Industry Background:
Straight life insurance is an insurance policy that provides lifelong life insurance coverage along with continuous level premium payments. It is also defined as whole life insurance; it is having a cash value account that produces in size as it contributes premiums to the plan. Straight life policies are quite expensive that is why it is not recommended for short-term life insurance coverage.This growth is primarily driven by High Growth in Economies and Multiple Countries with Rapidly Expanding Middle-Class Populations and Growing Requirement from the Long-Term Non-Life Insurance Sectors.
Globally, a noticeable market trend is evident Rapid Development in New Distribution Models and Technological Advancement, Along with New Skills and Expertise is Also Part of New Strategic Initiative, For Life Insurers
. Major Players, such as Allianz (Germany), AXA (France), Generali (Italy), Ping an Insurance (China), China Life Insurance (China), Prudential PLC (United Kingdom), Munich Re (Germany), Zurich Insurance (Switzerland), Nippon Life Insurance (Japan) and Japan Post Holdings (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In Aug 2020, Ohio National Financial Services announced the addition of the Protector Plus and Level premium Paid-up Additions riders for its limited pay whole life insurance line up. Through this initiative, the company enhances its market competency.
Market Drivers
- High Growth in Economies and Multiple Countries with Rapidly Expanding Middle-Class Populations
- Growing Requirement from the Long-Term Non-Life Insurance Sectors
Market Trend
- Rapid Development in New Distribution Models and Technological Advancement, Along with New Skills and Expertise is Also Part of New Strategic Initiative, For Life Insurers
- Development in Direct Channels and Ecosystems That Drive the Shift from Selling Policies to Engaging Customers
Restraints
- Lack of Consumer Awareness
Opportunities
Enhancement in New Accounting Standards and Regulations That Represent a Performance Improvement Opportunity
Challenges
Low-Interest Rates are a Major Issue, particularly in the Advanced Markets, Though Developing Ones are Increasingly Impacted Also
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Straight Life Insurance Study Sheds Light on
The Straight Life Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Straight Life Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Straight Life Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.