What Has Been the Progress and Growth of the Whole Life Insurance Market in Recent Years?
The whole life insurance market has seen considerable growth due to a variety of factors.
• The overall market size of life insurance has been on a significant rise over the last few years. It's anticipated to expand from $3928.21 billion in 2024 to an estimated $4269 billion in 2025. This increase corresponds to a compound annual growth rate (CAGR) of 8.7%.
Factors contributing to this growth during the historic period include policy stability and assurances, long-term fiscal security, estate and legacy planning, safeguards against inflation, and conservative avenues for investment.
What Can Be Expected from the Whole Life Insurance Market Size?
The whole life insurance market is expected to maintain its strong growth trajectory in upcoming years.
• Over the next few years, the market size of whole life insurance is anticipated to experience significant growth, set to rise to $5905.66 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%.
The projected growth in the coming period is due to a variety of factors such as tailor-made solutions, concerns regarding increased lifespan, transferring of wealth and estate planning, health and wellness incentives, and a shifting in consumer preferences. Key trends expected during this forecast period encompass bespoke and personal solutions, inventive product provisions, the incorporation of technology in underwriting processes, evolving customer inclinations, wealth transfer, and planning for estates.
What Are the Critical Driver Fuelling The Whole Life Insurance Market's Growth?
The escalating numbers in the elderly population are anticipated to fuel the growth of the whole life insurance sector. The term aging population describes a social demographic trend where an increasing percentage of people are in the advanced stages of their lives, primarily aged 65 and beyond. Whole life insurance acts as a vital financial planning tool for this aging demographic, providing lifelong protection, accumulation of cash value, and potential inheritance planning advantages. For example, the World Health Organization, an intergovernmental organization based in Switzerland, forecasted in October 2022 that by 2030, one in every six people globally will be 60 years old or over. During this timeframe, the segment of the population aged 60 and over is predicted to grow from 1 billion in 2020 to 1.4 billion. Moreover, by 2050, the global populace of individuals aged 60 and beyond is projected to double, hitting 2.1 billion. Hence, the growing aging population is a significant driver of the expansion of the whole life insurance sector.
How Is The Whole Life Insurance Market segmented?
The whole life insurance market covered in this report is segmented –
1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
Subsegments:
1) By Non-Participating Whole Life: Fixed Premium Non-Participating Whole Life, Level Death Benefit Non-Participating Whole Life, Universal Non-Participating Whole Life
2) By Participating Whole Life: Traditional Participating Whole Life, Limited Pay Participating Whole Life, Indeterminate Premium Participating Whole Life
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How Are New Trends Impacting The Size Of The Whole Life Insurance Market?
A strong emphasis on the incorporation of advanced technologies by leading corporations within the whole life insurance sphere aims to simplify operations and solidify their stance within the market. A case in point is Modern Life Insurance Group Inc., an insurance corporation based in the US. They unveiled their newest technology platform in December 2022, designed specifically for life insurance advisors. This new platform introduces an array of modern tools and solutions, including a one-stop location for managing client and brokerage requirements, improved client engagement, completely digitalized applications, alongside comparison and pricing functionalities.
Who Are the Key Players In The Whole Life Insurance Market?
Major companies operating in the whole life insurance market include:
• China Life Insurance Company Limited
• MetLife Inc.
• Ping An Insurance Company of China Ltd.
• Allianz Life Insurance
• Axa SA
• Generali Group
• Munich Re Group
• Zurich Insurance Group Ltd.
• Nippon Life Insurance Company
• Japan Post Holdings Company Ltd.
• Berkshire Hathaway Inc.
• Manulife Financial Corporation
• China Pacific Insurance Co. Ltd.
• Chubb Corp.
• American International Group
• Aviva Plc.
• Allstate Corporation
• Swiss Reinsurance Company Ltd.
• Prudential Financial Inc.
• New York Life Insurance Company
• Massachusetts Mutual Life Insurance Company
• Guardian Life Insurance Company of America
• Penn Mutual Life Insurance Company
• Ohio National Life Insurance Company
• State Farm Mutual Automobile Insurance Company
• Pacific Life Insurance Company
• John Hancock Financial Services
• Principal Financial Group Inc.
• Nationwide Mutual Insurance Company
• Thrivent Financial for Lutherans
What Is The Most Dominant Region In The Whole Life Insurance Market?
North America was the largest region in the whole life insurance market in 2024. Europe is expected to be the fastest-growing region in the whole life insurance market report during the forecast period. The regions covered in the whole life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
