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Global Burial Insurance Market Outlook to 2028

Region:Global

Author(s):Naman Rohilla

Product Code:KROD9759

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Published On

December 2024

Total pages

89

About the Report

Global Burial Insurance Market Overview

  • The global burial insurance market is valued at USD 280 billion, based on a five-year historical analysis. This substantial valuation is driven by an aging global population, escalating funeral costs, and a growing awareness of end-of-life financial planning.
  • North America and Europe dominate the burial insurance market. In North America, the prevalence of an aging population and high funeral expenses contribute to its leading position. Europe's dominance is attributed to cultural practices emphasizing end-of-life planning and comprehensive insurance coverage.
  • Global insurance providers must navigate a complex regulatory environment. In 2024, the International Association of Insurance Supervisors (IAIS) noted that over 100 countries enforce strict insurance guidelines covering policy transparency, claim processing, and consumer rights. These regulations require providers to maintain compliance across diverse regions, challenging companies but ensuring protection for policyholders. This regulatory framework adds accountability in the market, though it also increases operational complexities.

market overviews

Global Burial Insurance Market Segmentation

  • By Coverage Type: The burial insurance market is segmented by coverage type into Level Death Benefit, Guaranteed Acceptance, and Modified or Graded Death Benefit. The Level Death Benefit segment holds a dominant market share due to its straightforward structure, offering beneficiaries a fixed payout upon the policyholder's death. This predictability appeals to consumers seeking reliable financial planning for funeral expenses.

market overviews

  • By Age of End-User: The market is categorized by age into Over 50, Over 60, Over 70, and Over 80. The Over 60 segment leads the market, as individuals in this age group increasingly recognize the importance of securing funds for end-of-life expenses, prompting higher adoption rates of burial insurance policies.
  • By Region: The burial insurance market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest market share, driven by a aging population and high funeral costs.

market overviews

Global Burial Insurance Market Competitive Landscape

The global burial insurance market is characterized by the presence of several key players who contribute to its dynamics. These companies offer a range of products and services tailored to meet the diverse needs of consumers seeking burial insurance solutions.

Company Name

Establishment Year

Headquarters

Number of Employees

Revenue (USD Billion)

Market Share (%)

Product Portfolio

Geographic Presence

Zurich Insurance Group Ltd.

1872

Zurich, Switzerland

-

-

-

-

-

Prudential Financial Inc.

1875

Newark, NJ, USA

-

-

-

-

-

Aviva PLC

1696

London, UK

-

-

-

-

-

New York Life Insurance Co.

1845

New York, NY, USA

-

-

-

-

-

Allianz SE

1890

Munich, Germany

-

-

-

-

-

Global Burial Insurance Market Analysis

Market Growth Drivers

  • Aging Population: The global aging population is impacting the burial insurance market. According to the World Bank, in 2024, 11% of the global population is aged 65 or older, with regions like Japan and parts of Europe experiencing over 20% of their population in this age group. As populations age, the demand for end-of-life planning and burial insurance rises, especially in regions with robust elder populations and longer life expectancies. This demographic shift emphasizes the necessity for funeral and burial insurance coverage to secure financial protection for families during end-of-life transitions.
  • Rising Funeral Costs: Funeral expenses have been escalating, creating a need for burial insurance as a financial safety net. For example, funeral services in the United States cost between $7,000 and $12,000, impacting households unprepared for sudden end-of-life expenses. This rise in funeral costs has driven more individuals towards burial insurance policies, especially among low and middle-income groups who seek cost-effective solutions for end-of-life planning. Countries facing similar financial challenges see increasing demand for these insurance products, as families aim to secure funds for these necessary expenses.
  • Increased Awareness of End-of-Life Planning: Globally, there has been a shift in awareness regarding end-of-life planning due to educational initiatives by governments and financial advisors. In 2024, around 40% of U.S. citizens aged 50+ report they have made specific end-of-life financial plans, a figure promoted by government awareness campaigns. This awareness trend has encouraged the adoption of burial insurance policies as individuals increasingly prioritize leaving financial provisions for their families. This pattern is similarly observed in Western Europe, where awareness initiatives have supported the steady rise of policyholders.

