Understanding COVID-19 induced mortality risk is significant for life insurers to better analyze their financial sustainability after the outbreak of COVID-19. To capture the mortality effect caused by COVID-19 among all ages, this study proposes a temporary adverse mortality jump model to describe the dynamics of mortality in a post-COVID-19 pandemic world based on the weekly death numbers from 2015 to 2021 in the United States. As a comparative study, the Lee-Carter model is used as the base case to represent the dynamics of mortality without COVID-19. Then we compare the force of mortality, the survival probability and the liability of a life insurer by considering COVID-19 and those without COVID-19. We show that a life insurer's financial sustainability will deteriorate because of the higher mortality rates than expected in the wake of COVID-19. Our results remain unchanged when we also consider the effect of interest rate risk by adopting the Vasicek and CIR models.

According to cognitive market research, the global burial insurance market size was USD 245158.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 98063.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 73547.46 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 56386.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 12257.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 4903.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
The level death benefit held the highest burial insurance market revenue share in 2024.

Market Dynamics of Burial Insurance Market

Key Drivers for Burial Insurance Market

Rise in the Number of Elderly People to Increase the Demand Globally

The burial insurance market has experienced growth due to a rise in the number of older adults. The aging population significantly influences the market for burial insurance. There is a growing need for funeral and burial services as the population ages. People can plan and pay for these costs with burial insurance, preventing their loved ones from having to shoulder the weight of debt after they pass away. Furthermore, burial insurance providers provide customizable coverage choices to accommodate a range of individual requirements. This enables clients to select a plan that fits their unique needs by offering a variety of benefit amounts and policy lengths. Additionally, some burial insurance companies form alliances to provide advantages like preferred provider networks and subsidized services, which improve the clientele's experience in general. For example, USAA Life Insurance Company announced in April 2021 that it has partnered with Mutual of Omaha Insurance Company, a top life insurance provider, to offer a guaranteed issue whole life insurance solution. The new offering gives USAA members access to a guaranteed issue whole life insurance plan intended to assist in paying for funeral or burial costs.

Personalization, Adaptability, and Simplicity of Use to Propel Market Growth

The burial insurance market has witnessed steady growth, driven by personalization, adaptability, and simplicity of use. When it comes to customization and versatility, burial insurance policies surpass standard life insurance policies. They particularly cover funeral and burial expenses, and policyholders can customize the coverage amount and length to suit their requirements. Burial insurance is becoming more and more popular among consumers due to its customizable policy options, which are propelling the market's expansion. Moreover, underwriting procedures for burial insurance plans have been streamlined, increasing their accessibility to a wider spectrum of people. These plans are easier to obtain for elderly persons or those with pre-existing medical conditions who might have trouble acquiring regular life insurance since they have simpler health questionnaires and lower face-value coverage. As a result, these elements supported the market expansion for burial insurance.

Restraint Factor for the Burial Insurance Market

Complexities to Limit the Sales

Benefits from burial insurance are paid out in a convoluted manner. Certain companies provide an extensive selection exclusively for accidental deaths. In contrast, in the event of a natural death, they only pay the applicant back for the entire amount paid, plus interest. If the individual lives longer, the majority of the burial insurance premiums will need to be paid. As a result, assets lose value, which prevents the market from growing. Digital burial insurance needs to be approved by state regulations before it can be sold. Regulators at the national level oversee burial insurance providers. An important part of funeral ...

