Global Variable Life Insurance Market

Doll, Toy and Game Market Definition

The doll, toy, and game market consists of sales of doll, toy, and game products and related services by entities (organizations, sole traders and partnerships) that produce doll, toy and game products. A doll is a small-scale figure of a human being used as a child’s plaything.i A toy is an object used as a child’s plaything. A game is an activity or a puzzle which usually involves skill, knowledge, or chance and enhances a child’s cognitive abilities. Doll, toy, and game products include action figures, automobile toys, balls, rubber, checkers, checker boards, craft and hobby kits, dart and dart games, dishes, doll carriages, doll clothing (except wigs), embroidery kits, children’s go carts, hobby horses, kites, marbles, model kits, model railroad, musical instruments used as toys, toy rifles, science kits, scooters, structural toy sets, stuffed toys, toy furniture, toy trains and equipment, tricycles, children’s vehicles, video game machines for children including high-end game consoles (only hardware units), wagons, and walkers, among others.

Wealth Management Market Definition

The wealth management market consists of sales of wealth management services by entities (organizations, sole traders and partnerships) that plan, advise on and manage various kinds of assets belonging to high net worth and ultra-high net worth individuals, corporations, and government and non-government institutions. The market includes establishments that offer financial and investment advice, retirement planning and legal or estate planning. Wealth management is an investment advisory service that addresses the needs of clients. Wealth management services provide their clients with a comprehensive service to sustain and grow their wealth. It provides comprehensive research-based advisory along with convenient and personalized investment execution.

Custody Services Market Definition

The custody services market consists of sales of custody services by entities (organizations, sole traders and partnerships) that provide custody services or safekeeping services to clients. The companies in this industry typically settle trades, invest cash balances as directed, collect income, process corporate actions, price securities positions, and provide recordkeeping and reporting services. Companies in this industry are responsible for consolidation, processing, and monetization of large volumes of clients’ data. The companies in this industry hold clients’ property on their behalf, and are responsible for the safety of those financial products. The client remains the beneficial owner of the financial products, but the custody service providers hold the financial products on behalf of the clients.

Asset Management Market Definition

The asset management market consists of sales of asset management services by entities (organizations, sole traders and partnerships) that develop, operate, maintain, and sell assets in a cost-effective manner. Asset management companies (AMC) are the companies that pool funds from clients, and invest the capital in several financial products such as stocks, bonds, mutual funds, index funds, and hedge funds among others, with the aim of maximizing returns. Asset management companies make investment decisions considering several factors such as client’s risk and investment preferences, tax needs, liquidity needs, and moral and ethical beliefs. Clients of asset management companies include the general public, corporations, government and non-government institutions whose assets are managed by these companies. Asset management companies provide investors with diverse investing options. A large customer base allows these companies to leverage economies of scale, with the ability to distribute the associating expenses of investment, such as stock purchases, between clients.

The custody services market consists of revenue generated by services provided by a custodian to investors. Custody service is broadly characterized as the safekeeping and servicing of an investor’s assets. The services rendered by a bank custodian include the transaction and settlement, safekeeping and recording of marketable assets and cash to customers. A relationship of custody is legal, and the facilities rendered for a client varies. The global custody service market is expected grow from $24.42 billion in 2020 to $26.79 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while 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 $36.75 billion in 2025 at a CAGR of 8%. The custody services market covered in this report is segmented by service into core custody services; ancillary services; core depository services; other administrative services. Automation and standardization is a key factor driving the growth of the custody services market. The custody services industry is focusing on using technology to improve efficiency. The automation and standardization of core custody services and operations result in higher visibility, enhanced productivity due to operational efficiency, and cost reductions for customers, improve quality of service, and allow the custodian to react quickly to future needs. Due to the automation and standardization of custody services, in the coming years, the asset-centric model is expected to be augmented by a more data-centric, open platform method where the custodian will have access to a variety of available services. For instance, an automated reporting system provides daily reports of exceptions, securities available for loan, securities on loan, valuation of cash collateral, daily mark-to-market information, and margin calls. Therefore, such automation and standardization features are expected to drive the growth of the custody services market. The increasing competition is a key factor hampering the growth of the custody services market. The market for custody services is highly competitive with numerous banks that provide custody services in addition to other banking services, on a global, regional, or local scale. The price competition, especially, is causing enormous pressure on the banks in the global market. Many custodians find it challenging to keep up with high volumes and offer competitive prices. Traditional players in securities services such as multinational custodians, local custodians and specialists in fund management are experiencing increasing competition from Central Securities Depositories (CSD), Central Counterparty Clearing Houses (CCP), and outsourced service providers. Fund services professionals are increasing competitiveness by considerably building new and aimed offers. Therefore, increasing competition from various areas is expected to hinder the growth of the custody services market. In March 2019, Forge, a company that provides custom liquidity solutions to private companies and their employees, and offers pre-IPO opportunities to institutions and investors, acquired IRA Services, a trust company that provides custodial services for retirement accounts managed by individuals and mid-to-large sized institutions, for $55 million. By acquiring IRA Services, Forge expanded its support offerings for private market securities, and more importantly, has become a one-stop-shop for private market investors who will no longer have to transfer shares acquired with Forge to external custodial trust. The major players covered in the global custody service market are Bank of New York Mellon, Citigroup, JP Morgan Chase, State Street Bank and Trust, BNP Paribas, Northern Trust Corporation, HSBC, Societe Generale Securities Services, Brown Brothers Harriman & Co., Caisse d'epargne investor services, RBC Dexia Investor Services, Society Generale, Axis Bank Ltd, DBS Bank Ltd, Deutsche Bank A.G., Edelweiss Custodial Services Ltd., HDFC Bank Ltd., Hong Kong & Shanghai Banking Corporation Ltd., ICICI Bank Ltd., Infrastructure Leasing & Financial Services Ltd., Kotak Mahindra Bank, Orbis Financial Corporation Ltd, Standard Chartered Bank, State Bank of India, Stock Holding Corporation of India Ltd., SHRTLSBI-SG GLOBAL SECURITIES SERVICES LTD., Yes Bank LTD. The countries covered in the global custody service market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global custody service market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global custody service market is segmented - 1) By Service: Core Custody Services, Ancillary Services, Core Depository Services, Other Administrative Services 2) By Type: Equity, Fixed Income, Alternative Asstes and Other

