The term life insurance market involves of sales of term life insurance products and correlated services by persons (organizations, sole traders and partnerships). These entities are engaged in primarily underwriting (i.e., assuming the perils and assigning premiums) annuities and life insurance policies, incapacity income insurance policies, dismemberment insurance and accidental death policies
Term life insurance is a category of life insurance which delivers only a death assistance (through lump-sum, monthly payment or annuity) to the beneficiary if the person insured dies throughout a specified term duration. If the person covered survives until the end of the term, the attention ceases without any value (or payments made) and thereafter death entitlement cannot be made. The Term life insurance wage-earners invest premiums to build up a portfolio of financial assets to be utilized against future claims. Direct insurance providers are individuals that are engaged in primary underwriting and assuming the perils of insurance policies.
According to the report analysis, ‘Term Life Insurance Global Market Opportunities And Strategies To 2030’ states that the worldwide term life insurance market reached a value of closely USD 778.8 billion during 2019, having augmented at a compound annual growth rate (CAGR) of 6.87% since 2015, and is projected to propel at a CAGR of 9.67% to approximately USD 1,126.6 billion by 2023. Also, the market is projected to increase to USD 1,353.0 billion during 2025 at a CAGR of 9.59% and to USD 2,217.9 billion throughout 2030 at a CAGR of 10.39%.
Nonetheless, going forward, growth of middle-class group in evolving market, and increase in chronic diseases and disabilities are estimated to drive the market. Factor that could encumber the growth of the term life insurance market in the future embrace non-investment grade.
The term life insurance market is classified by type of insurance into individual level term life insurance, group level term life insurance, and deducting term life insurance. The individual level term life insurance market was the greatest sector of the term life insurance market, denominating for USD 600.93 billion or 77.2% of the entire market in 2019. The group level term insurance market is projected to be the fastest increasing segment going forward at a CAGR of 13.2% throughout 2019-2023.
Furthermore, the Asia Pacific was the greatest region in the term life insurance market, dominating for 49.4% of the worldwide market during 2019. It was followed by North America and Western Europe, and several other regions. Going forward, the fastest increasing 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% correspondingly from 2019-2023.
The worldwide term life insurance market is greatly fragmented with a great number of small players in the market. The top ten competitors of the market made up to 3.30% share of the entire market throughout 2018. Foremost players in the market comprise MetLife, Aegon Life Insurance Company, Prudential Financial, Northwestern Mutual, State Farm, and several others. Moreover, to take advantage of the opportunities, The Business Research Company commends the term life insurance companies to bargain personalized insurance policies, collaborate with tech startups to suggest the best term life insurance policies to the clients, usage automation and big data technologies to enhance the operational efficiencies, expand offerings in developing markets, provide competitively priced offerings and aim on creating advertising content on digital platforms to augment the sales, amongst other strategies.
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Global Term Life Insurance Market
Related Reports:-
Term Life Insurance Global Market Report 2020
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