Report Code: A14967 | Pages: NA | Jul 2023 | 1365 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Unemployment Insurance Market
Request Now !Unemployment insurance (UI), also known as unemployment benefits, is a type of state-funded insurance that pays out money every week for individuals losing their jobs. To avail the benefits from unemployment insurance, workers must comply with all work and wage requirements set by the respective countries globally. State governments across several countries are primarily responsible for disbursing the benefits, which are funded by payroll taxes. Therefore, lower employment during the lockdown and huge loss of income among consumers is expected to boost the unemployment insurance market in the near future.
"The Global unemployment insurance market is segmented on the basis of Type, Distribution Channel and region. Based on type, the market is divided into Structural Unemployment, Cyclical Unemployment, Frictional Unemployment. In terms of Distribution Channel, the market is categorized into Agents/Brokers, Direct Response, Banks. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
The protection offered to workers against the risk of job loss and joint initiatives by state governments and central government is driving the market growth. However, the presence of a large informal sector in emerging economies is expected to hamper the market. Contrarily, the rise in the adoption of unemployment insurance schemes with the employment protection legislation (EPL) systems and the increase in the presence of online insurance can be seen as opportunities for the market.
The unemployment insurance market trends are as follows:
Presence of a Large Informal Sector:
Generally, in developing economies, the informal workers are unprotected against such negative shocks as ill-health, but for certain groups, there can be scarce opportunities to enter the formal sector. Informal employment is associated with many negative outcomes, such as tax evasion, corruption, illegal activities, low investment rates, misallocated resources, and uninsured workers.
The Rise in Adoption of Advanced Technologies:
Insurance businesses have increasingly adopted & implemented artificial intelligence, internet-of-things and blockchain technologies. These technologies aid in the addition of advanced capabilities such as easy accessibility and transparency to insurance claims and recording, which improves market accuracy. For instance, Tavant Technologies, a digital products & solutions company, has developed a blockchain-based digital solution that maximizes the usage of data-driven processes for the claim cycle. Therefore, the rise in the adoption of advanced technologies is expected to foster this unemployment insurance market in the upcoming years.
Key Benefits of the Report:
Questions Answered in the Unemployment Insurance Market Research Report:Â Â Â
Unemployment Insurance Market Report Highlights
Aspects | Details |
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By Type |
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By Distribution Channel |
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Key Market Players | UC Alternative, Employers Edge, LLC, Unemployment Tracker, Personnel Planners, Equifax Workforce Solutions, Flex HR, G&A Partners, PrestigePEO, Axcet HR Solutions, Unemployment Insurance Services. |
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