Market Overview:
The Global Life Insurance Market Size Was Valued at USD 3187.51 billion In 2023 And Is Projected to Reach USD 4545.29 Billion By 2030, Growing at A CAGR of 5.2 % From 2023 To 2030.
Life Insurance can be defined as a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Life Insurance offers benefits of Savings through life insurance guarantee full protection against the risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable. Insurance plans are beneficial to anyone looking to protect their family, assets/property, and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalization, contraction of any illnesses and treatment, and medical care required in the future.
Top Key Players Covered In The Life Insurance Market:
- Allianz (Germany)
- AXA (France)
- Nippon Life Insurance (India)
- American Intl. Group (US)
- Aviva (India)
- Assicurazioni Generali (Italy)
- State Farm Insurance (US)
- Dai-ichi Mutual Life Insurance (Japan)
- Munich Re Group (Germany)
- Zurich Financial Services (Switzerland), and Other Major Players.
Market Dynamics and Factors:
The massive rise in claims in the life insurance sector, expansion of insuring capacity, and growth in focus on insurers to stabilize losses by limiting risks are major factors driving the market growth. Better management of policy claims and better regulatory policies have contributed to the growth of the market. An increase in disposable income and the growing working-class population in India have further driven the growth of the life insurance market. The increasing viral disease, changing lifestyle, improper diet, and artificial food causes health problems, thus life insurance is the first preference for people so Life Insurance drives the market during the forecast period.
An employer or another large-scale entity, such as an association or labor organization generally offers group life insurance to their employees. It is typically covered as part of a larger employer or membership benefit package and has a low coverage amount. In addition, insurance companies can secure much lower costs for each employee by purchasing a group life insurance policy in comparison to an individual policy. Therefore, the rise in demand for insurance policies and easy accessibility for insurance through digitalization is expected to boost the group life insurance market soon.
Life Insurance Market Report Highlight:
- By Type, the life term insurance segment is anticipated to lead the growth of the Life Insurance market in the forecasted timeframe A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for some time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary)
- By Provider, the Government agencies segment is expected to have the 0068ighest share of the Life Insurance market over the projected period. The security from the government regarding the insurance and no hectic process for the claiming of the insurance, thereby boosting segment growth.
- The North American region is expected to have the highest share of the Life Insurance market over the projected period. The presence of prominent key players, as well as an increase in technological advancement, are the main factors driving the development of the market in this region.
Key Industry Development:
- In August 2022, LIC paid out 70.39 % of the total payouts, and private insurers covered the remaining 29.61 %. The benefits paid as a result of surrenders or withdrawals rose to 1.58 lakh crore in 2021–22, with LIC accounting for 60.09 % and private insurers for the remainder. ULIP policies made for 1.96 % of the total surrender benefits for the LIC and 78.29 % for private insurers.
- In September 2021, the Union Cabinet approved an investment of Rs. 6,000 crores (US$ 804.71 million) into entities, offering export insurance cover to facilitate additional exports worth Rs. 5.6 lakh crore (US$ 75.11 billion) over the next five years.
Life Insurance Market Segmentation:
By Type
- Term life insurance
- Whole life insurance
- Universal life insurance
- Others
By Provider
- Private Agencies
- Government Agencies
- Others
For this report, Introspective Market Research has segmented the Life Insurance Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
