Financial Protection Market by Type (Short Term Financial Protection and Long Term Financial Protection), Policy Coverage (Payment Protection and Mortgage Payment Protection), End-user (Men and Women), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Financial Protection Market Analysis

The global financial protection market is anticipated to garner $29,381.6 million in the 2021–2028 timeframe, growing from $22,100.0 million in 2020, at a healthy CAGR of 3.8%.

Market Synopsis

The rapid growth in the number of diseases across the globe is anticipated to boost the global financial protection market. Additionally, acquisitions and business expansion by key market players are anticipated to boost the market growth.

However, the lack of knowledge among the people regarding the benefits of financial protections is anticipated to hamper the market growth in the near future.

According to the regional analysis of the market, the Asia-Pacific financial protection market is anticipated to grow at a CAGR of 6.4%, by generating a revenue of $9,801.7 million during the review period.

Financial Protection Overview

Financial security is an integral aspect of universal health coverage (UHC), and it is one of the health systems' aims, along with service coverage. When there are no financial barriers to access, and direct payments required to get health services (out-of-pocket health spending) are not a source of financial hardship, financial protection is established. Monitoring impoverishing health expenses, including any amount spent on health out-of-pocket by the poor, as well as high out-of-pocket health spending, is required to provide a complete picture of financial hardship.

Impact Analysis of COVID-19 on the Global Financial Protection Market

In the recent years the world has experienced an unprecedented situation of COVID-19 outbreak, due to which the world has been impacted very badly. However, the financial protection market has experienced a boost in the growth during the COVID-19 timeframe. Many people have lost their jobs and many people have experienced serious health conditions due to which the financial protection has grabbed the attention of many people and the number of financial protection policy numbers has increased rapidly in the recent months.

Customizable Financial Protection Plans are Projected to Drive the Market Growth

In recent months the world has experienced a dangerous pandemic which has affected the people widely while some of the people lost their jobs and few others experienced the deadly COVID-19, due to which the number of people opting for insurance policies have increased. Additionally, upsurge of various disease such as malaria, dengue, and cancer among various other diseases which lead to longer hospitalization tenure is considered as major factor enhancing the global financial protection market growth. Due to above mentioned factors people around the globe are opting for customized financial protections plans.

To know more about global financial protection market drivers, get in touch with our analysts here.

Lack of Knowledge about Financial Protection is Anticipated to Restrain the Market Growth

The lack of knowledge about various financial protections and policies is anticipated to hamper the market growth in the near future. Additionally, increase in the policy cots is another factor affecting the growth of the financial protection market.

Rise in Unemployment is Anticipated to Create Growth Opportunities

The rising number of unemployed people across the world and various factors are anticipated to create better growth opportunities for the financial protection market in the near future. If the person losses his job or the income source, he can be dependent upon the insurers to cover up his debt payments. Additionally, adoption of latest technologies by key players in order to provide income protection to the consumers is projected to boost the market growth in the upcoming years.

To know more about global financial protection market opportunities, get in touch with our analysts here.

[TYPEGRAPH]

Source: Research Dive Analysis

The long term financial protection sub-segment is anticipated to have the fastest growth rate of 4.6% and generate a revenue of $16,109.0 million by 2028, growing from $11,417.5 million in 2020.
In comparison to a short-term plan, a long-term health insurance policy provides more coverage. A long-term policy is good for two to three years and comes with a number of renewal perks. A long-term policy can take several forms. Individual health insurance, family floater insurance, critical illness insurance, senior citizen insurance, and so forth. Moreover, the long term protection has less chances of the policy getting rejected and more, these factors are anticipated to boost the long term financial protection sub-segment.

[POLICYCOVERAGEGRAPH]

Source: Research Dive Analysis

The payment protection sub-segment held the largest market value in 2020 accounting for $14,552.5 million and is anticipated to grow at CAGR of 3.4% during the forecast period.
In the recent years, the demand for the payment protection sub-segment has upsurged. This growth is majorly due to the number of unemployment increasing across the globe and various other factors. As the unemployment is growing, people are unable to repay the loans and others thus, the payment protection sub-segment is anticipated dominate the financial protection market growth.

[ENDUSERGRAPH]

Source: Research Dive Analysis

The men sub-segment of the global financial protection market is anticipated to grow at a CAGR of 2.8% and reach $15,295.3 million by 2028, growing from $12,391.9 million in 2020.
The men sub-segment held the largest market share in the global financial protection market and the number of policy holders is very high as compared to women. This growth is owing to the cheaper price of the policies for men when compared to women. Accidents occurred by men are much higher than the number of accidents occurred by women. The above mentioned factors are anticipated to be the key factors for the men sub-segment dominance in the global financial protection market.

