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Burial Insurance Market

Burial Insurance Market Size by Product Type (Guaranteed Acceptance, Level Death Benefit, and Modified Death Benefit), Coverage Type (Funeral Procession, Cemetery Headstone and Plot, Funeral Service, Casket, and Others), Sales Channel (Insurance Companies and Online Brokers), Age Group (Under 50, 51 to 60, 61 to 70, 71 to 80 and Above 80), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12861
  • Published Date: Aug, 2022
  • Pages: 234
  • Category: Healthcare
  • Format: PDF
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The global burial insurance market is expected to reach USD 461.10 billion by 2030, at a CAGR of 7.43% from 2022 to 2030. The rising cost of funeral services is a primary driver for the burial insurance market. Insurance players have emerged in most parts of the world, especially in developed countries, including U.S. and Canada. Furthermore, the rising internet penetration has resulted in the effective use of digital services. Insurance companies have digitalized their service portfolio to attract a more consumer base. The rise in the geriatric population is leading to huge burial insurance sales. The number of people opting for insurance has risen, attributed to increasing healthcare expenses.

Burial insurance covers all the costs related to the funeral services of the person. It even includes merchandise costs after the death of the person. Burial insurance differs from health insurance because it requires no medical exam. It is paying in advance for funeral services. However, applicants must go through a thorough discussion related to their lifestyle habits, such as smoking, drinking, etc. Applicants must also disclose any severe condition they might have or have previously suffered. Burial insurance can be purchased either for extensive coverage or smaller coverage. The service type depends upon the insurance coverage bought by the applicants. The payment period of each burial insurance differs based on their range. The premium for burial insurance is, however, less than other more extensive insurances, including health insurance. The compensation for burial insurance can be paid either monthly or weekly.

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Market Dynamics:

Drivers:
  • Awareness regarding coverages of burial insurance

The global burial insurance market is driven by rising awareness regarding coverages of burial insurance. The development of AML therapeutics has paved the way for the better treatment of patients. Funeral costs have increased tremendously in the past few years. The cumulative price of the funeral procession is sometimes too high to be borne by mid-income consumers. Expenses for funeral services have increased many folds in Japan, Germany, the U.S., South Africa, the Netherland, the U.K, China, and most of the countries in North America and Europe. The rising average cost of a funeral has induced worries among individuals. The cost of dying in these countries is almost ten percent of an individual's salary. However, most countries exceed this average cost, which necessitates the use of burial insurance.

Restraints:
  • Complexities of burial insurance

There are several complexities in the reimbursement of burial insurance coverage. Some of the companies provide a full range only for accidental deaths. In contrast, in the case of natural death, they only pay back the entire amount paid by the applicant, including some interest amount. Most of the burial insurance premiums must be paid for longer in case the person lives longer. This reduces the value of investments which restraints the market growth.

Opportunities:
  • Increasing prevalence of chronic diseases

The increasing prevalence of chronic diseases has increased awareness regarding insurance policies, especially among the working and geriatric population. Chronic diseases such as high blood pressure levels, atherosclerosis, etc., cause lifestyle changes and deteriorate the patient's health. Also, it can cause acute pain, which can be highly uncomfortable for the patient. The rise in consumption of packaged foods and the adoption of bad habits can worsen the effect of such diseases on the patient. The increasing cases of mortality from heart diseases due to high cholesterol levels and smoking habits have pushed consumers to buy more burial insurance. Further, the chances of life-threatening diseases, including cancer, lung disorder, etc., have increased due to genetic mutations. Therefore, the rising incidence of such conditions will provide a lucrative opportunity to the market.

Challenges:
  • Regulations by concerned authorities

Digital burial insurance must be passed through state regulations and launched in the market. Burial insurance providers are subject to the legal laws of different countries. Legal considerations are an integral part of burial insurance. These are required to be written by constituted firms. Thus, these stringent regulations act as a challenge to market growth.

Segmentation Analysis:

The global burial insurance market has been segmented based on product type, coverage type, sales channel, age group, and region.

