Global Life Insurance Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

16 Jul, 2021

The life insurance providers market consists of the sale of life insurance policies. Life insurance providers enter into a legal contract with the insurance policyholder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. The life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities.

Global Life Insurance Market Size And Drivers:

The global life insurance market is expected to grow from $2.47 trillion in 2020 to $2.88 trillion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.51 trillion in 2025 at a CAGR of 5.1%. The rise in disposable income in emerging countries such as India and China is expected to drive the life insurance providers market.

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Trends In The Global Life Insurance Market

Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry. Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks, and cross-promote products. For example, Aditya Birla Sun Life Insurance has launched DISHA 2.0, an Upgraded AI-Enabled ChatBot to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will drive the market.

Global Life Insurance Market Segments:
The global life insurance market is further segmented based on type, application, mode and geography.
By Type: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance
By Application: Agency, Brokers, Bancassurance, Digital & Direct Channels
By Mode: Online, Offline
By Geography: The global life insurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Life Insurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides life insurance market overviews, analyzes and forecasts market size and growth for the global life insurance market, life insurance market share, life insurance market players, life insurance market segments and geographies, life insurance market’s leading competitors’ revenues, profiles and market shares. The life insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.