 Report Objectives
Chapter 2 Executive Summary
2.1 Market Outlook
2.1.1 Burial Insurance Market Outlook, 2017 - 2030 (Billion)
2.2 Segment Outlook
2.3 Burial Insurance Market Summary, 2021
Chapter 3 Burial Insurance Market Variables, Trends & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Burial Insurance Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Rising government initiative to offer dignified end-of-life care
3.2.1.2 Rising cost of funeral expenditure
3.2.1.3 Growing awareness of the funeral insurance
3.2.1.4 Growing competition and related collaboration to bring in a better product for the policy seekers
3.2.1.5 Growing aging population and digitization
3.2.2 Market Restraints Analysis
3.2.2.1 Limited Reach Of Burial Insurance Policy In The Developing Countries Growing Concerns Around Patient Data Privacy And Security
3.2.3 Unmet Needs/Opportunity Analysis
3.2.3.1 Implementing Product Bundling And Providing End-To-End Expense Coverage To All Policy Seekers And Policyholders
3.3 Burial Insurance Market Analysis Tools: Porter’s Five Forces Analysis
3.3.1 Supplier Power: Moderate-High
3.3.2 Buyer Power: Moderate-High
3.3.3 Threat Of Substitutes: Low-Moderate
3.3.4 Threat Of New Entrants: Moderate- High
3.3.5 Competitive Rivalry: High
3.4 Pestel Analysis
3.4.1 Political & Legal Landscape
3.4.2 Social Landscape
3.4.3 Technology Landscape
3.5 Regulatory Framework
3.6 Competitor Product Price-Based Analysis
3.7 Covid-19 Impact Analysis
3.7.1 Current And Future Impact Analysis
3.7.2 Impact Of Covid-19 On Market Players
Chapter 4 Burial Insurance Market: Coverage Type Estimates & Trend Analysis
4.1 Coverage Type Movement Analysis, 2021 & 2030
4.1.1 Level Death Benefit
4.1.1.1 Level Death Benefit market estimates and forecasts, 2017 - 2030 (Billion)
4.1.2 Guaranteed Acceptance
4.1.2.1 Guaranteed Acceptance market estimates and forecasts, 2017 - 2030 (Billion)
4.1.3 Modified or Graded Death Benefit
4.1.3.1 Modified or Graded Death Benefit market estimates and forecasts, 2017 - 2030 (Billion)
Chapter 5 Burial Insurance Market: Age Of End-User Estimates & Trend Analysis
5.1 Age Of End-User Movement Analysis, 2021 & 2030
5.1.1 Over 50
5.1.1.1 Over 50 market estimates and forecasts, 2017 - 2030 (Billion)
5.1.2 Over 60
5.1.2.1 Over 60 market estimates and forecasts, 2017 - 2030 (Billion)
5.1.3 Over 70
5.1.3.1 Over 70 market estimates and forecasts, 2017 - 2030 (Billion)
5.1.4 Over 80
5.1.4.1 Over 80 market estimates and forecasts, 2017 - 2030 (Billion)
Chapter 6 Burial Insurance Market: Regional Estimates & Trend Analysis, By Product, Component, Solution Type, Deployment Mode, And End-Use
6.1 Regional Market Snapshot
6.2 North America
6.2.1 North America Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.2.2 U.S.
6.2.2.1 U.S. Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.2.3 Canada
6.2.3.1 Canada Burial Insurance Market Estimates And Forecasts, 2017 -2030(Billion)
6.3 Europe
6.3.1 Europe Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.3.2 U.K.
6.3.2.1 Uk Burial Insurance Market Estimates And Forecasts, 2017 - 2030(Billion)
6.3.3 Germany
6.3.3.1 Germany Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.3.4 Spain
6.3.4.1 Spain Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.3.5 France
6.3.5.1 France Burial Insurance Market estimates and forecasts, 2017 - 2030 (Billion)
6.3.6 Italy
6.3.6.1 Italy Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.4 Asia Pacific
6.4.1 Asia Pacific Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.4.2 Japan
6.4.2.1 Japan Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.4.3 China
6.4.3.1 China Burial Insurance Market estimates and forecasts, 2017 - 2030 (Billion)
6.4.4 Australia
6.4.4.1 Australia Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.4.5 South Korea
6.4.5.1 South Korea Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.5 Latin America
6.5.1 Latin America Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.5.2 Brazil
6.5.2.1 Brazil Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.5.3 Argentina
6.5.3.1 Argentina Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.6 MEA
6.6.1 MEA Burial Insurance Market Estimates And Forecasts, 2017 - 2030 (Billion)
6.6.2 South Africa
6.6.2.1 South Africa Burial Insurance Market estimates and forecasts, 2017 - 2030 (Billion)
Chapter 7 Competitive Landscape
7.1 Market participation categorization
7.2 Companies
7.2.1 Company market position analysis
7.2.2 Major Deals & Strategic Alliances
7.2.3 Detailed List of players
Chapter 8 Company Profile
8.1 Foresters Financial Services Inc (acquired by Nassau Financial Group, L.P. also known as ‘Nassau’)
8.1.1 Company Overview
8.1.2 Financial Performance
8.1.3 Product Benchmarking
8.1.4 Strategic Initiatives
8.2 Royal Neighbors Of America
8.2.1 Company Overview
8.2.2 Financial Performance
8.2.3 Product Benchmarking
8.3 Gerber Life Insurance Company
8.3.1 Company Overview
8.3.2 Financial Performance
8.3.3 Product Benchmarking
8.3.4 Strategic Initiatives
8.4 Zurich Insurance
8.4.1 Company Overview
8.4.2 Financial Performance
8.4.3 Product Benchmarking
8.4.4 Strategic Initiatives
8.5 Globe Life Inc. (Globe Life and Accident Insurance Company)
8.5.1 Company Overview
8.5.2 Financial Performance
8.5.3 Product Benchmarking
8.5.4 Strategic Initiatives
8.6 Mutual of Omaha
8.6.1 Company Overview
8.6.2 Product Benchmarking
8.6.3 Strategic Initiatives
8.7 Fidelity Life Association
8.7.1 Company Overview
8.7.2 Financial Performance
8.7.3 Product Benchmarking
8.7.4 Strategic Initiatives
8.8 Allianz Life
8.8.1 Company Overview
8.8.2 Financial Performance
8.8.3 Product Benchmarking
8.8.4 Strategic Initiatives
8.9 Colonial Penn
8.9.1 Company Overview
8.9.2 Product Benchmarking
8.10 The Baltimore Life
