Top 15 Disability Insurance Companies Heading to 2024

In this article, we take a look at the 15 best disability insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to Top 5 Disability Insurance Companies Heading to 2024.

The Disability Insurance Industry: A Market Analysis

According to a postponement according to Allied Market Research, the global disability insurance market was worth $3.30 billion in 2021. The market is expected to grow at a CAGR of 11.2% to reach USD 9.2 billion by 2031. The growth can be attributed to the growing awareness of disability social security insurance policies and tax benefits. In addition, the market growth is also supported by innovative offers and programs of insurance companies. Increased government support for health insurance is expected to contribute to market expansion over the forecast period.

The growing awareness of insurance policies is due to the transparency of information provided to customers to encourage them to purchase disability insurance. The claim technology trend is gaining momentum as it enables faster claim settlement as the disability insurance procedure is quite lengthy and claim settlement can take a lot of time. Better customer experience is driving market growth along with lower operating costs. Customization of insurance products and customized solutions integrated with technology are major opportunities for companies to invest in.

In terms of segments, employer-provided disability insurance had the highest share of the disability insurance market in 2021. Over the forecast period, the business overhead insurance segment is expected to grow at the highest rate as it protects companies against losses during employer incapacity.

Regionally, North America dominated the market in 2021 and is expected to maintain its position during the forecast period. Its growth is driven by increased investments in faster claims management. Asia Pacific is expected to witness significant growth during the forecast period, driven by increased awareness about the benefits of disability insurance.

Major players in the market

Among the best companies offering disability insurance services and products is MetLife, Inc. (NYSE:HAS MET), Allianz SE (OTC:ALIZF) and AXA SA (OTC:AXAHY).

MetLife, Inc. (NYSE:MET) is a large American multinational insurance company that specializes in various areas of insurance including disability insurance. November 16 MetLife, Inc. (NYSE:MET) and Global Atlantic completed large underwriting business. Global Atlantic to take over $13 billion block of US retail annuity and life insurance company MetLife, Inc. (NYSE:MET). This partnership strengthens Global Atlantic’s market position as a premier reinsurer while enabling MetLife, Inc. (NYSE:MET) to retain insurance services.

Allianz SE (OTC:ALIZF) is a leading German multinational insurance company. On November 2, the company announced that its digital arm Allianz invested at American small business insurer NEXT Insurance. Allianz SE (OTC:ALIZF) has invested a staggering $265 million in the company, becoming NEXT Insurance’s primary reinsurer and equity partner. This investment will enable NEXT Insurance to expand its business and improve profitability. Allianz SE (OTC:ALIZF) will gain exposure to the US B2B small business insurance market through this partnership.

AXA SA (OTC:AXAHY) is a French multinational insurance company headquartered in Paris. November 1, spol he announced that it has completed the acquisition of Laya Healthcare, a leading health insurer in Ireland. In early August, the company announced its plan to acquire a leading Irish health insurer to strengthen AXA SA’s (OTC:AXAHY) presence in Europe. The company has now completed the acquisition for a previously agreed amount of €650 million.

Now that we’ve talked about the trends in the disability insurance market and discussed the major players, let’s take a look at the top 15 disability insurance companies heading into 2024.

Methodology0

To compile our list of the Top 15 Disability Insurance Companies Heading to 2024, we went through several market reports, including Research and Markets, Verified Market Reports, Grand View Research and Allied Market Research, to find the major public and private companies operating in the disability insurance market . We then obtained market capitalizations of public companies from Yahoo Finance and annual revenues of private companies from their websites. We’ve ranked the top 15 disability insurance companies heading to 2024 in ascending order by market capitalization as of December 13, 2023 and annual revenue.

Top 15 Disability Insurance Companies Heading to 2024

15. Mapfre, SA (OTC:MPFRY)

Market cap as of December 13: $6.74 billion

Mapfre, SA (OTC:MPFRY) is a multinational insurance company headquartered in Spain. The company offers a range of innovative solutions to a clientele of more than 31 million customers. The company provides a comprehensive set of products in the areas of car insurance, health insurance, disability insurance, home insurance, travel insurance and business insurance, among others. As of December 13, Mapfre, SA (OTC:MPFRY) has a market cap of $6.74 billion.

