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15 Best Disability Insurance Companies Heading into 2024

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

Disability Insurance Industry: A Market Analysis

According to a report by 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% and reach $9.2 billion by 2031. The growth can be attributed to the growing awareness of the social security disability insurance policies and tax benefits. Moreover, the innovative offers and schemes by insurance companies are also boosting the growth in the market. Increased government support for health insurance is expected to contribute toward market expansion over the forecasted period.

The growing awareness of insurance policies is due to the transparency of information provided to the customers, encouraging them to purchase disability insurance. The trend of claim technology is gaining traction as it allows faster processing of claims as the procedure of disability insurance is quite lengthy and it can take a lot of time to process the claims. The improved customer experience is driving the growth in the market along with lower operational costs. Customization of insurance products and tailored solutions integrated with technology are major opportunities for companies to invest in.

Segment-wise, the employer-supplied disability insurance type held the highest share of the disability insurance market in 2021. Over the forecasted period, the business overhead expense disability insurance segment is projected to grow at the highest rate, as it protects companies from losses during the disability period of the employer.

Regionally, North America dominated the market in 2021 and is anticipated to retain its position over the forecasted period. Its growth is driven by the increased investment in faster claim management. Asia Pacific is projected to witness substantial growth over the forecasted period, driven by increased awareness regarding disability insurance benefits. 

Major Players in the Market

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

MetLife, Inc. (NYSE:MET) is a major US multinational insurance company, specializing in multiple insurance domains including disability insurance. On November 16, MetLife, Inc. (NYSE:MET) and Global Atlantic finalized a major reinsurance deal. Global Atlantic will be taking over a $13 billion block of MetLife, Inc.’s (NYSE:MET) US retail annuity and life insurance business. This partnership bolsters Global Atlantic’s position in the market as a top reinsurer while allowing MetLife, Inc. (NYSE:MET) to retain its policy servicing. 

Allianz SE (OTC:ALIZF) is a leading German multinational insurance company. On November 2, the company reported that its digital arm, Allianz X, had invested in a US-based small business insurer, NEXT Insurance. Allianz SE (OTC:ALIZF) made a staggering $265 million investment in the company, making it a primary reinsurer and capital partner of NEXT Insurance. This investment will allow NEXT Insurance to expand its business and improve profitability. Allianz SE (OTC:ALIZF) will gain exposure to the B2B small business insurance market in the US as a result of this partnership. 

15 Best Disability Insurance Companies Heading into 2024

Method0logy

To compile our list of the 15 best disability insurance companies heading into 2024, we sifted through multiple market reports including, Research and Markets, Verified Market Reports, Grand View Research, and Allied Market Research to look for major public and private companies operating in the disability insurance market. We then sourced market caps of public companies from Yahoo Finance and the annual revenue for private companies from their websites. We have ranked the 15 best disability insurance companies heading into 2024 in ascending order of market capitalizations, as of December 13, 2023, and annual revenue.

15 Best Disability Insurance Companies Heading into 2024

15. Mapfre, S.A. (OTC:MPFRY)

Market Cap as of December 13: $6.74 billion

Mapfre, S.A. (OTC:MPFRY) is a multinational insurance company, headquartered in Spain. The company offers a variety of innovative solutions to a clientele of more than 31 million customers. The company provides a comprehensive set of products across auto insurance, health insurance, disability insurance, home insurance, travel insurance, and business insurance among others. As of December 13, Mapfre, S.A. (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, pension, retirement, and financial well-being. It offers a comprehensive set of life, home, accident, commercial, liability, protection, and temporary disability insurance products. Aegon Ltd. (NYSE:AEG) is ranked among the 15 best disability insurance companies heading into 2024 and is valued at $10.87 billion.

13. Mutual of Omaha

Annual Revenue (2022): $11.54 billion

Ranked 13th on our list, Mutual of Omaha is a provider of supplemental 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 key life insurance products of the company. Mutual of Omaha reported an annual revenue of $11.54 billion in 2022.

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 an annual revenue of $12.73 billion in 2022. It is ranked 12th on our list.

11. Aviva plc (OTC:AVVIY)

Market Cap as of December 13: $14.81 billion

Aviva plc (OTC:AVVIY) is ranked among the best disability insurance companies. The company offers products and services across multiple portfolios including retirement, investments, insurance, health, insurance technology, and protection. Aviva plc (OTC:AVVIY) life insurance offers accidental injury and disability solutions. It also provides income protection in case of an accidental injury or disability. It is ranked 11th on our list and is valued at $14.81 billion, as of December 13. It is ranked 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 has a presence in 10 countries globally including the US. 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 is ranked 10th on our list.

9. Assicurazioni Generali S.p.A. (OTC:ARZGY)

Market Cap as of December 13: $31.85 billion

Assicurazioni Generali S.p.A. (OTC:ARZGY) is a leading insurance company in Italy. The company operates in more than 50 countries all around the world. The company offers accidental injury and disability insurance. Generali’s Group Life is a corporate insurance solution of the company that provides 24-hour term life, critical illness, and accidental injury and disability coverage. Assicurazioni Generali S.p.A. (OTC:ARZGY) is ranked among the 15 best disability insurance companies heading into 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 offerings include life insurance, accident and disability insurance, property insurance, motor vehicle insurance, aircraft insurance, and ship insurance. As of December 13,  China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) boasts a market cap of $35.47 billion. It is ranked 8th on our list of the 15 best disability insurance companies heading into 2024.

7. MassMutual

Annual Revenue (2022): $39.30 billion

MassMutual is a life insurance company, based in Massachusetts. 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 opt for tailored solutions. The company reported an annual revenue of $39.30 billion in 2022. It is ranked 7th on our list.

6. MetLife, Inc. (NYSE:MET)

Market Cap as of December 13: $47.44 billion

MetLife, Inc. (NYSE:MET) is a top insurance company, headquartered in New York. The company operates across various business domains including insurance, annuities, employee benefits, and asset management. It offers insurance coverage for life, accidental and health, disability, dental, and legal insurance. MetLife, Inc.’s (NYSE:MET) life insurance provides products and services for short-term disability insurance. It is ranked among the 15 best disability insurance companies heading into 2024 and is valued at $47.44 billion.

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Disclosure: None. 15 Best Disability Insurance Companies Heading into 2024 is originally published on Insider Monkey.

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