Wilmington, Delaware, July 31, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Term Life Insurance Market by Insurance Type (Individual Level Term Life Insurance, Group Level Term Life Insurance and Decreasing Term Life Insurance), and Distribution Channel (Tied Agents and Branches, Brokers, Bancassurance and Direct & Other Channels): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the term life insurance market was valued at $1.1 trillion in 2023, and is estimated to reach $2.4 trillion by 2032, growing at a CAGR of 8.7% from 2024 to 2032.
Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/A177239
Prime Determinants of Growth
However, lack of understanding and reluctance to purchase policies is anticipated to hamper the growth of global market. On the contrary, Adoption of digital channels for insurance sales and customer service and aging population and changing family structures are further likely to create lucrative opportunities for the growth of the global market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size In 2022 | $1.1 Trillion |
| Market Size In 2032 | $2.4 Trillion |
| CAGR | 8.7% |
| Segments Covered | Insurance Type, Distribution Channel, And Region |
| Drivers |
|
| Opportunities |
|
| Restraints | Lack Of Understanding And Reluctance To Purchase Policies |
Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/A177239
By insurance type, the individual-level term life insurance segment accounted for the largest share in 2023, contributing for more than three-fifths of the term life insurance market revenue, owing to offers personalized coverage tailored to the specific needs and preferences of individual policyholders. This type of insurance allows individuals to choose coverage amounts, policy durations, and additional benefits based on their unique circumstances, providing a sense of control and customization, which is further expected to propel the overall market growth. However, the group-level term insurance segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to its appeal to organizations and employers looking to provide affordable and comprehensive life insurance coverage to a large group of employees or members. Group-level term insurance often offers cost-effective premiums and simplified underwriting processes, making it an attractive option for businesses seeking to enhance employee benefits packages and promote financial security among their workforces. Thereby, driving the growth of this segment in the global term life insurance market.
By distribution system, the tied agents & branches segment accounted for the largest share in 2023, contributing for more than three-fifths of the term life insurance market revenue, owing the established network and presence of insurance companies through their tied agents and physical branches. This distribution channel allows for direct interaction with customers, providing personalized guidance and assistance in selecting suitable insurance products, which is further expected to propel overall market growth. However, the brokers segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to a rise in demand for independent and unbiased advice among consumers. Brokers offer a wide range of insurance options from various providers, giving customers more choices and flexibility in finding the best coverage that meets their specific needs. Additionally, brokers often have expertise in navigating complex insurance policies, making them a preferred choice for individuals seeking tailored insurance solutions. Thereby, driving the growth of this segment in the global term life insurance market.
Asia-Pacific region to maintain its dominance by 2032
By region, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing the region's rapidly expanding middle class, increasing disposable income, and rising awareness about the importance of financial protection. As more individuals in Asia-Pacific seek to secure their family's future and wealth. The growing economy and rising investments in legal services, further expected to contribute to the growth of the market in this region.
Leading Market Players: -
- MetLife
- Aegon Life Insurance Company
- AIG
- ManuLife
- AIA
- Allianz
- Bajaj Allianz Life Insurance
- HDFC Standard Life Insurance
- Northwestern Mutual
- SCOR
The report provides a detailed analysis of these key players in the term life insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A177239
Recent Development:
- In November 2021, Bajaj Allianz Life Insurance partnered with the India Post Payments Bank (IPPB) and the Department of Posts (DoP), launching two insurance products to tap the vast rural customers across the country. The life insurer is expected to offer term and annuity products to customers through IPPB's extensive network of 650 branches and over 1,36, 000 banking access points.
- In December 2022, Tamil Nadu Mercantile Bank partnered Bajaj Allianz Life Insurance. As part of the partnership, new and existing customers of the bank can choose from Bajaj Allianz Life’s retail products including term, savings, retirement, and investment products. The life insurer also works closely with the bank to offer seamless service options to customers. This includes response on queries using WhatsApp, or self-service option such as the Bajaj Allianz Life LifeAssist App, along with well-trained Bank staff managing the life insurance business.
- In February 2024, Private insurer Bajaj Allianz Life Insurance partnered with financial institutions in every possible way in Tamil Nadu, a senior company. Bajaj Allianz's institutional business witnessed a 52 per cent growth in Tamil Nadu as of December 2023. The number of policies sold during the period also witnessed a growth of 53% in the state.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the term life insurance market analysis from 2024 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions, strengthen their supplier-buyer network and term life insurance market outlook.
- In-depth analysis of the market segmentation assists to determine the prevailing term life insurance market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global term life insurance market size.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global term life insurance market trends, key players, market segments, application areas, and market growth strategies.
Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/d8d188599a44988810512115c770ddab?utm_source=AMR&utm_medium=research&utm_campaign=P19623
Term Life Insurance Market Report Highlights
By Insurance Type
- Individual Level Term Life Insurance
- Group Level Term Life Insurance
- Decreasing Term Life Insurance
By Distribution Channel
- Tied Agents and Branches
- Brokers
- Bancassurance
- Direct & Other Channels
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players
Bajaj Allianz Life Insurance, MetLife Services and Solutions, LLC., Aegon Life Insurance Company, SCOR, AIA Group Limited, Allianz, American International Group, Inc, HDFC Life Insurance Company Limited, The Manufacturers Life Insurance Company, The Northwestern Mutual Life Insurance Company
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Europe aviation insurance Market: Opportunity Analysis and Industry Forecast - 2022-2032
Self-Driving Car Insurance Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Life Reinsurance Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
On-Demand Insurance Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Online Insurance Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
Asia-Pacific Usage-Based Insurance Market: Opportunity Analysis and Industry Forecast, 2021-2030
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