The life insurance industry will once again develop positively in 2025. Its turnover is expected to fall by 1.3% year-on-year to 94.3 billion euros. Since 2020, an average annual decline in turnover of 4.9% has been recorded. The reasons for this development are high inflation, declining customer interest in standardised, low-return investments and strong competition from other financial products. In 2021, major industry players Allianz and R+V Versicherung abolished the premium guarantee on new policies for the first time. This means a higher risk for policyholders, but also the opportunity for higher returns.The increase in average life expectancy and the change in the population structure mean that financial provision products are becoming increasingly popular. The industry benefited from this trend in the past, as many customers took out capital-forming life insurance policies to provide for their old age. The high level of interest rates in the meantime has made life insurance more attractive again, as life insurers can achieve better returns on their investments thanks to higher interest rates. As life insurers invest a large proportion of their premiums in fixed-interest securities and other interest-bearing investments, higher interest rates lead to higher returns from these investments. At the same time, investment funds and other financial instruments in particular have become more popular. Life insurers are trying to benefit from this trend with unit-linked insurance policies.A stable, positive sales trend is once again expected for the industry over the next five years. Its turnover is expected to increase by an average of 0.6% per year and thus amount to 97 billion euros in 2030. Many insurance companies have sold their portfolios to so-called run-off companies and exited the industry. Consolidations and takeovers are likely to increase in the market in future. Since January 2025, the guaranteed interest rate for new contracts has been 1%, making products such as Riester contracts more attractive. Previously, a guaranteed interest rate of 0.25% applied to new contracts in the years 2022 to 2024. In addition, the European Commission presented a proposal to revise the Solvency II Directive in September 2021, which provides for even stricter capital adequacy rules for insurance companies. It remains to be seen whether regulation will increase further in this respect.

This table contains mortality indicators by sex for Canada and all provinces except Prince Edward Island. These indicators are derived from three-year complete life tables. Mortality indicators derived from single-year life tables are also available (table 13-10-0837). For Prince Edward Island, Yukon, the Northwest Territories and Nunavut, mortality indicators derived from three-year abridged life tables are available (table 13-10-0140).

In 2023, ******* Fire & Marine held the largest share of the South Korean non-life insurance market, accounting for about ** percent. ** Insurance and ******* Marine & Fire followed with around ** and ** percent, respectively. These three insurers represented over half of the South Korean non-life insurance market that year. South Korea’s non-life insurance sector The South Korean insurance industry is divided into two main sectors: life insurance and non-life insurance (general insurance). Non-life insurance includes coverage for health, illnesses, car accidents, and property damage. Over the past few decades, the South Korean non-life insurance industry has grown steadily, increasing more than sixfold compared to 20 years ago. Furthermore, the penetration rate of non-life insurance has risen over the past few years, reaching almost **** percent in 2024. The rise of the third-sector insurance market The declining birth rate and aging population are reducing the demand for whole life insurance, which only pays out upon death. On the other hand, the need for health insurance is growing. As life insurers face slowing premium growth, they are shifting their focus to third-sector products that cover critical illnesses, injuries, and personal care. Although non-life insurers have dominated the third-sector insurance market, competition from life insurers has intensified in recent years.

The number of people in the Philippines choosing to get life insurance significantly increased between 2016 and 2023. From merely ** million in 2016, this figure has reached close to ** million in 2023. Despite this, the penetration rate of the insurance industry in the country remained lower than the global average. Life insurance in the Philippines The ratio of the total insurance premiums to the population, or insurance density, was several times higher for life insurance than for non-life insurance in the Philippines. Individuals are more likely to get a life insurance policy as it provides financial protection to the family or beneficiaries of the insured in comparison to non-life insurance. There are two types of life insurance available: traditional and variable. Traditional life insurance focuses more on death or living benefits, whereas variable insurance policies are investment-linked insurance of a broader nature. As of 2023, traditional life insurance companies in the Philippines earned premium income amounting to approximately ***** billion Philippine pesos, which was significantly higher compared to 2016. In the same year, Sun Life of Canada (Philippines) and Pru Life Insurance Corporation (UK) were the two leading life insurance companies in the Philippines. Challenges to insurance penetration The Philippine economy has been poised for growth in recent years, with its middle-class population characterized by rising disposable incomes. However, this has not made significant contributions to the insurance industry in the Philippines, which remains to have one of the lowest penetration rates globally. Among the possible reasons for this have been low awareness and the affordability of insurance plans, especially among low-income households.