DUBLIN, August 04, 2021--(BUSINESS WIRE)--The "Life Insurance Providers Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global life insurance providers market as it emerges from the COVID-19 shut down.
The global life insurance providers market reached a value of nearly $2,860.4 billion in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $2,860.4 billion in 2020 to $3,550.8 billion in 2025 at a rate of 4.4%. The growth is mainly due to the growing awareness about investing in life insurance policies due to an increase in chronic illnesses. The market is expected to grow from $3,550.8 billion in 2025 to $4,266.6 billion in 2030 at a CAGR of 3.7%.
Ping An Insurance (Group) Company of China, Ltd.
China Life Insurance Company Limited
Assicurazioni Generali S.p.A.
China Pacific Insurance (Group) Co., Ltd.
Japan Post Insurance Co., Ltd.
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The life insurance providers market is segmented by type of insurance into whole life insurance, term life insurance, accidental insurance, annuities, unit linked life insurance and other life insurance. The term life insurance was the largest segment of the life insurance providers market by type of insurance, accounting for 27.3% of the total market in 2020. Going forward, term life insurance segment is expected to be the fastest growing segment in the life insurance providers market, at a CAGR of 4.6%.
The life insurance providers market is also segmented by application into tied agents and branches, brokers, bancassurance and direct and other channels. The tied agents and branches was the largest segment of the life insurance providers market by application, accounting for 29.5% of the total market in 2020. Going forward, the bancassurance segment is expected to be the fastest growing segment in the life insurance providers market, at a CAGR of 4.8%.
The global life insurance providers market is segmented by region into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Asia Pacific was the largest region in the global life insurance providers market, accounting for 33.5% of the total in 2020. It was followed by the North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the life insurance providers market will be Africa and South America, where growth will be at CAGRs of 7.6% and 6.5% respectively. These will be followed by Eastern Europe and Asia Pacific, where the markets are expected to register CAGRs of 5.4 % and 4.6% respectively.
The life insurance providers market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 10.7% of the total market in 2020. Major players in the market include Ping An Insurance (Group) Company of China, Ltd., China Life Insurance Company Limited, Assicurazioni Generali S.p.A., China Pacific Insurance (Group) Co., Ltd., Japan Post Insurance Co., Ltd., MetLife, Inc., Swiss Life Ltd., Manulife Financial Corporation, Aviva plc and AIA Group Limited.
The top opportunities in the life insurance providers market segmented by type of insurance will arise in the term life insurance segment, which will gain $239.2 billion of global annual sales by 2025. The top opportunities in the life insurance providers market segmented by application will arise in the bancassurance segment, which will gain $225.7 billion of global annual sales by 2025. The life insurance providers' market size will gain the most in the China at $150.1 billion.
Market trend based strategies for the life insurance providers market includes investing in technologies to aid automation of insurance, digital process implementation in insurance, investing in epigenetics for personalized insurance premiums, increasing usage of big data, cover for pandemics, customized insurance for clients and tie-ups with financial advisors offering life insurance. Player-adopted strategies in the life insurance providers market include investing in expanding operations through innovative product launches, and in acquisitions and mergers to strengthen their service offerings.
For more information about this report visit https://www.researchandmarkets.com/r/mibjsg
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005721/en/
Laura Wood, Senior Press Manager
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