What Is The Current and Historic Market Size Analysis Of The Burial Insurance Market?
The burial insurance market has seen considerable growth due to a variety of factors.
• The burial insurance market has grown significantly in recent years and is expected to rise from $263.63 billion in 2024 to $286.31 billion in 2025 at a CAGR of 8.6%.
This growth can be attributed to a larger population, government initiatives, rising funeral costs and customization, growing awareness of funeral expenses, and increased demand for burial insurance plans.
What are the Market Size and Expected Growth Rates for the Burial Insurance Market?
The burial insurance market is expected to maintain its strong growth trajectory in upcoming years.
• The burial insurance market is expected to reach $393.23 billion by 2029, with a CAGR of 8.3%.
Factors driving growth include increased internet usage, a growing elderly population, nuclear family structures, heightened competition, and rising disposable incomes. Trends include product advancements, AI and ML in underwriting, digital platform innovations, and value-added services.
Which Key Drivers Are Propelling The Burial Insurance Market's Growth?
Rising funeral costs are expected to drive the growth of the burial insurance market. The increase in funeral expenses, driven by higher service costs, inflation, and demand for more personalized arrangements, is pushing individuals to invest in burial insurance. Sunlife reported in 2024 that funeral costs in the UK rose from $10,120 in 2022 to $10,623 in 2023, reinforcing the demand for such insurance.
What Are The Key Segments Within The Global Burial Insurance Market?
The burial insurance market covered in this report is segmented –
1) By Type: Simplified Issue, Guaranteed Issue, Pre-Need Insurance
2) By Age Of End-User: Over 50, Over 60, Over 70, Over 80
3) By Target Demographic: Seniors, Low-Income Individuals, Middle-Income Individuals
4) By Distribution Channel: Insurance Agents, Direct Sales, Online Channels
Subsegments:
1) By Simplified Issue: implified Issue Whole Life Insurance, Simplified Issue Term Life Insurance, Simplified Issue Burial Plans
2) By Guaranteed Issue: By Guaranteed Issue Whole Life Insurance, Guaranteed Issue Final Expense Insurance
3) By Pre-Need Insurance: By Pre-Need Burial Insurance Plans, Pre-Need Funeral Insurance
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How Are New Trends Impacting The Size Of The Burial Insurance Market?
Companies in the burial insurance market are focusing on funeral cash plans to provide quick financial relief for funeral expenses. In March 2024, Diaspora Insurance launched a group funeral insurance plan designed for diaspora communities. The plan includes life, health, and funeral insurance, offering tailored coverage, quick payouts, flexible premiums, and an easy claims process.
Who Are the Key Players In The Burial Insurance Market?
Major companies operating in the burial insurance market are:
• Cigna Group
• Zurich Insurance Group Ltd.
• Prudential Financial Inc.
• Aviva PLC
• New York Life Insurance Co.
• Hannover Ruck SE
• The Massachusetts Mutual Life Insurance Company
• Sun Life Financial Inc.
• The Hartford Financial Services Group Inc.
• Manulife Financial Corporation
• Assurant Inc.
• Allianz SE
• Globe Life Inc.
• Legal & General Group
• Sentinel Security Life Insurance Company
• Colonial Penn Life Insurance Company
• The Baltimore Life Insurance Company
• Dignity Memorial
• Choice Mutual
• Fidelity Life Assurance Company Limited
• Titan Casket
• Sagicor Life Insurance Company
What Are The Regional Insights Into The Burial Insurance Market?
North America was the largest region in the burial insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the burial insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