Global Financial Protection Market, Regional Insights:

The financial protection market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Asia-Pacific Financial Protection Market is Anticipated to Experience the Fastest Growth Rate

Financial protection market in the Asia-Pacific region is anticipated to grow at the highest CAGR of 6.5% and reach $9,801.7 million in 2028.
The Asia-Pacific financial protection market growth is majorly attributed to the growing number of policy holders as well as growing number of people opting for financial protections. Additionally, the increasing awareness among the people regarding the benefits of the financial protection is anticipated to boost the Asia-Pacific financial protection market growth.

Competitive Scenario in the Global Financial Protection Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading financial protection market players are AXA, American International Group, Inc., Aon, ABI, Aviva, Marsh Ltd., The Guardian Life Insurance Company of America, Citizens Advice, Zurich, and StanCorp Financial Group, Inc.

Porter’s Five Forces Analysis for the Global Financial Protection Market:

• Bargaining Power of Suppliers: The number of financial protection players is high. 
  Thus, the bargaining power suppliers is low.
• Bargaining Power of Buyers: Buyers have little bargaining power because establishing financial protections requires a large capital investment. 
  Thus, the bargaining power of the buyers is low.
• Threat of New Entrants: The companies entering financial protection market have to deal with high investment cost.
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: The availability of the alternatives for the financial protection is very low. 
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in financial protection industry are concentrating on acquiring number of customer base.
  Therefore, competitive rivalry in the market is high.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Type trends
2.3.Policy trends
2.4.End-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Source landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Financial Protection Market, by Type

4.1.Short Term Financial Protection

4.1.1.Market size and forecast, by region, 2021-2028
4.1.2.Comparative market share analysis, 2021 & 2028

4.2.Long Term Financial Protection

4.2.1.Market size and forecast, by region, 2021-2028
4.2.2.Comparative market share analysis, 2021 & 2028

5.Financial Protection Market, by Policy

5.1.Payment Protection

5.1.1.Market size and forecast, by region, 2021-2028
5.1.2.Comparative market share analysis, 2021 & 2028

5.2.Mortgage Payment Protection

5.2.1.Market size and forecast, by region, 2021-2028
5.2.2.Comparative market share analysis, 2021 & 2028

6.Financial Protection Market, by End-users

6.1.Men

6.1.1.Market size and forecast, by region, 2021-2028
6.1.2.Comparative market share analysis, 2021 & 2028

6.2.Women

6.2.1.Market size and forecast, by region, 2021-2028
6.2.2.Comparative market share analysis, 2021 & 2028

7.Financial Protection Market, by Region

7.1.North America

7.1.1.Market size and forecast, by Type, 2021-2028
7.1.2.Market size and forecast, by Policy, 2021-2028
7.1.3.Market size and forecast, by End-user, 2021-2028
7.1.4.Market size and forecast, by country, 2021-2028
7.1.5.Comparative market share analysis, 2021 & 2028

7.1.6.U.S.

7.1.6.1.Market size and forecast, by Type, 2021-2028
7.1.6.2.Market size and forecast, by Policy, 2021-2028
7.1.6.3.Market size and forecast, by End-user, 2021-2028
7.1.6.4.Comparative market share analysis, 2021 & 2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by Type, 2021-2028
7.1.7.2.Market size and forecast, by Policy, 2021-2028
7.1.7.3.Market size and forecast, by End-user, 2021-2028
7.1.7.4.Comparative market share analysis, 2021 & 2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by Type, 2021-2028
7.1.8.2.Market size and forecast, by Policy, 2021-2028
7.1.8.3.Market size and forecast, by End-user, 2021-2028
7.1.8.4.Comparative market share analysis, 2021 & 2028

7.2.Europe

7.2.1.Market size and forecast, by Type, 2021-2028
7.2.2.Market size and forecast, by Policy, 2021-2028
7.2.3.Market size and forecast, by End-user, 2021-2028
7.2.4.Market size and forecast, by country, 2021-2028
7.2.5.Comparative market share analysis, 2021 & 2028

7.2.6.UK

7.2.6.1.Market size and forecast, by Type, 2021-2028
7.2.6.2.Market size and forecast, by Policy, 2021-2028
7.2.6.3.Market size and forecast, by End-user, 2021-2028
7.2.6.4.Comparative market share analysis, 2021 & 2028

7.2.7.Germany

7.2.7.1.Market size and forecast, by Type, 2021-2028
7.2.7.2.Market size and forecast, by Policy, 2021-2028
7.2.7.3.Market size and forecast, by End-user, 2021-2028
7.2.7.4.Comparative market share analysis, 2021 & 2028

7.2.8.France

7.2.8.1.Market size and forecast, by Type, 2021-2028
7.2.8.2.Market size and forecast, by Policy, 2021-2028
7.2.8.3.Market size and forecast, by End-user, 2021-2028
7.2.8.4.Comparative market share analysis, 2021 & 2028