14. Aegon Ltd. (NYSE:AEG)

Market cap as of December 13: $10.87 billion

Aegon Ltd. (NYSE:AEG) is a Dutch multinational life insurance company. The company specializes in insurance, asset management, superannuation, retirement and financial well-being. It offers a comprehensive suite of life, home, accident, commercial, liability, protection and temporary disability insurance products. Aegon Ltd. (NYSE:AEG) is ranked among the top 15 disability insurers heading into 2024 and is valued at $10.87 billion.

13. Mutual Omaha

Annual revenue (2022): $11.54 billion

At number 13 on our list, Mutual of Omaha is a provider of complementary health and life insurance products and services. The company offers long-term and short-term disability insurance along with disability income insurance. Life Protection Advantage, Income Advantage and AccumUL Answers are some of the company’s key life insurance products. Mutual of Omaha posted 2022 annual revenue of $11.54 billion.

12. The Guardian Life Insurance Company of America

Annual revenue (2022): $12.73 billion

The Guardian Life Insurance Company of America is a leading mutual company headquartered in New York. The company offers a comprehensive range of affordable long-term and short-term disability insurance products and services to individuals and groups. The company reported annual sales of $12.73 billion in 2022. It ranks 12th on our list.

11. Aviva plc (OTC:AVVIY)

Market cap as of December 13: $14.81 billion

Aviva plc (OTC:AVVIY) ranks among the best disability insurers. The company offers products and services across diverse portfolios, including retirement, investment, insurance, health, insurance technology and protection. Aviva plc Life Insurance (OTC:AVVIY) offers accident and disability solutions. It also provides income protection in case of accidental injury or disability. It ranks 11th on our list and is worth $14.81 billion as of December 13th. It ranks 11th on our list.

10. Dai-ichi Life Holdings, Inc. (OTC:DCNSF)

Market cap as of December 13: $21.23 billion

Dai-ichi Life Holdings, Inc. (OTC:DCNSF) is a major life insurance company headquartered in Tokyo, Japan. It offers a wide range of products including EduPro Premier, Active Care, Smart Shield, DL EduPro and LoanShield. The group is represented in 10 countries of the world, including the USA. Dai-ichi Active Care offers accidental death and total permanent disability insurance. As of December 13, Dai-ichi Life Holdings, Inc. (OTC:DCNSF) boasts a market cap of $21.23 billion. It ranks 10th on our list.

9. Assicurazioni Generali SpA (OTC:ARZGY)

Market cap as of December 13: $31.85 billion

Assicurazioni Generali SpA (OTC:ARZGY) is a leading insurance company in Italy. The company operates in more than 50 countries around the world. The company offers accident insurance and disability insurance. Generali’s Group Life is the company’s business insurance solution, providing 24-hour life, critical illness and accidental injury and disability cover. Assicurazioni Generali SpA (OTC:ARZGY) is ranked among the top 15 disability insurers heading to 2024 and is valued at $31.85 billion.

8. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF)

Market cap as of December 13: $35.47 billion

China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) is a leading insurance company in China. The company’s offering includes life insurance, accident and disability insurance, property insurance, motor vehicle insurance, aircraft insurance and ship insurance. From December 13, China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) boasts a market capitalization of $35.47 billion. It ranks #8 on our list of the 15 best disability insurance companies heading into 2024.

7. MassMutual

Annual revenue (2022): $39.30 billion

MassMutual is a Massachusetts-based life insurance company. The company offers products and services including life insurance, disability income insurance, long-term care insurance, retirement services and annuities. MassMutual offers disability insurance that provides coverage for income protection and retirement and allows customers to choose a customized solution. The company reported annual revenue of $39.30 billion in 2022. It ranks 7th on our list.

6. MetLife, Inc. (NYSE:HAS MET)

Market cap as of December 13: $47.44 billion

MetLife, Inc. (NYSE:MET) is a leading New York-based insurance company. The company operates in various business areas including insurance, annuities, employee benefits and asset management. It offers life, accident and health, disability, dental and legal insurance. MetLife Life Insurance, Inc. (NYSE:MET) provides short-term disability insurance products and services. It is ranked among the top 15 disability insurance companies heading to 2024 and is valued at $47.44 billion.

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