Burial Insurance Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030

PUBLISHED: July 24, 2023

PAGES: 220 Pages

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Description

In recent decades, funeral expenses have seen an exponential rise, accompanied by a growing prevalence of life-threatening health conditions due to unhealthy lifestyles and environmental changes. These factors have contributed significantly to the increasing number of deaths across various age groups, prompting people to actively plan for respectful and appropriate funerals for their family members. Consequently, the demand for burial insurance has soared worldwide, driven by the need to ensure that loved ones receive dignified funerals. Supportive government policies have further facilitated the purchase of comprehensive health, life, and death insurance policies, fueling the sound growth of the global burial insurance market.

Increasing Awareness of Burial Insurance Drives Market Growth

The awareness of burial insurance has surged in several developed and developing economies, driven by the escalating costs of funerals. Many individuals are now planning for respectful funerals for their close family members and loved ones by opting for comprehensive burial insurance policies. The rising cost of end-of-life expenses, average funeral costs, and declining overall income rates have significantly increased the demand for such policies among the masses. In this business environment, the global burial insurance market is expected to witness substantial growth in the forecast period.

High Incidence of Chronic Diseases Propels Burial Insurance Market

The past few decades have witnessed a staggering increase in the occurrence of chronic illnesses, including cardiovascular diseases, cancer, diabetes, high blood pressure (BP), and atherosclerosis. These conditions substantially reduce patient life expectancy and overall health, often causing severe pain or discomfort. Sedentary lifestyles and unhealthy diets have further worsened these health trends. Additionally, the rise in the number of individuals with genetic anomalies contributes significantly to overall mortality statistics. In such a business landscape, the global burial insurance market is expected to grow, driven by the increasing fatalities resulting from these health conditions.

North America Dominates Burial Insurance Market with Supportive Government Norms

North America leads the burial insurance market in terms of revenue share, benefiting from its well-established insurance ecosystem. Key economies such as the USA offer many insurance firms providing comprehensive life, health, and death insurance. Stringent government policies around insurance mandate comprehensive coverage, which has helped reduce overall funeral costs and fostered demand for burial insurance policies. These government policies are evolving to extend coverage and affordability, maintaining the strong growth momentum of the market.

Most Influential Players in the Global Burial Insurance Market

Some of the most active entities in the global burial insurance market include: Foresters Financial Services Inc., Gerber Life Insurance Company, AARP, Globe Life and Accident Insurance Company, Mutual of Omaha Insurance Company, The American Automobile Association Inc., Colonial Penn, Royal Neighbors of America, Metlife, Inc., and Fidelity Life Association. These market players play a pivotal role in providing comprehensive burial insurance solutions to meet the evolving needs of customers.

As the expenses of funerals continue to rise and chronic health conditions prevail, burial insurance becomes an essential aspect of financial planning for individuals and families. The global burial insurance market is set to flourish further as people seek comprehensive coverage for their end-of-life needs.

1. Executive Summary

1.1. Global Burial Insurance Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
  - 2.2.1.1. Driver A
  - 2.2.1.2. Driver B
  - 2.2.1.3. Driver C
- 2.2.2. Restraints
  - 2.2.2.1. Restraint 1
  - 2.2.2.2. Restraint 2
- 2.2.3. Market Opportunities Matrix
2.3. Porter's Five Forces Analysis
2.4. Covid-19 Impact Analysis
2.5. Government Regulations
2.6. PESTLE

3. Global Burial Insurance Market Outlook, 2018 - 2030

3.1. Global Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 3.1.1. Key Highlights
  - 3.1.1.1. Simplified issue
  - 3.1.1.2. Guaranteed issue
  - 3.1.1.3. Pre-need insurance
3.2. Global Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018 - 2030
- 3.2.1. Key Highlights
  - 3.2.1.1. Under 50
  - 3.2.1.2. 51-60 years
  - 3.2.1.3. 61-70 years
  - 3.2.1.4. 71-80 years
  - 3.2.1.5. Above 80 years
- 3.2.2. BPS/Market Attractiveness Analysis
3.3. Global Burial Insurance Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa
- 3.3.2. BPS/Market Attractiveness Analysis

