Term Insurance Industry Overview
The global term insurance market size was valued at USD 850.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028.
The market growth is mainly driven by the increasing middle-class population, the advent of new digital sales channels, and the availability of a range of bespoke term insurance covers. Term life insurance is an insurance plan that offers insurance for a specific period of time. The increasing prevalence of various chronic diseases and viral infections is boosting the market growth.
Changing lifestyle choices and evolving demographics globally are the other major factors that have a strong impact on the market. Various insurance companies are expected to maintain strong customer relationships by finding important propositions. At present, the players in the market are focusing on creating strategic plans to attract a large customer base. Hence, the market is estimated to show growth during the assessment period.
Gather more insights about the market drivers, restrains and growth of the Global Term Insurance Market
Growing investments by prominent players in the market are estimated to drive the term insurance market. Technological advancement in financial sectors is also driving industry growth. Owing to this reason, various players in the market are focusing on improving the efficacy of their digital channels. While rising aging population with low birth rates in various regions could hinder the market growth.
Due to the COVID-19 pandemic, the market demand increased. With the ongoing lockdown and media reports filled with tragic stories of loss of life, the people are becoming aware that long life cannot be taken for granted. The pandemic also has led to a shift in distribution channels by increasing the integration of digital tools in the global market.
The market growth is also driven by the developments in the distribution capabilities of the various insurance schemes. The insurance companies are developing channels that enable the distribution of products and services to the target consumer by the insurer in the most cost-efficient, secure, and linear format. The e-commerce boom has made it easy for consumers and insurers to buy and sell insurance plans and reach wider consumers. Over the forecast period, the online channel is expected to serve better opportunities.
Market growth is also expected to accelerate with the private sector participation in the insurance industry. The increasing participation of private firms will lead to a competitive market and the introduction of innovative products with better pricing of insurance products. Moreover, increasing substantial improvements in the operational efficiencies and optimization of the services are likely to propel market growth. This is likely to increase consumer interest and insurance plan purchasing rate, driving the global market growth over the forecast period.
Market growth is also expected to be driven by the expansion of key players in the emerging market. Developing economies are expected to exhibit promising growth potential over the forecast period. For instance, in 2020, PNB Metlife announced the broadening of its product portfolio with three new insurance products.
Browse through Grand View Research's Communication Services Industry Research Reports.
- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing.
- Robotic Process Automation Market – The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030. Factors such as the need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises is expected to boost the market growth.
Term Insurance Market Segmentation
Grand View Research has segmented the global term insurance market based on type, distribution channel, and region.
Term Insurance Type Outlook (Revenue, USD Million, 2017 – 2028)
- Individual Level Term Life Insurance
- Group Level Term Life Insurance
- Decreasing Term Life Insurance
Term Insurance Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
- Tied Agents and Branches
- Brokers
- Others
Term Insurance Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global term insurance market include
- MetLife
- Aegon Life Insurance Company
- Prudential Financial
- Northwestern Mutual
- State Farm
- MassMutual Life Insurance Company
- AIG
- Lincoln National
- John Hancock USA
- China Life Insurance Company Limited
- Bajaj Allianz Life Insurance
Order a free sample PDF of the Term Insurance Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
0