Market Challenges

  • Limited Consumer Awareness in Emerging Markets: In many emerging economies, there remains limited awareness of burial insurance options due to lack of financial education. Data from the World Bank shows that in 2024, only 25% of households in South Asia report having awareness of life or burial insurance options. This lack of knowledge impedes market growth, as potential customers remain unaware of how these policies could support end-of-life expenses. Governments and industry stakeholders face a challenge to increase consumer awareness through educational campaigns and outreach.
  • Regulatory Variations Across Regions: The burial insurance market faces regulatory inconsistencies globally, complicating operations for insurance providers. Regulations governing insurance policies differ widely between countries, such as data protection and consumer rights in the EU compared to the U.S. National Association of Insurance Commissioners (NAIC) reports highlight these challenges, with compliance requirements varying from country to country. This lack of harmonization can restrict cross-border operations, adding complexity to policy administration and consumer communication.

Global Burial Insurance Market Future Outlook

Over the next five years, the global burial insurance market is expected to experience growth, driven by continuous government support, advancements in insurance technology, and increasing consumer demand for comprehensive end-of-life financial solutions.

Market Opportunities

  • Technological Advancements in Policy Management: Technological innovations in policy management, such as digital portals and AI-based customer service, offer substantial opportunities for insurers. The World Bank estimates that in 2024, over 65% of global insurers have integrated AI tools for managing customer queries and claims. These advancements streamline administrative processes, reducing costs and enhancing customer experience. Improved technology can make burial insurance policies more accessible and appealing, especially in regions where consumers demand simplified processes.
  • Untapped Markets in Developing Regions: Developing markets in Africa and Southeast Asia present substantial growth opportunities for burial insurance. World Bank data indicates that in 2024, less than 15% of individuals in low-income countries have insurance coverage for end-of-life expenses, highlighting an enormous untapped market. Expanding burial insurance offerings in these regions through localized strategies could benefit both insurers and local communities, providing financial protection and addressing culturally relevant end-of-life needs.

Scope of the Report

Coverage Type

Level Death Benefit

Guaranteed Acceptance

Modified or Graded Death Benefit

Age of End-User

Over 50

Over 60

Over 70

Over 80

Target Demographic

Seniors

Low-Income Individuals

Middle-Income Individuals

Distribution Channel

Insurance Agents

Direct Sales

Online Channels

Region

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa

Products

Key Target Audience

  • Insurance Companies
  • Funeral Service Providers
  • Senior Citizen Associations
  • Financial Advisors
  • Government and Regulatory Bodies (e.g., Insurance Regulatory and Development Authority)
  • Investor and Venture Capitalist Firms
  • Healthcare Providers
  • Consumer Advocacy Groups

Companies

Players Mentioned in the Report

  • Zurich Insurance Group Ltd.
  • Prudential Financial Inc.
  • Aviva PLC
  • New York Life Insurance Co.
  • Allianz SE
  • Cigna Group
  • Hannover Rck SE
  • The Massachusetts Mutual Life Insurance Company
  • Sun Life Financial Inc.
  • The Hartford Financial Services Group Inc.

