Social Insurance Market Outlook - 2030
The old-age, survivors, and disability insurance (OASDI) program is known as social security insurance, and it is administered by the social security administration (SSA), a federal agency. It provides survivor benefits and disability income, though it is best known for retirement benefits. Social insurance is a type of insurance, wherein the workers typically contribute to the program through payroll withholding at their place of employment. Each year, they can earn up to four credits. The financial operations of the two social security trust funds are overseen by a board of trustees.
Furthermore, the secretaries of the treasury, labor, and health & human services, as well as the commissioner of social security, make up four of the six members, while the remaining two are public representatives appointed by the president and confirmed by the senate. Payroll withholding also supports the federal health insurance program for people with 65 years and older, as well as some people with disabilities, but the money goes into a third trust fund managed by the centers for medicare & medicaid services. Therefore, the surge in demand for social security insurance is expected to boost the growth of the market in the upcoming period.
"The Global social insurance market is segmented on the basis of Type, Industry Vertical, Enterprise Size and Region. Based on type, the market is divided into Retirement Coverage, Disability Coverage, Survivors Coverage, Supplemental Security Income Coverage. In terms of Industry Vertical, the market is categorized into BB BFSI, Healthcare, IT & Telecom, Retail & eCommerce and Government. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global social insurance industry include Foyer Group, AXA, CSA Travel Protection DBA Generali Global Assistance & Insurance Services, Cigna, Allianz. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global social insurance market size."
COVID-19 Impact Analysis
- The COVID-19 outbreak has had an impact on everyone's life and businessglobally. The pandemic has increased the demand for social insurance among customers, who expect better medical and healthcare treatments as the COVID-19 started spreading.
- Furthermore, the COVID-19 outbreak has resulted in a rapid increase in hospitalizations. As a result, social insurance claims have skyrocketed. Furthermore, the global spread of this health crisis is one of the major reasons for the rise in social insurance premiums, as the situation has put enormous pressure on the market's insurance companies, which further drives the growth of the market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rising integration of social insurance with big data analytics and an increase in the number of people adopting social insurance are driving the growth of the market. In addition, improving claim management services further propels the growth of the market. However, increased insurance premium costs might hinder the growth of the market. On the contrary, the rise in the geriatric population in recent years is expected to provide lucrative opportunities to the market in the upcoming years.
The global social insurance market trends are as follows:
Rising Integration of Social Insurance with Big Data Analytics:
To keep up with changing consumer demand, insurance companies are increasingly using big data analytics to diversify their models and strategies. Predictive analytics and scenario-based modeling are becoming more popular in the market, allowing companies to create customized solutions for their customers at a variety of price points. Furthermore, as cloud-based services become more widely adopted and high-speed internet connections become more widely available, real-time consultations with experienced industry experts who can provide customers with insightful recommendations have become possible. As a result, the market for social insurance is expected to grow due to the increasing integration of social insurance with big data analytics.
Increase in the Number of People Adopting Social Insurance:
The current social insurance system is partially funded, which means that the social security taxes that one pays with each paycheck help to pay for retirees who are currently receiving benefits. A fully-funded system, in which all benefits are paid from a trust fund and workers do not have to pay into the system to fund current beneficiaries, is another option. However, by 2022, the number of people receiving social security benefits will outnumber the amount of money paid into the system by working people, making a fully funded system impossible. In addition, the treasury securities will have to be redeemed, which could result in higher taxes or a federal deficit. Therefore, the growing number of people adopting social insurance is driving the growth of the social insurance market analysis during the forecast period.
Key Benefits of the Report
- This study presents an analytical depiction of the global social insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the social insurance market share.
- The current market is quantitatively analyzed to highlight the global social insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the social insurance market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the social insurance market.
Questions Answered in the Social Insurance Market Research Report
- Which are the leading players active in the global social insurance market?
- What are the detailed impacts of COVID-19 on the Social Insurance Market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global social insurance market?
- What future projections would help in taking further strategic steps?
Social Insurance Market Report Highlights
By Enterprise Size
By Industry Vertical
Key Market Players
CSA Travel Protection DBA Generali Global Assistance & Insurance Services, Cigna, Bupa Global, Expacare Limited, ENDEAVOUR OPERATING COMPANY LLC, Allianz, Aetna Inc., GeoBlue, AXA, Foyer Group