Growing awareness about life insurance policies to drive the growth of the global life insurance market. According to TechSci Research report, “Global Life Insurances Market By Type of Insurance Providers (Public Sector Vs Private Players), By Premium Type (Regular Premium, Single Premium), By Plan (Endowment, Annuity, Money Back, Unit Linked), By Type of Coverage (Individual, Group), By Term of Coverage (Term Life, Whole Life), By Premium Range (Up to USD500, 501-2000, 2001-5000, 5001-10000, Above 10000), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, the global life insurance market is expected to grow at a formidable rate during the forecast period on account of a growing number of government life insurance schemes, worldwide.
Important Aspects of the Life Insurances Market
In addition to this, the number of accidents happening across the globe is increasing at an alarming rate, which in turn drives the need to have a life insurance plan, thereby fueling the market growth. Besides, the rising middle-class population is further expected to drive market growth. A life insurance plan can pay off debts as a death benefit, which alternatively, could have been a burden on the family, such as credit cards, mortgages, car loans, and others.
This is further expected to drive market growth across the globe. However, life insurance is a complex product with multiple features, providing potential benefits to an individual but taking its full advantage without any professional assistance can be challenging, which might hamper the market growth to a certain extent. Also, stringent regulations and a longer duration of claim reimbursement might further restrict the market growth. Moreover, a lack of awareness and adoption of life insurance policies especially among underdeveloped economies might act as a major impediment to the growth of the global life insurance market.
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The global life insurances market is segmented based on the type of insurance providers, premium type, plan, type of coverage, term of coverage, premium range, mode of purchase, end user, company, company, and region. Based on the term of coverage, the market can be split into term life and whole life. Out of these, the lifetime segment is expected to dominate the market since most of the life insurance providers offer lifetime coverage in their life insurance plans. Based on end users, the market can be fragmented into minors, adults, and senior citizens.
Among these, the adult segment is expected to register a high growth rate, which is attributable to increasing susceptibility to sedentary lifestyle-associated diseases and other chronic diseases Additionally, the segment is expected to witness significant demand on account of the peace of mind offered by being aware of the fact that the policy holder’s beneficiaries will be provided with financial support after the passing away of the policyholder.
The Major competitors of the Life Insurance Market
- AIA Group Ltd
- American International Group (AIG)
- Allianz SE
- AXA
- Berkshire Hathaway
- China Life Insurance, ING Group
- Ping An of China
- Prudential Financial
- MetLife and others are some of the leading players operating in the global life insurances market. The companies operating in the market are coming up with new attractive policies to attract more customers in order to boost their market share.
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“North America is expected to dominate the global life insurance market during the forecast period, owing to the availability of favorable life insurance infrastructural landscape in the region. Additionally, the growing geriatric population and prevalence of chronic diseases on account of the sedentary lifestyle of the population are further expected to fuel the market growth. Furthermore, the presence of large market players in the region is expected to create lucrative opportunities for market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Life Insurance Market By Type of Insurance Providers (Public Sector Vs Private Players), By Premium Type (Regular Premium, Single Premium), By Plan (Endowment, Annuity, Money Back, Unit Linked), By Type of Coverage (Individual, Group), By Term of Coverage (Term Life, Whole Life), By Premium Range (Up to USD500, 501-2000, 2001-5000, 5001-10000, Above 10000), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of the global life insurances market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global life insurances market.
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