Whole Life Insurance Global Market Report 2023: Major Players Include MetLife, Allianz Life Insurance, Axa, Generali and Prudential
DUBLIN, May 25, 2023 /PRNewswire/ — The “Whole Life Insurance Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global whole life insurance market is expected to grow from $170.72 billion in 2022 to $175.67 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. The whole life insurance market is expected to grow to $196.36 billion in 2027 at a CAGR of 2.8%.
Major players in the whole life insurance market are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Prudential PLC., 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., and Prudential Financial Inc.
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Whole life insurance, often known as permanent life insurance, refers to life insurance plans that include an investment component and are designed to last until death. In contrast to term life insurance, which only covers a specified number of years, the insurance policy offers a death benefit when the policyholder passes away, as long as the appropriate payments are paid. A whole life insurance policy’s premiums fund both an investment account and the policy’s guaranteed death benefit.
The main types of whole life insurance are non-participating whole life and participating whole life. Non-participating whole life is one type of whole life insurance where policyholders do not receive dividends but premiums are generally lower. The various applications involved are agencies, brokers, bancassurance, and digital and direct channels.
Technological advancement is a key trend gaining popularity in the whole life insurance market. Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthen their market position.
For instance, in December 2022, Modern Life Insurance Group Inc., a US-based insurance group, announced the launch of its latest technology platform, where life insurance advisors can take advantage of a variety of cutting-edge tools and solutions from the new stack. These include the ability to manage all client and brokerage needs in one location, enhanced customer involvement, entirely digital applications, and comparison and pricing capabilities.
North America was the largest region in the whole life insurance market in 2022. Europe is expected to be the fastest-growing region in 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 and Africa.
The countries covered in the whole life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The increasing demand for whole life insurance products is expected to propel the growth of the whole life insurance market going forward. Whole life insurance is a type of perpetual life insurance, meaning that as long as payments are paid on time, the insured persons will be protected for the length of their life. Some of the whole life insurance services offered are single whole premium life insurance, variable whole life insurance, guaranteed issue whole life insurance and others, that are gaining traction due to the benefits and coverage offered.
For instance, according to Life Happens a non-profit organization which focuses on smart insurance policies, in 2020, concern for life insurance moved into the third layer of the financial concern hierarchy and remains there today, which suggests the average consumer is now willing to pay more attention, and financial resources, to their household’s life insurance needs. Thus, the increasing demand for whole life insurance products will drive the growth of the whole life insurance market.
The whole life insurance market includes revenues earned by entities by providing universal life insurance, and variable life insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
1. Executive Summary
2. Whole Life Insurance Market Characteristics
3. Whole Life Insurance Market Trends And Strategies
4. Whole Life Insurance Market – Macro Economic Scenario
4.1. COVID-19 Impact On Whole Life Insurance Market
4.2. Ukraine-Russia War Impact On Whole Life Insurance Market
4.3. Impact Of High Inflation On Whole Life Insurance Market
5. Whole Life Insurance Market Size And Growth
5.1. Global Whole Life Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Whole Life Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Whole Life Insurance Market Segmentation
6.1. Global Whole Life Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Non-Participating Whole Life
- Participating Whole Life
6.2. Global Whole Life Insurance Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Digital And Direct Channels
7. Whole Life Insurance Market Regional And Country Analysis
7.1. Global Whole Life Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Whole Life Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/sxceoc
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