The insurance agencies market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as agents in selling annuities and insurance policies. The global insurance agencies market is expected to grow from $109.91 billion in 2020 to $111.98 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. 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 $135 billion in 2025 at a CAGR of 4.8%. The insurance agencies market covered in this report is segmented by insurance into life insurance; property & casualty insurance; health & medical insurance; others. Increased awareness about the benefits of insurance coverage is expected to drive the insurance agencies market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their families' lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their need and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market. Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services. According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer-approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market. Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, in 2019, Nationwide and Bold Penguin partnered to launch the commercial digital storefront, to deliver an easy-to-use single-entry software that allows agents to reach the best markets in record time, and in July 2020 the companies are now validating an independent agent-facing commercial insurance quoting and sales platform. Furthermore, in April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured. In March 2020, USI Insurance Services, a USA based consulting and insurance brokerage firm with expertise in risk management, employee benefit, and retirement plan consulting has acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full Service Insurance, Inc., is a US-based insurance agency, concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals. The major players covered in the global insurance agencies market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services. The countries covered in the global insurance agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global insurance agencies market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global insurance agencies market is segmented - 1) By Insurance: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Others 2) By Mode: Online, Offline 3) By End User: Corporate, Individual

The insurance brokers market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as intermediaries (i.e., agents or brokers) in selling annuities and insurance policies. Only goods and services traded between entities or sold to end consumers are included. The global insurance brokers market is expected to grow from $88.16 billion in 2020 to $92.2 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. 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 $113.99 billion in 2025 at a CAGR of 5.4%. The insurance brokers market covered in this report is segmented by type into life insurance; general insurance; health insurance; others, by mode into offline; online, by end user into corporate; individual. The increasing demand for insurance policies is expected to fuel the growth of the insurance brokers market over the coming years. The demand for insurance policies has risen due to the availability of security services and customized financial services to clients. According to the Insurance Regulatory and Development Authority (IRDAI) of India, life insurers provided 286.48 lakh new individual policies during 2018-19, in which LIC provided 214.04 lakh policies and 72.44 lakh policies were issued by private life insurers. Therefore, the increasing demand for insurance policies drives the growth of the insurance brokerage market. The impact of COVID 19 is predicted to limit the growth of the insurance brokers market over the forecast period. COVID-19 pandemic has taken the lives of millions of people, affected supply chains & business sectors, and disrupted economies worldwide. Coronavirus outbreak has several impacts on the insurance sector, from employee and business continuity concerns to customer care considerations to the financial outlook. For instance, the Indian insurance industry's productivity has been hit by 30% in March 2020. The pandemic has pushed the insurance industry to heavily depend on digitalization for selling new policies, setting up claims, and to make other transactions. Therefore, the impact of COVID 19 restraints the growth of the insurance brokers market. The integration of AI in the insurance sector is a key trend gaining popularity in the insurance brokers market. The AI and human creativity combined power integrate the Intelligent Broker, an automation program for the insurance industry. Brokers will be able to resolve complicated obstacles, produce innovative products and services, and join or build new markets. In addition to this, AI in the insurance industry will improve customer service and prevent customers from fraud. In 2018, 79% of insurance managers believe that AI will revolutionize the way clients communicate with them and 59% of insurance agents are searching for ways to use AI to speed up the launch of new products and services. In March 2020, Aon, a UK-based global professional services firm that is engaged in selling a wide range of financial risk-mitigation products, including pension administration, insurance, and health-insurance plans acquired Willis Towers Watson for $30 billion. The acquisition provided Aon to serve in areas including intellectual property, cyber, and climate risk to the company clients. Moreover, the deal will accelerate the innovations and strengthen the company’s position in the insurance industry with more relevant solutions for clients. Willis Towers Watson is a British-American company engaged in providing risk management, insurance brokerage, and advisory services. The major players covered in the global insurance brokers market are Aon Plc, Arthur J. Gallagher & Co, BB&T Corp., Brown & Brown Insurance Inc, HUB International Ltd., Marsh & McLennan Companies Inc, NFP Corp, Willis Towers Watson Plc, Wells Fargo Insurance Services, Meadowbrook Insurance Group, Jardine Lloyd Thompson Group, Lockton Inc, USI Insurance Services LLC, Truist Financial Corp.. The countries covered in the global insurance brokers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global insurance brokers market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global insurance brokers market is segmented - 1) By Type: Life Insurance, General Insurance, Health Insurance, Others 2) By Mode: Offline, Online 3) By End User: Corporate, Individual

