Dublin, June 18, 2020 (GLOBE NEWSWIRE) -- The "Term Life Insurance Global Market Opportunities and Strategies to 2030" report has been added to ResearchAndMarkets.com's offering.
This report from the publisher provides the strategists, marketers and senior management with the critical information they need to assess the global term life insurance market.
The global term life insurance market reached a value of nearly $778.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.87% since 2015, and is expected to grow at a CAGR of 9.67% to nearly $1,126.6 billion by 2023. Also, the market is expected to grow to $1,353.0 billion in 2025 at a CAGR of 9.59% and to $2,217.9 billion in 2030 at a CAGR of 10.39%.
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Where is the largest and fastest growing market for the term life insurance market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global term life insurance market opportunities and strategies to 2030 report from the publisher answers all these questions and many more.
This report describes and evaluates the global term life insurance market. It covers two five-year periods, one three-year period and one six-year period including, 2015 to 2019, termed the historic period, and 2019 to 2023 forecast period, 2023-2025 forecast period and 2025 -2030 the forecast period.
Growth in the historic period resulted from economic growth, and government led insurance reforms. Factors that negatively affected growth in the historic period were lack of awareness, and limited coverage of illness death causes mistrust.
Going forward, growth of middle-class group in emerging market, and increase in chronic diseases and disabilities are expected to drive the market. Factor that could hinder the growth of the term life insurance market in the future include non-investment grade.
The term life insurance market is segmented by type of insurance into individual level term life insurance, group level term life insurance, and decreasing term life insurance. The individual level term life insurance market was the largest segment of the term life insurance market, accounting for $600.93 billion or 77.2% of the total market in 2019. The group level term insurance market is expected to be the fastest growing segment going forward at a CAGR of 13.2% during 2019-2023.
The term life insurance market is segmented by type of distribution channel into tied agents and branches, brokers, bancassurance, and direct and other channels. The tied agents and branches was the largest segment of the term life insurance market by distribution channel, accounting for $256.03 billion or 32.9% of the total market in 2019. The bancassurance market is expected to be the fastest-growing segment going forward at a CAGR of 14.1% during 2019-2023.
Asia Pacific was the largest region in the term life insurance market, accounting for 49.4% of the global market in 2019. It was followed by North America and Western Europe, and the other regions. Going forward, the fastest growing regions in the term life insurance market will be Eastern Europe and Asia Pacific, where growth will be at CAGRs of 17.1% and 14.9% respectively from 2019-2023.
The global term life insurance market is highly fragmented with a large number of small players in the market. The top ten competitors of the market made up to 3.30% share of the total market in 2018. Major players in the market include MetLife, Aegon Life Insurance Company, Prudential Financial, Northwestern Mutual, State Farm, and others.
The top growth potential in the term life insurance market by type of insurance will arise in individual level term life insurance market, which will gain $234.38 billion of global annual sales by 2023. The top growth potential in the term life insurance market by type of distribution channel will arise in bancassurance market, which will gain $129.74 billion of global annual sales by 2023. The term life insurance market size will gain the most in China at $214.18 billion. Market-trend-based strategies for the term life insurance market include integrating their processes with advance technologies to automate business processes, using big data analytics solutions to analyze large volume of data, and investing in technologies. Player-adopted strategies in the term life insurance industry include expanding distribution network through joint ventures and partnerships with third parties, and improving customer engagement through strategic acquisitions.
To take advantage of the opportunities, the publisher recommends the term life insurance companies to offer tailored insurance policies, collaborate with tech startups to offer the best term life insurance policies to the clients, use automation and big data technologies to improve operational efficiencies, expand offerings in emerging markets, provide competitively priced offerings and focus on creating advertising content on digital platforms to increase sales, among other strategies.
Key Topics Covered:
