COVID-19 Impact Sees Global Life Insurance Providers Market Forecast for a Decline from $1700.8 billion in 2019 to $1612.8 billion in 2020

Dublin, Nov. 04, 2020 (GLOBE NEWSWIRE) -- The "Life Insurance Providers Global Market Report 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.

The global life insurance providers market is expected to decline from $1700.8 billion in 2019 to $1612.8 billion in 2020 at a compound annual growth rate (CAGR) of -5.2%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 3% from 2021 and reach $1728 billion in 2023.

The rise in disposable income in emerging countries such as India and China is expected to drive the life insurance providers market. Economic growth in the middle income group translates to higher disposable income which allows them to invest in life insurance products. According to report by Swiss Re Institute's, world's seven largest emerging markets will contribute 42% of global growth with China contributing 27%. This rising disposable income, especially in emerging countries is expected to increase demand for life insurance plans thereby driving the life insurance providers market.

Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry. Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks and cross-promote products. For example, Aditya Birla Sun Life Insurance has launched DISHA 2.0, an Upgraded AI-Enabled ChatBot in 2018 to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will drive the market.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive land scape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The Market Characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

• Competitive land scape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Markets Covered:
1) By Type: Term Life Insurance; Whole Life Insurance; Variable Life Insurance; Equity Indexed Life Insurance; Accidental Death Insurance; Other Life Insurance
2) By Application: Agency; Brokers; Bancassurance; Digital & Direct Channels

Companies Mentioned: Munich Re; AXA; Generali; Allianz; China Life Insurance Company Limited

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast.

Data Segmentations: Country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Companies Mentioned

• Munich Re

• AXA

• Generali

• Allianz

• China Life Insurance Company Limited

• Ping An Insurance (Group) Company of China Ltd.

• Zurich Insurance

• Nippon Life Insurance

• Japan Post Holdings

• Berkshire Hathaway

• Metlife

• Manulife Financial

• CPIC

• Chubb

• AIG

• Aviva

• Marsh & McLennan

• AON

• Willis Group Holdings

• Arthur J. Gallagher

• Swiss Re

• Hannover Re

• SCOR SE

• Lloyd's

For more information about this report visit https://www.researchandmarkets.com/r/nhru8x

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