What is Variable life Insurance Market?
Variable life insurance is the contract between the insured and the insurance company. It is like the permanent life insurance policy. The policy has a cash value account which is invested in a number of sub-accounts available in it This act as a mutual fund except that it is only available within variable life insurance policy. The variable life insurance has various sub account to choose with offerings of above 50 different options. Also, like the mutual funds, if the investment options selected perform poorly, the money is lost including the initial investment. In addition, the policy pays specified amount to the family upon death of individual.
The market study is being classified by Type (Participating and Non participating) and major geographies with country level break-up.
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 (India) and Japan Post Holdings (Japan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Berkshire Hathaway (United States), Metlife (United States), Manulife Financial (Canada), CPIC (United States) and Chubb (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Variable life Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Variable life Insurance market by Type, Application and Region.
On the basis of geography, the market of Variable life Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Benefits of Variable Life Insurance is Fuelling the Market Growth
Market Trend
- Usage of Technologies Such as AR and Block Chain
Restraints
- Risks Associated with the Investments
- Availability of Alternative Life Insurance Options
Opportunities
- Increasing Promotional Activities in Insurance Industry
Challenges
- Lack of Awareness about the Variable Life Insurance
Market Leaders and some development strategies
On July 2020, Nassau has acquired Foresters' U.S. Variable Annuity and Variable Life Operations. This acquisition further demonstrates continued track record of execution and seamless integration
Key Target Audience
Insurance providers, Government associations, Research organizations and Others