What Is The Overview Of The Global Group Life Insurance Market?
Group life insurance refers to a type of life insurance policy that covers a group of people, typically employees of a company or members of an organization. It is often provided as part of a comprehensive employee benefits package and offers financial protection to beneficiaries in the event of the insured individual's death.
Group Life Insurance Global Market Report 2024 provides data on the global group life insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The group life insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Group Life Insurance Market Expected To Grow In Size And Annual Rates?
The group life insurance market has grown rapidly in recent years, with a rise from $119.99 billion in 2023 to $132.30 billion in 2024, a CAGR of 10.3%. Contributing factors include employment growth, corporate benefits, regulatory changes, demographic shifts towards aging populations, evolving employer-sponsored benefits packages, and increasing workforce participation. The market is anticipated to reach $196.46 billion by 2028, with a CAGR of 10.4%. This growth is linked to the aging population, enhanced customer experience initiatives, growing awareness of financial security products, a rising global workforce, healthcare cost trends, and expectations for longevity. Major trends during this period include technological advancements, digital transformation, personalized insurance products, AI integration, and the adoption of data analytics.
What Main Forces Are Fueling Expansion In The Group Life Insurance Market?
The growing aging population is expected to drive the growth of the group life insurance market. An aging population refers to a higher proportion of elderly individuals within society, mainly due to declining birth rates, longer life expectancies, and advancements in healthcare. Group life insurance provides financial security by offering death benefits to employees or members and their families, covering expenses, and ensuring peace of mind. For example, the United Nations reported in July 2022 that the global population aged 65 and above is expected to increase from 10% in 2022 to 16% by 2050. This aging demographic is a key driver of the growth in the group life insurance market.
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What Are The Primary Segments In The Global Group Life Insurance Market?
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
Which Key Trends Are Driving Changes In The Group Life Insurance Market?
Key players in the group life insurance market are enhancing their offerings by introducing add-on benefits like group term insurance plans to simplify processes and improve customer satisfaction. These plans offer life insurance coverage for a group under a single policy, commonly provided by employers for employees. In June 2023, Digit Life Insurance, an India-based general insurer, introduced its first product—a comprehensive group term insurance plan. This plan covers death, disease, and disability while offering various payout options and add-ons. The payout choices include lump sum assured, retirement-linked income, and specified period incomes to mitigate family income loss. Group and individual members can select payout structures tailored to their needs.
What Is The Leading Region In The Group Life Insurance Market?
North America was the largest region in the group life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the group life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