8.10.1 Company Overview
8.10.2 Financial Performance
8.10.3 Product Benchmarking
List of Tables
Table 1 List of secondary sources
Table 2 Major Deals & Strategic Alliances
Table 3 Detailed List of players
Table 4 North America Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 5 North America Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 6 U.S. Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 7 U.S. Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 8 Canada Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 9 Canada Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 10 Europe Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 11 Europe Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 12 UK Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 13 UK Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 14 Germany Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 15 Germany Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 16 France Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 17 France Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 18 Italy Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 19 Italy Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 20 Spain Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 21 Spain Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 22 Asia Pacific Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 23 Asia Pacific Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 24 China Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 25 China Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 26 Japan Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 27 Japan Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 28 Australia Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 29 Australia Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 30 South Korea Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 31 South Korea Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 32 Latin America Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 33 Latin America Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 34 Brazil Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 35 Brazil Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 36 Argentina Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 37 Argentina Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 38 MEA Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 39 MEA Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
Table 40 South Africa Burial Insurance Market estimates and forecasts, by Coverage Type, 2017-2030 (Billion)
Table 41 South Africa Burial Insurance Market estimates and forecasts, by Age of End-User, 2017-2030 (Billion)
List of Figures
Fig. 1 Market segmentation
FIG. 2 Market research process
FIG. 3 Data triangulation techniques
FIG. 4 Primary research pattern
FIG. 4 Market research approaches
FIG. 6 Value-chain-based sizing & forecasting
FIG. 7 QFD Modeling for market share assessment
FIG. 8 Market formulation & validation
FIG. 9 Commodity flow analysis
FIG. 10 Segment-Based Penetration Model
FIG. 11 Market summary (2021, Billion)
FIG. 12 Segment outlook, Coverage Type
FIG. 13 Segment outlook, Age of End-User
FIG. 14 Penetration & growth prospect mapping
FIG. 15 Market variable analysis
FIG. 16 Market driver relevance analysis (Current & future impact)
FIG. 17 Market restraint relevance analysis (Current & future impact)
FIG. 18 Burial Insurance Market: Coverage Type Movement Analysis
FIG. 19 Level Death Benefit market, 2017-2030 (Billion)
FIG. 20 Guaranteed Acceptance market, 2017-2030 (Billion)
FIG. 21 Modified or Graded Death Benefit market, 2017-2030 (Billion)
FIG. 22 Burial Insurance Market: Age of End-User Movement Analysis
FIG. 23 Over 50 market, 2017-2030 (Billion)
FIG. 24 Over 60 market, 2017-2030 (Billion)
FIG. 25 Over 70 market, 2017-2030 (Billion)
FIG. 26 Over 80 market, 2017-2030 (Billion)
FIG. 27 Regional marketplace: Key takeaways
FIG. 28 Regional outlook, 2021 & 2030
FIG. 29 North America Burial Insurance Market, 2017-2030 (Billion)
FIG. 30 U.S. Burial Insurance Market, 2017-2030 (Billion)
FIG. 31 Canada Burial Insurance Market, 2017-2030 (Billion)
FIG. 32 Europe Burial Insurance Market, 2017-2030 (Billion)
FIG. 33 UK Burial Insurance Market, 2017-2030 (Billion)
FIG. 34 Germany Burial Insurance Market, 2017-2030 (Billion)
FIG. 35 France Burial Insurance Market, 2017-2030 (Billion)
FIG. 36 Italy Burial Insurance Market, 2017-2030 (Billion)
FIG. 37 Spain Burial Insurance Market, 2017-2030 (Billion)
FIG. 38 Asia Pacific Burial Insurance Market, 2017-2030 (Billion)
FIG. 39 Japan Burial Insurance Market, 2017-2030 (Billion)
FIG. 40 China Burial Insurance Market, 2017-2030 (Billion)
FIG. 41 South Korea Burial Insurance Market, 2017-2030 (Billion)
FIG. 42 Australia America Burial Insurance Market, 2017-2030 (Billion)
FIG. 43 Latin America Burial Insurance Market, 2017-2030 (Billion)
FIG. 44 Brazil Burial Insurance Market, 2017-2030 (Billion)
FIG. 45 Argentina Burial Insurance Market, 2017-2030 (Billion)
FIG. 46 MEA Burial Insurance Market, 2017-2030 (Billion)
FIG. 47 South Africa Burial Insurance Market, 2017-2030 (Billion)
FIG. 48 Market Participation Categorization
FIG. 49 Company market position analysis

Companies Mentioned

  • Foresters Financial Services Inc (acquired by Nassau Financial Group, L.P. also known as ‘Nassau’)
  • Royal Neighbors Of America
  • Gerber Life Insurance Company
  • Zurich Insurance
  • Globe Life Inc. (Globe Life and Accident Insurance Company)
  • Mutual of Omaha
  • Fidelity Life Association
  • Allianz Life
  • Colonial Penn
  • The Baltimore Life

Methodology

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