Table of Contents

1. Global Burial Insurance Market Overview

1.1 Definition and Scope

1.2 Market Taxonomy

1.3 Market Growth Rate

1.4 Market Segmentation Overview

2. Global Burial Insurance Market Size (USD Billion)

2.1 Historical Market Size

2.2 Year-On-Year Growth Analysis

2.3 Key Market Developments and Milestones

3. Global Burial Insurance Market Analysis

3.1 Growth Drivers

3.1.1 Aging Population

3.1.2 Rising Funeral Costs

3.1.3 Increased Awareness of End-of-Life Planning

3.1.4 Expansion of Digital Distribution Channels

3.2 Market Challenges

3.2.1 Limited Consumer Awareness in Emerging Markets

3.2.2 Regulatory Variations Across Regions

3.2.3 Competition from Alternative Financial Products

3.3 Opportunities

3.3.1 Technological Advancements in Policy Management

3.3.2 Untapped Markets in Developing Regions

3.3.3 Customizable and Flexible Policy Offerings

3.4 Trends

3.4.1 Integration with Digital Platforms

3.4.2 Partnerships with Funeral Service Providers

3.4.3 Introduction of Eco-Friendly Burial Options

3.5 Regulatory Landscape

3.5.1 International Insurance Regulations

3.5.2 Compliance Requirements

3.5.3 Impact of Data Protection Laws

3.6 SWOT Analysis

3.7 Stakeholder Ecosystem

3.8 Porter's Five Forces Analysis

3.9 Competitive Landscape

4. Global Burial Insurance Market Segmentation

4.1 By Coverage Type (Value %)

4.1.1 Level Death Benefit

4.1.2 Guaranteed Acceptance

4.1.3 Modified or Graded Death Benefit

4.2 By Age of End-User (Value %)

4.2.1 Over 50

4.2.2 Over 60

4.2.3 Over 70

4.2.4 Over 80

4.3 By Target Demographic (Value %)

4.3.1 Seniors

4.3.2 Low-Income Individuals

4.3.3 Middle-Income Individuals

4.4 By Distribution Channel (Value %)

4.4.1 Insurance Agents

4.4.2 Direct Sales

4.4.3 Online Channels

4.5 By Region (Value %)

4.5.1 North America

4.5.2 Europe

4.5.3 Asia-Pacific

4.5.4 Latin America

4.5.5 Middle East & Africa

5. Global Burial Insurance Market Competitive Analysis

5.1 Detailed Profiles of Major Companies

5.1.1 Cigna Group

5.1.2 Zurich Insurance Group Ltd.

5.1.3 Prudential Financial Inc.

5.1.4 Aviva PLC

5.1.5 New York Life Insurance Co.

5.1.6 Hannover Rck SE

5.1.7 The Massachusetts Mutual Life Insurance Company

5.1.8 Sun Life Financial Inc.

5.1.9 The Hartford Financial Services Group Inc.

5.1.10 Manulife Financial Corporation

5.1.11 Assurant Inc.

5.1.12 Allianz SE

5.1.13 Globe Life Inc.

5.1.14 Legal & General Group

5.1.15 Sentinel Security Life Insurance Company

5.2 Cross Comparison Parameters (Number of Employees, Headquarters, Inception Year, Revenue, Market Share, Product Portfolio, Geographic Presence, Recent Developments)

5.3 Market Share Analysis

5.4 Strategic Initiatives

5.5 Mergers and Acquisitions

5.6 Investment Analysis

5.6.1 Venture Capital Funding

5.6.2 Government Grants

5.6.3 Private Equity Investments

6. Global Burial Insurance Market Regulatory Framework

6.1 International Insurance Standards

6.2 Regional Compliance Requirements

6.3 Certification Processes

7. Global Burial Insurance Market Future Size (USD Billion)

7.1 Future Market Size Projections

7.2 Key Factors Driving Future Market Growth

8. Global Burial Insurance Market Future Segmentation

8.1 By Coverage Type (Value %)

8.2 By Age of End-User (Value %)

8.3 By Target Demographic (Value %)

8.4 By Distribution Channel (Value %)

8.5 By Region (Value %)

9. Analysts Recommendations

9.1 Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM) Analysis

9.2 Customer Cohort Analysis

9.3 Marketing Initiatives

9.4 White Space Opportunity Analysis

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Research Methodology

Step 1: Identification of Key Variables

The initial phase involves constructing an ecosystem map encompassing all major stakeholders within the global burial insurance market. This step is underpinned by extensive desk research, utilizing a combination of secondary and proprietary databases to gather comprehensive industry-level information. The primary objective is to identify and define the critical variables that influence market dynamics.

Step 2: Market Analysis and Construction

In this phase, we compile and analyze historical data pertaining to the global burial insurance market. This includes assessing market penetration, the ratio of marketplaces to service providers, and the resultant revenue generation. Furthermore, an evaluation of service quality statistics is conducted to ensure the reliability and accuracy of the revenue estimates.

Step 3: Hypothesis Validation and Expert Consultation

Market hypotheses are developed and subsequently validated through computer-assisted telephone interviews (CATIs) with industry experts representing a diverse array of companies. These consultations provide valuable operational and financial insights directly from industry practitioners, which are instrumental in refining and corroborating the market data.

Step 4: Research Synthesis and Final Output

The final phase involves direct engagement with multiple insurance providers to acquire detailed insights into product segments, sales performance, consumer preferences, and other pertinent factors. This interaction serves to verify and complement the statistics derived from the bottom-up approach, thereby ensuring a comprehensive, accurate, and validated analysis of the global burial insurance market.

Frequently Asked Questions

01. How big is the global burial insurance market?

The global burial insurance market is valued at USD 280 billion, based on a five-year historical analysis.

02. What are the challenges in the global burial insurance market?

The global burial insurance market challenges include limited consumer awareness in emerging markets, regulatory variations across regions, and competition from alternative financial products.

03. Who are the major players in the global burial insurance market?

The global burial insurance market players include Zurich Insurance Group Ltd., Prudential Financial Inc., Aviva PLC, New York Life Insurance Co., and Allianz SE.

04. What are the growth drivers of the global burial insurance market?

The global burial insurance market is propelled by factors such as an aging population, rising funeral costs, increased awareness of end-of-life planning, and the expansion of digital distribution channels.

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