APAC leads global burial insurance growth at 8.5% CAGR

Decline of extended family systems are increasing demand for burial insurance.

Asia-Pacific’s burial insurance market is projected to see the fastest growth at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2034, according to Global Market Insights.

Social changes such as the decline of extended family systems in countries like India, China, and the Philippines are increasing demand for burial insurance as older adults take on more financial planning responsibilities. 

In emerging markets like Indonesia, Vietnam, and Thailand, rising incomes and financial literacy are also contributing to increased policy uptake, especially amongst younger adults purchasing plans for their parents.

Japan remains the leading market in the region, supported by the growing adoption of digital insurance, health awareness, and a shift toward sustainable funeral options. 

Globally, the burial insurance market was valued at $253.2b in 2024 and is projected to reach $536.9b by 2034, averaging a CAGR of 7.9%.

The expected global growth is driven by rising funeral costs, increased awareness of financial planning, digital insurance adoption, and an ageing global population.

From 2025 to 2034, the market is forecast to expand from $269.9b to over half a trillion dollars. 

Developed countries such as the United States, Japan, and members of the European Union are key contributors to the rising demand, with elderly populations seeking burial insurance to ease the financial burden on families.