In the past few decades, the expenses of funerals have increased at an exponential rate. Moreover, the prevalence of several life-threatening health conditions due to unhealthy lifestyles and environmental changes is also growing. This is contributing majorly to the overall increment in the number of deaths in various age groups. Therefore, people are now actively planning to ensure that their family members get access to respectful and appropriate funerals. This has increased the prices of burial and related funeral services. These economic prerequisites are the driving force behind the soaring demand for burial insurance across the globe. Supportive government policies have also allowed people to buy comprehensive health, life, and death insurance policies. In these circumstances, the global burial insurance market is growing at a sound pace.
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Increasing Awareness of Burial Insurance to Sustain Growth Momentum
In several developed and developing economies across the globe, the awareness of burial insurance has increased considerably in the past few years. These trends have become more influential against the backdrop of mounting funeral costs. To tackle this issue, many people are planning a respectful funeral for their close family members and loved ones by buying comprehensive burial insurance policies. The increasing cost of dying, average funeral expenses and decreasing overall income rates are comprehensively increasing the demand for such policies across the masses. In such as business environment, the global burial insurance market is expected to grow substantially in the forecast period.
High Incidence of Chronic Diseases to Create Further Business Outcomes
In the past few decades, the occurrence of chronic illnesses has skyrocketed at an alarming rate. Cardiovascular diseases, cancer, diabetes, high blood pressure (BP), and atherosclerosis significantly decrease the patient’s life expectancy and overall health. Moreover, these diseases often cause severe pain or discomfort to the patient. Such trends are worsening due to sedentary lifestyles and unhealthy diets. Moreover, the incessant rise in the number of people with genetic anomalies also contributes heftily to overall death statistics. In such a business landscape, the global burial insurance market is expected to grow due to the increasing fatalities caused by these health conditions.
North America to Dominate Burial Insurance Market Amidst Increasing Health Concerns and Favourable Government Norms
In terms of revenue share, North America is leading the burial insurance market on account of its well-established insurance ecosystem. In key economies such as the USA, many insurance firms provide combined life, health, and death insurance. Besides, strict government policies around insurance necessitate having comprehensive coverage. Such developments are bringing down the overall funeral costs and increasing demand for burial insurance policies. These government policies are also undergoing changes to extend coverage and affordability, thereby maintaining the strong growth momentum of the market.
Most Influential Players
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.
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