4. North America Burial Insurance Market Outlook, 2018 - 2030

4.1. North America Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Simplified issue
  - 4.1.1.2. Guaranteed issue
  - 4.1.1.3. Pre-need insurance
4.2. North America Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Under 50
  - 4.2.1.2. 51-60 years
  - 4.2.1.3. 61-70 years
  - 4.2.1.4. 71-80 years
  - 4.2.1.5. Above 80 years
4.3. North America Burial Insurance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S.
  - 4.3.1.2. Canada
- 4.3.2. BPS/Market Attractiveness Analysis

5. Europe Burial Insurance Market Outlook, 2018 - 2030

5.1. Europe Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Simplified issue
  - 5.1.1.2. Guaranteed issue
  - 5.1.1.3. Pre-need insurance
5.2. Europe Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Under 50
  - 5.2.1.2. 51-60 years
  - 5.2.1.3. 61-70 years
  - 5.2.1.4. 71-80 years
  - 5.2.1.5. Above 80 years
5.3. Europe Burial Insurance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany
  - 5.3.1.2. France
  - 5.3.1.3. U.K.
  - 5.3.1.4. Italy
  - 5.3.1.5. Spain
  - 5.3.1.6. Russia
  - 5.3.1.7. Rest of Europe
- 5.3.2. BPS/Market Attractiveness Analysis

6. Asia Pacific Burial Insurance Market Outlook, 2018 - 2030

6.1. Asia Pacific Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018-2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Simplified issue
  - 6.1.1.2. Guaranteed issue
  - 6.1.1.3. Pre-need insurance
6.2. Asia Pacific Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Under 50
  - 6.2.1.2. 51-60 years
  - 6.2.1.3. 61-70 years
  - 6.2.1.4. 71-80 years
  - 6.2.1.5. Above 80 years
6.3. Asia Pacific Burial Insurance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. China
  - 6.3.1.2. Japan
  - 6.3.1.3. South Korea
  - 6.3.1.4. India
  - 6.3.1.5. Southeast Asia
  - 6.3.1.6. Rest of Asia Pacific
- 6.3.2. BPS/Market Attractiveness Analysis

7. Latin America Burial Insurance Market Outlook, 2018 - 2030

7.1. Latin America Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Simplified issue
  - 7.1.1.2. Guaranteed issue
  - 7.1.1.3. Pre-need insurance
7.2. Latin America Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018-2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Under 50
  - 7.2.1.2. 51-60 years
  - 7.2.1.3. 61-70 years
  - 7.2.1.4. 71-80 years
  - 7.2.1.5. Above 80 years
7.3. Latin America Burial Insurance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil
  - 7.3.1.2. Mexico
  - 7.3.1.3. Rest of Latin America
- 7.3.2. BPS/Market Attractiveness Analysis

8. Middle East & Africa Burial Insurance Market Outlook, 2018 - 2030

8.1. Middle East & Africa Burial Insurance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Simplified issue
  - 8.1.1.2. Guaranteed issue
  - 8.1.1.3. Pre-need insurance
8.2. Middle East & Africa Burial Insurance Market Outlook, by Age, Value (US$ Mn), 2018 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Under 50
  - 8.2.1.2. 51-60 years
  - 8.2.1.3. 61-70 years
  - 8.2.1.4. 71-80 years
  - 8.2.1.5. Above 80 years
8.3. Middle East & Africa Burial Insurance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC
  - 8.3.1.2. South Africa
  - 8.3.1.3. Rest of Middle East & Africa
- 8.3.2. BPS/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Company Market Share Analysis
9.2. Competitive Dashboard
9.3. Company Profiles
- 9.3.1. Gerber Life Insurance Company
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Product Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. AARP
- 9.3.3. Ethos Life
- 9.3.4. Mutual of Omaha
- 9.3.5. State Farm
- 9.3.6. American Family
- 9.3.7. Globe Life, Inc.
- 9.3.8. Fidelity Life Association
- 9.3.9. Allianz Life
- 9.3.10. Foresters Financial Services Inc.
- 9.3.11. Metlife, Inc.
- 9.3.12. Royal Neighbors of America
- 9.3.13. Prudential
- 9.3.14. Sagicor Life
- 9.3.15. PIB Holding
- 9.3.16. Other