1. Term Life Insurance Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Type Of Insurance
6.1.3. Segmentation By Distribution Channel
7. Term Life Insurance Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type Of Insurance
7.2.1. Individual Level Term Life Insurance (or Individual Term Insurance)
7.2.2. Group Level Term Life Insurance (or Group Term Insurance)
7.2.3. Decreasing Term Life Insurance
7.3. Market Segmentation By Distribution Channel
7.3.1. Tied Agents And Branches
7.3.2. Brokers
7.3.3. Bancassurance
7.3.4. Direct And Other Channels
8. Global Term Life Insurance Market Size And Growth
8.1. Historic And Forecast Market Growth, Value ($ Billion)
8.1.1. Drivers Of The Market 2015-2019
8.1.2. Restraints On The Market 2015-2019
8.1.3. Drivers Of The Market 2019-2023
8.1.4. Restraints On The Market 2019-2023
9. Global Term Life Insurance Market Segmentation
9.1. Global Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
9.1.1. Individual Level Term Life Insurance
9.1.2. Group Level Term Life Insurance
9.1.3. Decreasing Term Life Insurance
9.2. Global Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
9.2.1. Tied Agents And Branches
9.2.2. Brokers
9.2.3. Bancassurance
10. Term Life Insurance Market, Regional And Country Analysis
10.1. Global Term Life Insurance Market, By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
10.2. Global Term Life Insurance Market, By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Billion)
11. Asia-Pacific Term Life Insurance Market
12. Western Europe Term Life Insurance Market
13. Eastern Europe Term Life Insurance Market
14. North America Term Life Insurance Market
15. South America Term Life Insurance Market
16. Middle East Term Life Insurance Market
17. Africa Term Life Insurance Market
18. Global Term Life Insurance Market Competitive Landscape
18.1. Company Profiles
18.2. MetLife
18.2.1. Company Overview
18.2.2. Products And Services
18.2.3. Business Strategy
18.2.4. Financial Overview
18.3. Aegon Life Insurance Company
18.3.1. Company Overview
18.3.2. Products And Services
18.3.3. Business Strategy
18.3.4. Financial Overview
18.4. Prudential Financial
18.4.1. Company Overview
18.4.2. Products And Services
18.4.3. Business Strategy
18.4.4. Financial Overview
18.5. Northwestern Mutual
18.5.1. Company Overview
18.5.2. Products And Services
18.5.3. Business Strategy
18.5.4. Financial Overview
18.6. State Farm
18.6.1. Company Overview
18.6.2. Products And Services
18.6.3. Financial Overview
19. Key Mergers And Acquisitions In The Term Life Insurance Market
19.1. The Empire Life Insurance Company Acquired Stake In The Gryphin Advantage Inc.
19.2. Nassau Financial Group, L.P. Acquired Foresters Financial Holding Company, Inc. And Foresters Life Insurance And Annuity Company (FLIAC)
19.3. Chubb Life Acquired Life Insurance Business From Scotia Life Insurance Company
19.4. TAL Dai-ichi Life Australia Pty Ltd (TAL) Acquired Suncorp's Australian Life Insurance Business
19.5. Kuvare US Holdings, Inc. Acquired United Life Insurance Company
20. Term Life Insurance Market Trends And Strategies
20.1. Technologies To Aid Automation Of Insurance
20.2. Increasing Usage of Big Data by Global Insurers
20.3. Epigenetics To Lay Foundation For Personalized Insurance Premiums
20.4. Tailored Insurance For Clients Leading A Healthier Lifestyle
20.5. Financial Advisors Increasingly Offering Term Life Insurance
21. Term Life Insurance Market Future Outlook and Potential Analysis
21.1. Global Term Life Insurance Market In 2023 - Countries Offering Most New Opportunities
21.2. Global Term Life Insurance Market In 2023- Segments Offering Most New Opportunities
21.3. Global Term Life Insurance Market In 2023- Segments Offering Most New Opportunities
21.4. Global Term Life Insurance Market In 2023 - Growth Strategies
21.4.1. Market Trend Based Strategies
21.4.2. Competitor Strategies
22. Term Life Insurance Market, Conclusions And Recommendations
22.1. Conclusions
22.2. Recommendations
22.2.1. Product
22.2.2. Place
22.2.3. Price
22.2.4. Promotion
22.2.5. People
23. Appendix
23.1. Market Data Sources
23.2. NAICS Definition of Industry Covered in This Report
23.3. Research Methodology
23.4. Currencies
23.5. Research Inquiries
23.6. About the Publisher
23.7. Copyright and Disclaimer
Companies Mentioned
- ABSA Insurance and Financial Advisers (Pty) Limited
- Aegon Life Insurance Company
- AEGON Sony Life Insurance Co., Ltd.
- Al Alamiya (Saudi Arabia)
- AlfaStrakhovanie Group
- Alliance Insurance (UAE)
- Allianz Life Insurance Japan Ltd.
- AR LIFE
- ASKA Insurance Company
- Aviva
- AXA Life Insurance Co., Ltd.
- Bajaj Allianz Life Insurance
- Bradesco Vida E Previdencia S.A
- Brighthouse Financial (MetLife)
- Buruj Cooperative Insurance (Saudi Arabia)
- China Pacific Insurance (Group) Company Ltd
- CNP Assurances
- Companhia de seguros aliana do brasil
- Crecer Seguros
- Empire Life
- FWD Fuji Life insurance Company, Limited
- Generali Assurances
- Great-West Lifeco, Inc.
- HBOS Financial Services
- HDFC Standard Life Insurance
- IA Financial Group
- ICICI Prudential Life Insurance
- Industrial and General Insurance Plc (IGI)
- Intesa Sanpaolo Vita
- John Hancock
- Kotak Life Insurance
- Life Insurance Corporation of India
- Lincoln National
- Liverpool Victoria
- Manulife Financial
- MAPFRE Argentina
- Mashreq bank (UAE)
- MassMutual
- Medicare Life Insurance Co., Ltd.
- Menora Mivtachim Insurance
- MetLife
- MetLife UAE
- Munich Re Insurance Unit Ergo
- New York Life
- Northwestern Mutual
- Northwestern Mutual
- Ohio National Seguros de Vida
- Ping An Insurance (Group) of China Ltd.
- Poste Vita
- Powszechny Zakad Ubezpiecze (PZU)
- Prudential Financial
- RBC Insurance
- Rosgosstrakh
- Royal London
- SCOR
- Scottish Widows
- Sogaz Insurance Group
- Standard Life
- State Farm
- Sun Life Financial
- Tokio Marine & Nichido Life Insurance Co., Ltd.
- Transamerica
- UNIQA
- Vitality
- Zurich
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