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Unemployment Insurance Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The unemployment insurance market size is expected to see strong growth in the next few years. It will grow to $129.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%” - The Business Research Company
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What Is the Scale of The Unemployment Insurance Market Now and In The Future?
The size of the global Unemployment Insurance market has seen robust growth in recent years, witnessing an increase from $91.97 billion in 2023 to an expected $98.38 billion in 2024. The corresponding compound annual growth rate CAGR is 7.0%. Several factors have contributed to this upward trend, including inflation rates, the rising cost of living, the increase in the number of bankruptcies, the outsourcing of jobs overseas, and increasing economic recessions.
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What Is Driving The Growth of The Unemployment Insurance Market?
Over the next few years, the unemployment insurance market is projected to grow strongly, reaching $129.91 billion in 2028, with a compound annual growth rate CAGR of 7.2%. This growth can be attributed to increasing automation in the workforce, the prevalence of remote work, globalization, investment in smart city infrastructure, and cyber threats. Major trends such as technological advancements, the adoption of artificial intelligence, blockchain technology, augmented reality, and the integration of the Internet of Things are expected to shape the industry's landscape.
The rising job insecurity is specifically expected to fuel the growth of the unemployment insurance market. Job insecurity refers to the fear or uncertainty that an individual may lose their job or face reduced working hours or lower wages. All these have led to a rise in the demand for unemployment insurance, providing financial support and stability to affected individuals. For instance, in February 2024, according to Lancaster University, the UK insecure work index rose by 500,000 people in 2022 and 600,000 people in 2023, highlighting the growing need for unemployment insurance.
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Who Are The Key Players in The Unemployment Insurance Market and Their Recent Advancements?
Major players in the unemployment insurance market include Cigna Corporation, Allianz SE, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, Banco Bilbao Vizcaya Argentaria S.A., Achmea B.V., Banco Bradesco S.A., CNP Assurances S.A., Assurant Inc., Cook County Government, and Great American Insurance Group, among others.
Companies are leveraging advanced digital solutions like online insurance platforms to streamline applications and enhance accessibility. A notable example in March 2024 was the Oregon Employment Department's launch of Frances Online, a platform for managing unemployment insurance benefits and Paid Leave Oregon applications. This digital system symbolises a wider shift towards digital solutions in public services.
How Is The Unemployment Insurance Market Segmented?
The unemployment insurance market report covers the following segments:
1 By Type: Structural Unemployment, Cyclical Unemployment, Frictional Unemployment, Other Types
2 By Insurance Type: Involuntary Unemployment Insurance, Mortgage Unemployment Insurance
3 By Distribution Channel: Agents Or Brokers, Direct response
What Are The Regional Insights on The Unemployment Insurance Market?
In 2023, North America claimed the largest regional share of the global unemployment insurance market. However, Asia-Pacific is projected to be the fastest-growing region in the forecast period. Other regions that are also part of the unemployment insurance market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.