  • The product type segment is divided into guaranteed acceptance, level death benefit, and modified death benefit. Out of the three main segments, modified death benefit accounted for 43.11% of the market share in 2021. The modified death benefit can be modified over five to ten years, even after the commencement date. The applicant can opt for a better return policy at different premium prices. This is one of the reasons why modified death benefit burial insurance is popular among applicants.
  • The coverage type segment is divided into a funeral procession, cemetery headstone and plot, funeral service, casket, and others. The funeral service segment held the highest share of around 36.67% in 2021. Funeral services include all the proceedings of traditional funeral practices followed in a different religion. It even has memorial services and other functions related to cremations.
  • The sales channel segment is divided into insurance companies and online brokers. Out of these sales channels, insurance companies accounted for 66.07% of market shares in 2021. Insurance companies are more trustable as compared to online brokers. Burial insurance, thus, is mainly purchased from insurance companies.
  • The age group segment is divided into under 50, 51 to 60, 61 to 70, 71 to 80, and above 80. In 2021, 61 to 70 accounted for 37.10% of the market revenue. Age is crucial for purchasing burial insurance. The funeral cost is high in many countries, including Japan, the USA, and Germany. Thus, people aged 61 to 70 are more inclined to purchase burial insurance.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North American region emerged as the largest market for the global burial insurance market, with a 34.02% market revenue share in 2021.

  • In 2021, the burial insurance market was dominated by North America because of a significant number of players present in the region, growing mortality rates due to an increase in the prevalence of chronic diseases and accidents, and constant support from the government agencies of the U.S. and Canada.
  • In addition, the Europe region will have the fastest CAGR in the market. The rising expenses of funeral expenditures and increasing concentrations of elderly in countries like Italy will benefit the region's market size.

North America Region Burial Insurance Market Share in 2021 - 34.02%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global burial insurance industry.

In December 2020, two companies named, Nubank and Chubb formed a strategic partnership to launch digital insurance products specifically in Brazil. This digital insurance covers all types of funeral expenses. The strategic alliance has marketed the product through digital channels and offers complete coverage of funerals.

List of Key Market Players:

  • Prudential
  • Royal Neighbors of America
  • PIB Holding
  • Foresters Financial Services Inc
  • Zurich Insurance
  • Gerber Life Insurance Company
  • Sagicor Life
  • Mutual of Omaha
  • Assurity
  • Globe Life Inc.
  • Fidelity Life Association
  • Colonial Penn
  • Allianz Life
  • American Continental
  • United Home Life
  • Generali
  • Metlife Inc.
  • Transamerica
  • The Baltimore Life
  • Cephalon Inc

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm

Report Description:

  • Global Burial Insurance Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030, is a forthcoming/imminent research report for publication by The Brainy Insights.
  • 2021 is considered the base year of the report. 2019 and 2020 are considered historical years, and 2022 to 2030 are forecast years. The global burial insurance market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global burial insurance market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of burial insurance based on product type, coverage type, sales channel, age group, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, and key developments, along with the crucial strategies adopted by key organizations catering to the global burial insurance market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers a detailed study of the company profiles of key organizations operating in the global burial insurance market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of porter's five forces analysis coupled with SWOT analysis to provide business-related data and information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development, which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a key potential for the investors.
  • Potential growth prospects, along with the penetration rate analysis of the product (market-related, i.e., global burial insurance market), are covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the burial insurance market was valued 241.92 billion in 2021 & USD 461.10 billion by 2030.

Global burial insurance market is growing at a CAGR of 7.43% during the forecast period 2022-2030.

The global burial insurance market has been segmented based on product type, coverage type, sales channel, age group and regions. The modified death benefit segment led the market in 2021 in the product type category.

North America region emerged as the largest market for the burial insurance.

The market's growth will be influenced by the rising awareness for burial insurance.

The complexities related to burial insurance could hamper the market growth.

The rising prevalence of chronic diseases is providing huge opportunities to the market.

