Global Financial Protection Market Expected to Garner a Revenue of $29,381.6 Million by 2028, Growing at a CAGR of 3.8% from 2021 to 2028 | Declared [198-Pages] by Research Dive

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Jul 22, 2022, 09:00 ET

The global financial protection market is expected to grow rapidly by 2028, owing to the growing prevalence of diseases. The men sub-segment is expected to be most lucrative. The Asia-Pacific region is predicted to have the fastest growth rate.

NEW YORK, July 22, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "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".

According to the report, the global financial protection market is expected to generate a revenue of $29,381.6 million by 2028, growing rapidly at a CAGR of 3.8% during the forecast period 2021-2028.

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Dynamics of the Financial Protection Market

Increase in the number of diseases such as cancer, malaria, and dengue among people across the globe is expected to drive the growth of the financial protection market. In addition, increase in the number of accidents, and rising rate of unemployment across the globe is further expected to bolster the growth of the market during the forecast period. Furthermore, adoption of innovative technologies by the people so as to provide income protection is further expected to bolster the growth of the financial protection market during the forecast period. However, increase in policy costs is expected to hinder the growth of the financial protection market during the forecast period.

COVID-19 Impact on the Financial Protection Market

The outbreak of COVID-19 has had a positive impact on the growth of the global financial protection market, owing to the financial crisis suffered by various companies and people across the globe during the pandemic. Many people lost their jobs during lockdowns, and people have also experienced grave health conditions and issues during the pandemic. This enabled financial protection to grab immense attention of people, and hence the number of policy holders subsequently increases during the pandemic.

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Segments of the Financial Protection Market

The report has divided the financial protection market into various segments based on type, policy, end-user, and region.

By type, the long-term financial protection sub-segment is expected to have the fastest growth rate, and generate a revenue of $16,109.0 million during the forecast period. More coverage, and a number of renewal perks, apart from less chances of long-term protection policy being rejected is expected to stimulate the growth of the financial protection market sub-segment during the forecast period.
By policy, the payment protection sub-segment is expected to be most profitable, and grow exponentially at a CAGR of 3.4% during the forecast period. Rise in the number of employments among individuals across the globe is expected to drive the growth of the financial protection market sub-segment during the forecast period.
By end-user, the men sub-segment is expected to be most remunerative, and generate a revenue of $15,295.3 million during the forecast period. Availability of affordable policies for men along with growing cases of accidents occurred by men is expected to surge the growth of the sub-segment during the forecast period.
By region, the Asia-Pacific region is expected to experience the fastest growth rate, and grow expeditiously at a CAGR of 6.5% during the forecast period. Increase in the number of people selecting financial protection in this region is expected to drive the growth of the market. In addition, growing number of various kinds of policy holders in this region is further expected to accelerate the growth of the regional financial protection market during the forecast period.

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Key Players of the Financial Protection Market

The prominent players of the market include

AXA
American International Group, Inc.,
Aon
Citizens Advice
Zurich
StanCorp Financial Group, Inc.
ABI
Aviva
Marsh Ltd.
The Guardian Life Insurance Company of America, and many more.

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here before purchasing the Full Report

For instance, in July 2021, Polygenius, an innovative online insurance marketplace that specializes in providing financial protection, collaborated with Ellevest, a creative robo-advisor investment platform that provides digital investment literacy to women. This collaboration will help Ellevest to facilitate its members with diversified access to financial protection products.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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