LONDON, Nov. 23, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s indexed and whole juvenile life insurance global market report 2023, the global market is on an upward trajectory, with projections indicating a substantial growth from $20.43 billion in 2022 to $23.37 billion in 2023, boasting a Compound Annual Growth Rate (CAGR) of 14.4%. The indexed and whole juvenile life insurance market is anticipated to reach $38.71 billion by 2027, maintaining an impressive CAGR of 13.5%.
Driving Forces: The Rising Younger Population
One of the primary drivers behind the remarkable growth of the indexed and whole juvenile life insurance market is the increasing younger population globally. With individuals in the younger age groups seeking comprehensive coverage, indexed and whole juvenile life insurance offers a range of benefits, providing coverage for an individual's entire lifetime. According to the United Nations, there were 1.2 billion young people aged 15 to 24 in August 2022, accounting for 16% of the world population. By 2030, this number is expected to increase by 7% to approximately 1.3 billion, thereby propelling the demand for indexed and whole juvenile life insurance.
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Indexed And Whole Juvenile Life Insurance Market Key Players and Industry Trends
Major players in the indexed and whole juvenile life insurance market include China Ping An Insurance (Group) Co. Ltd., Axa S.A., Reliance Nippon Life Insurance Company Limited, American International Group Inc., Munich Re Group, and many more. A noteworthy trend gaining traction is the development of innovative platforms within the industry. For example, PolicyAdvisor, a Canada-based online insurance marketplace, launched the first online platform for children's life insurance in September 2022, providing quick online pricing, comparisons, and digital purchases for whole life insurance policies. Additionally, Mutual of America Financial Group's acquisition of Landmark Life Insurance Company in January 2023 underscores strategic moves within the sector to better serve individuals in the guaranteed retirement income sector.
Indexed And Whole Juvenile Life Insurance Market Regional Dynamics and Segmentation
Asia-Pacific emerged as the largest region in the indexed and whole juvenile life insurance market in 2022, while the market is segmented by type (Survival Insurance, Death Insurance, Full Insurance), policy type (Traditional, Non-Traditional), distribution channel (Direct Distribution, Agency Distribution, Online Distribution), and application (Below 10 Years Old, 10-18 Years Old).
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For businesses operating in the indexed and whole juvenile life insurance market, this comprehensive report provides invaluable insights into market dynamics, trends, and opportunities. Players can utilize these insights to make informed decisions, identify growth prospects, and strategically position themselves in this rapidly evolving sector. The indexed and whole juvenile life insurance market report serves as a roadmap for businesses aiming to capitalize on the rising demand for indexed and whole juvenile life insurance, offering a competitive edge and fostering sustainable growth.
Indexed And Whole Juvenile Life Insurance Global Market Report 2023 by The Business Research Company provides insights on the indexed and whole juvenile life insurance market size, indexed and whole juvenile life insurance market segments, indexed and whole juvenile life insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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