Key players are Prudential, Royal Neighbors of America, PIB Holding, Foresters Financial Services Inc, Zurich Insurance, Gerber Life Insurance Company, Sagicor Life, Mutual of Omaha, Assurity, Globe Life Inc., Fidelity Life Association

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  • Segmentation on the basis of any specific country or region
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1. Introduction
    1.1. Objective of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Product Type
          4.3.2. Market Attractiveness Analysis By Coverage Type
          4.3.3. Market Attractiveness Analysis By Sales Channel
          4.3.4. Market Attractiveness Analysis By Age Group
          4.3.5. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing awareness for burial insurance
    5.3. Restraints
          5.3.1. Complexities of insurance
    5.4. Opportunities
          5.4.1. Increasing prevalence of chronic diseases
    5.5. Challenges
          5.5.1. Regulations by concerned authorities

6. Global Burial Insurance Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Guaranteed Acceptance
    6.3. Level Death Benefit
    6.4. Modified Death Benefit

7. Global Burial Insurance Market Analysis and Forecast, By Coverage Type
    7.1. Segment Overview
    7.2. Funeral Procession
    7.3. Cemetery Headstone and Plot
    7.4. Funeral Service
    7.5. Casket
    7.6. Others

8. Global Burial Insurance Market Analysis and Forecast, By Sales Channel
    8.1. Segment Overview
    8.2. Insurance Companies
    8.3. Online Brokers

9. Global Burial Insurance Market Analysis and Forecast, By Age Group
    9.1. Segment Overview
    9.2. Under 50
    9.3. 51 to 60
    9.4. 61 to 70
    9.5. 71 to 80
    9.6. Above 80
    9.7. Others

10. Global Burial Insurance Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Burial Insurance Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in the Burial Insurance Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. Prudential
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Royal Neighbors of America
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. PIB Holding
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Foresters Financial Services Inc
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Zurich Insurance
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Gerber Life Insurance Company
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Sagicor Life
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Mutual of Omaha
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Assurity
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Globe Life Inc.
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
    12.11. Fidelity Life Association
          12.11.1. Business Overview
          12.11.2. Company Snapshot
          12.11.3. Company Market Share Analysis
          12.11.4. Company Product Portfolio
          12.11.5. Recent Developments
          12.11.6. SWOT Analysis
    12.12. Colonial Penn
          12.12.1. Business Overview
          12.12.2. Company Snapshot
          12.12.3. Company Market Share Analysis
          12.12.4. Company Product Portfolio
          12.12.5. Recent Developments
          12.12.6. SWOT Analysis
    12.13. Allianz Life
          12.13.1. Business Overview
          12.13.2. Company Snapshot
          12.13.3. Company Market Share Analysis
          12.13.4. Company Product Portfolio
          12.13.5. Recent Developments
          12.13.6. SWOT Analysis
    12.14. American Continental
          12.14.1. Business Overview
          12.14.2. Company Snapshot
          12.14.3. Company Market Share Analysis
          12.14.4. Company Product Portfolio
          12.14.5. Recent Developments
          12.14.6. SWOT Analysis
    12.15. United Home Life
          12.15.1. Business Overview
          12.15.2. Company Snapshot
          12.15.3. Company Market Share Analysis
          12.15.4. Company Product Portfolio
          12.15.5. Recent Developments
          12.15.6. SWOT Analysis
    12.16. Generali
          12.16.1. Business Overview
          12.16.2. Company Snapshot
          12.16.3. Company Market Share Analysis
          12.16.4. Company Product Portfolio
          12.16.5. Recent Developments
          12.16.6. SWOT Analysis
    12.17. Metlife Inc.
          12.17.1. Business Overview
          12.17.2. Company Snapshot
          12.17.3. Company Market Share Analysis
          12.17.4. Company Product Portfolio
          12.17.5. Recent Developments
          12.17.6. SWOT Analysis
    12.18. Transamerica
          12.18.1. Business Overview
          12.18.2. Company Snapshot
          12.18.3. Company Market Share Analysis
          12.18.4. Company Product Portfolio
          12.18.5. Recent Developments
          12.18.6. SWOT Analysis
    12.19. The Baltimore Life
          12.19.1. Business Overview
          12.19.2. Company Snapshot
          12.19.3. Company Market Share Analysis
          12.19.4. Company Product Portfolio
          12.19.5. Recent Developments
          12.19.6. SWOT Analysis
 

