Global Life Insurance Providers Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
5 Jan, 2021
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The life insurance providers market consists of sale of life insurance policies. Life insurance providers enter into a legal contract with the insurance policy holder, 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 Providers Market Size And Drivers:
The global life insurance providers market is expected to decline from $1700.8 billion in 2019 to $1612.8 billion in 2020 at a compound annual growth rate (CAGR) of -5.2%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 3% from 2021 and reach $1728 billion in 2023. 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 Providers 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.
Global Life Insurance Providers Market Segments:
The global life insurance providers market is further segmented based on type, application 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 Geography: The global life insurance providers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Life Insurance Providers Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides life insurance providers market overviews, analyzes and forecasts market size and growth for the global life insurance providers market, life insurance providers market share, life insurance providers market players, life insurance providers market segments and geographies, life insurance providers market’s leading competitors’ revenues, profiles and market shares. The life insurance providers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.