7.2.9.Spain

7.2.9.1.Market size and forecast, by Type, 2021-2028
7.2.9.2.Market size and forecast, by Policy, 2021-2028
7.2.9.3.Market size and forecast, by End-user, 2021-2028
7.2.9.4.Comparative market share analysis, 2021 & 2028

7.2.10.Italy

7.2.10.1.Market size and forecast, by Type, 2021-2028
7.2.10.2.Market size and forecast, by Policy, 2021-2028
7.2.10.3.Market size and forecast, by End-user, 2021-2028
7.2.10.4.Comparative market share analysis, 2021 & 2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by Type, 2021-2028
7.2.11.2.Market size and forecast, by Policy, 2021-2028
7.2.11.3.Market size and forecast, by End-user, 2021-2028
7.2.11.4.Comparative market share analysis, 2021 & 2028

7.3.Asia Pacific

7.3.1.Market size and forecast, by Type, 2021-2028
7.3.2.Market size and forecast, by Policy, 2021-2028
7.3.3.Market size and forecast, by End-user, 2021-2028
7.3.4.Market size and forecast, by country, 2021-2028
7.3.5.Comparative market share analysis, 2021 & 2028

7.3.6.India

7.3.6.1.Market size and forecast, by Type, 2021-2028
7.3.6.2.Market size and forecast, by Policy, 2021-2028
7.3.6.3.Market size and forecast, by End-user, 2021-2028
7.3.6.4.Comparative market share analysis, 2021 & 2028

7.3.7.China

7.3.7.1.Market size and forecast, by Type, 2021-2028
7.3.7.2.Market size and forecast, by Policy, 2021-2028
7.3.7.3.Market size and forecast, by End-user, 2021-2028
7.3.7.4.Comparative market share analysis, 2021 & 2028

7.3.8.Japan

7.3.8.1.Market size and forecast, by Type, 2021-2028
7.3.8.2.Market size and forecast, by Policy, 2021-2028
7.3.8.3.Market size and forecast, by End-user, 2021-2028
7.3.8.4.Comparative market share analysis, 2021 & 2028

7.3.9.South Korea

7.3.9.1.Market size and forecast, by Type, 2021-2028
7.3.9.2.Market size and forecast, by Policy, 2021-2028
7.3.9.3.Market size and forecast, by End-user, 2021-2028
7.3.9.4.Comparative market share analysis, 2021 & 2028

7.3.10.Australia

7.3.10.1.Market size and forecast, by Type, 2021-2028
7.3.10.2.Market size and forecast, by Policy, 2021-2028
7.3.10.3.Market size and forecast, by End-user, 2021-2028
7.3.10.4.Comparative market share analysis, 2021 & 2028

7.3.11.Rest of Asia-Pacific

7.3.11.1.Market size and forecast, by Type, 2021-2028
7.3.11.2.Market size and forecast, by Policy, 2021-2028
7.3.11.3.Market size and forecast, by End-user, 2021-2028
7.3.11.4.Comparative market share analysis, 2021 & 2028

7.4.LAMEA

7.4.1.Market size and forecast, by Type, 2021-2028
7.4.2.Market size and forecast, by Policy, 2021-2028
7.4.3.Market size and forecast, by End-user, 2021-2028
7.4.4.Market size and forecast, by country, 2021-2028
7.4.5.Comparative market share analysis, 2021 & 2028

7.4.6.Brazil

7.4.6.1.Market size and forecast, by Type, 2021-2028
7.4.6.2.Market size and forecast, by Policy, 2021-2028
7.4.6.3.Market size and forecast, by End-user, 2021-2028
7.4.6.4.Comparative market share analysis, 2021 & 2028

7.4.7.Saudi Arabia

7.4.7.1.Market size and forecast, by Type, 2021-2028
7.4.7.2.Market size and forecast, by Policy, 2021-2028
7.4.7.3.Market size and forecast, by End-user, 2021-2028
7.4.7.4.Comparative market share analysis, 2021 & 2028

7.4.8.South Africa

7.4.8.1.Market size and forecast, by Type, 2021-2028
7.4.8.2.Market size and forecast, by Policy, 2021-2028
7.4.8.3.Market size and forecast, by End-user, 2021-2028
7.4.8.4.Comparative market share analysis, 2021 & 2028

7.4.9.Rest of LAMEA

7.4.9.1.Market size and forecast, by Type, 2021-2028
7.4.9.2.Market size and forecast, by Policy, 2021-2028
7.4.9.3.Market size and forecast, by End-user, 2021-2028
7.4.9.4.Comparative market share analysis, 2021 & 2028

8.Company profiles

8.1.ABI

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.Aviva

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.AXA

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.American International Group, Inc.

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.Citizens Advice

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.Aon

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.Marsh Ltd.

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.The Guardian Life Insurance Company of America 

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Zurich

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.StanCorp Financial Group, Inc.

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

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