The health and medical insurance market consists of sales of health and medical insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting health and medical insurance policies. Group hospitalization plans and health maintenance organization HMO establishments (except those providing health care services) that provide health and medical insurance policies are included in this industry. Clients of these insurance providers are the general public/companies who buy medical and health insurance policies, it can be either through intermediary or direct selling. Only goods and services traded between entities or sold to end consumers are included. The global health & medical insurance market is expected to grow from $385.24 billion in 2020 to $390.54 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. 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 $653.4 billion in 2025 at a CAGR of 13.7%. The health & medical insurance market covered in this report is segmented by type into hospitalization insurance; hospital daily cash benefit insurance; critical illness insurance; domiciliary insurance; others. The increase in the prevalence of chronic diseases and the expected rise in the geriatric population contributed to the growth of the health & medical insurance market. The elderly population is growing rapidly and is expected to continue, thereby generating a high demand for health & medical insurance to reduce the burden of healthcare expenditure. According to the World Health Organization (WHO), the world’s population aged 60 years and above is projected to increase from 900 million in 2015 to 2 billion by 2050. Moreover, according to the United States Census Bureau, the population aged 65 and over is expected to reach 83.7 million by the end of 2050 in the USA. The probable surge in the aging population suffering from chronic and other diseases requires critical monitoring and surgical procedures, which contributes to the health & medical insurance market. The long waiting period for pre-existing diseases and an increase in premium with age limit the growth of the health & medical insurance market. The greatest disadvantage of health & medical insurance is cost. The probability of health problems rises with an increase in age and hence the premium amount also goes up with age. Many individual policies can cost several hundred dollars a month and family coverage can be even higher. For instance, in 2020, the average national cost for health insurance in the USA is $456 for an individual and $1,152 for a family per month. Moreover, several medical insurance plans have a waiting period of up to 2-3 years for pre-existing diseases. In addition to this, many health insurance policies do not provide coverage for all types of diseases and conditions. Hence, the premium and long waiting period with health & medical insurance have a negative impact on market growth and expected to restrain the health and medical insurance market during the forecast period. Major players operating in the health & medical insurance industry are undergoing strategic partnerships and collaborations to expand their consumer base and geographical presence which is likely to be a leading trend in the health & medical insurance market. For instance, in January 2020, Cigna, a health service company, and Oscar, a US-based technology-driven health insurance company announced a partnership to provide commercial health solutions to small businesses. Moreover, in August 2019, Aditya Birla Health Insurance Company Limited, a subsidiary of Aditya Birla Capital collaborated with Axis Bank to provide comprehensive health insurance solutions to its customers. In November 2018, CVS Health, a US-based healthcare company acquired Aetna Inc., an American healthcare company for $69 billion. Both companies are expected to bring together the largest pharmacy chains and health insurers in the country. CVS Health together with Aetna Inc. plans to provide consumers with improved healthcare access at reduced costs to healthcare experts in home and communities across the country. Aetna Inc. is a US-based managed healthcare company engaged in selling healthcare insurance and related services to meet the needs of individuals, families, and healthcare providers. The major players covered in the global health and medical insurance market are Allianz Group, UnitedHealth Group Incorporated, AIA Group Limited, Anthem Inc., AXA Equitable Life Insurance Company, China Life Insurance Company Limited, Cigna, HCSC Group, State Farm Group, Zurich Insurance Group, Berkshire Hathaway Inc., Prudential plc, Nippon Life Insurance Company. The countries covered in the global health and medical insurance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global health and medical insurance market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global health and medical insurance market is segmented - 1) By Type: Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Others 2) By Service Provider: Private, Public 3) By Demographics: Minor, Adults, Senior Citizen