The group life insurance market has expanded rapidly, from $119.99 billion in 2023 to $132.30 billion in 2024, with a CAGR of 10.3%. Employment growth, corporate benefits, regulatory shifts, and demographic changes have driven this growth. The market is expected to continue its expansion, reaching $196.46 billion by 2028, propelled by the aging population, increased workforce participation, and enhanced customer experience initiatives. Digital transformation, personalized insurance products, and AI integration are expected to be key trends during the forecast period.
Major Driver In The Group Life Insurance Market
The growth of the aging population is anticipated to propel the group life insurance market. As the proportion of elderly individuals rises due to longer life expectancy and healthcare improvements, group life insurance offers financial security through death benefits for employees and their families. The United Nations projected in July 2022 that the global population aged 65 and above will grow from 10% in 2022 to 16% by 2050. This demographic shift is expected to drive the group life insurance market.
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Group Life Insurance Market Competitive Landscape
Cigna Corporation, Allianz SE, AXA SA, MetLife Inc., Prudential Financial Inc., Nationwide Mutual Insurance Company, American International Group Inc., Tokio Marine Holdings Inc, Zurich Insurance Group Ltd., The Northwestern Mutual Life Insurance Company, Massachusetts Mutual Life Insurance Company, The Manufacturers Life Insurance Company, Liberty Mutual Insurance Company, The Hartford Financial Services Group Inc., New York Life Insurance Company, Aflac Incorporated, Sun Life Assurance Company of Canada, Principal Financial Group Inc., The Guardian Life Insurance Company of America, Unum Group, Lincoln National Corporation, Mutual of Omaha Insurance Company, Transamerica Corporation, Securian Financial Group Inc., Voya Financial Inc.
Key Group Life Insurance Market Trend
In the group life insurance market, companies are integrating features like group term insurance plans to improve coverage and streamline operations. Group term insurance offers life coverage under a single policy for groups, such as employees. In June 2023, Digit Life Insurance launched a comprehensive group term plan featuring extensive coverage for death, disease, and disability. The plan includes multiple payout options such as lump sum, retirement-linked income, child age-linked income, and income for up to 40 years, catering to both group and individual members' needs.
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Group Life Insurance Market Segmentation
The group life insurance market covered in this report is segmented –
1) By Type: Contributory Plans, Non-contributory Plans
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Distribution Channel: Direct Sales, Brokers Or Agents, Banks, Other Distribution Channels
By Geography:The regions covered in the group life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the group life insurance market in 2023.
The Group Life Insurance Global Market Report 2024 furnishes information about the global group life insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