List of Table

1. Global Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Guaranteed Acceptance, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

3. Global Level Death Benefit, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

4. Global Modified Death Benefit, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

5. Global Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

6. Global Funeral Procession, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

7. Global Cemetery Headstone and Plot, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

8. Global Funeral Service, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

9. Global Casket, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

10. Global Others, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

11. Global Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

12. Global Insurance Companies, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

13. Global Online Brokers, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

14. Global Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

15. Global Under 50, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

16. Global 51 to 60, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

17. Global 61 to 70, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

18. Global 71 to 80, Burial Insurance Market, By Region, 2019-2030 (USD Billion)

19. Global Above 80, Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

20. Global Burial Insurance Market, By Region, 2019-2030 (USD Billion) 

21. North America Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

22. North America Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

23. North America Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

24. North America Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

25. U.S. Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

26. U.S. Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

27. U.S. Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

28. U.S. Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

29. Canada Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

30. Canada Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

31. Canada Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

32. Canada Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

33. Mexico Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

34. Mexico Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

35. Mexico Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

36. Mexico Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

37. Europe Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

38. Europe Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

39. Europe Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

40. Europe Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

41. Germany Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

42. Germany Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

43. Germany Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

44. Germany Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

45. France Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

46. France Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

47. France Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

48. France Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

49. U.K. Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

50. U.K. Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

51. U.K. Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

52. U.K. Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

53. Italy Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

54. Italy Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

55. Italy Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

56. Italy Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

57. Spain Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

58. Spain Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

59. Spain Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

60. Spain Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

61. Asia Pacific Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

62. Asia Pacific Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

63. Asia Pacific Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

64. Asia Pacific Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

65. Japan Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

66. Japan Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

67. Japan Burial Insurance Market, By Sales Channel 2019-2030 (USD Billion)

68. Japan Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

69. China Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

70. China Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

71. China Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

72. China Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

73. India Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

74. India Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

75. India Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

76. India Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

77. South America Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

78. South America Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

79. South America Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

80. South America Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

81. Brazil Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

82. Brazil Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

83. Brazil Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

84. Brazil Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

85. Middle East and Africa Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

86. Middle East and Africa Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

87. Middle East and Africa Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

88. Middle East and Africa Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

89. UAE Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

90. UAE Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

91. UAE Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion)

92. UAE Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

93. South Africa Burial Insurance Market, By Product Type, 2019-2030 (USD Billion) 

94. South Africa Burial Insurance Market, By Coverage Type, 2019-2030 (USD Billion) 

95. South Africa Burial Insurance Market, By Sales Channel, 2019-2030 (USD Billion) 

96. South Africa Burial Insurance Market, By Age Group, 2019-2030 (USD Billion) 

List of Figures 

1. Global Burial Insurance Market Segmentation

2. Burial Insurance Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Burial Insurance Market Attractiveness Analysis By Product Type

9. Global Burial Insurance Market Attractiveness Analysis By Coverage Type

10. Global Burial Insurance Market Attractiveness Analysis By Sales Channel

11. Global Burial Insurance Market Attractiveness Analysis By Age Group

12. Global Burial Insurance Market Attractiveness Analysis By Region

13. Global Burial Insurance Market: Dynamics

14. Global Burial Insurance Market Share by Product Type (2022 & 2030)

15. Global Burial Insurance Market Share by Coverage Type (2022 & 2030)

16. Global Burial Insurance Market Share by Sales Channel (2022 & 2030)

17. Global Burial Insurance Market Share by Age Group (2022 & 2030)

18. Global Burial Insurance Market Share by Regions (2022 & 2030)

19. Global Burial Insurance Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global burial insurance market based on below mentioned segments:

Global Burial Insurance Market by Product Type:

  • Guaranteed Acceptance
  • Level Death Benefit
  • Modified Death Benefit

Global Burial Insurance Market by Coverage Type:

  • Funeral Procession
  • Cemetery Headstone and Plot
  • Funeral Service
  • Casket
  • Others

Global Burial Insurance Market by Sales Channel:

  • Insurance Companies
  • Online Brokers

Global Burial Insurance Market by Age Group:

  • Under 50
  • 51 to 60
  • 61 to 70
  • 71 to 80
  • Above 80

Global Burial Insurance Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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