Death Insurance Market Scope
Insurance is a risk management mechanism that is utilized against uncertain risk and protection from financial loss. Death insurance is another name for life insurance that protects from financial risk to the family or survivors in case of the death of an insured individual. In death insurance, different types of death are covered such as natural death, accidental death, suicide, murder, etc. Currently, the principal function of death insurance is to maintain the regular lifestyle and expenses of survivors of the family of the insured individual. However, there are some disadvantages of death insurance such as, if cease to pay monthly premium then, you will no longer be covered, high monthly premiums, non-possibility to cash policy in times of economic crisis, and claiming money is very troublesome.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ACE Insurance (Switzerland), AEGON Allianz (Netherland), AXA Equitable Life Insurance Company (United States), Banner Life Insurance Company (United States), HDFC Standard Life Insurance Company (India), ICICI Prudential Life Insurance Company (India), USAA Life Insurance (United States), Cardif (France), AIG (United States) and Prudential (United States) |
CAGR | % |
The leading organizations in the market to deliver a better experience to the customers made strategic partnerships and acquisitions of companies to make the insurance process easier and focusing on the digital transformation of the insurance industry. Also, companies trying to provide personalized products to the customers. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Death Insurance market throughout the predicted period.
ACE Insurance (Switzerland), AEGON Allianz (Netherland), AXA Equitable Life Insurance Company (United States), Banner Life Insurance Company (United States), HDFC Standard Life Insurance Company (India), ICICI Prudential Life Insurance Company (India), USAA Life Insurance (United States), Cardif (France), AIG (United States) and Prudential (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Anadolu Hayat (Turkey), Assicurazioni General (Italy), Banamex (Mexico), John Hancock Insurance (United States), China Pacific Insurance (China), CNP Assurances (France), Credit Agricole (France), DZ Bank (Germany) and Grupo Nacional Provincial SA (Mexico).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Death Insurance market by Type , by Application (Children, Adults and Senior Citizens) and Region with country level break-up.
On the basis of geography, the market of Death 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On 26 March 2021, Allianz acquire the life and non-life insurance operations, as well as pension and asset management business from Aviva Poland group. This agreement represents an important step for Allianz to accelerate its success story of growth in the CEE region and achieve a well-balanced business mix between property/casualty and life insurance.
In October 2023, John Hancock Financial announced the launch of a new term life insurance product that offers flexible payment options. The product is designed to make it easier for customers to afford life insurance protection.
Influencing Trend:
Robotic Process Automation (RPA) and AI will occupy center stage in the insurance and Premiums will become highly personalized, enabled by new sources of tech-enabled data such as the Internet of Things
Market Growth Drivers:
Increase in income of the rural area and spending ability on insurance and Improvement in management of claims and regulatory trends
Challenges:
Awareness regarding understanding the products and services offered by the insurance companies.
Restraints:
Lack of knowledge about different factors in insurance and future benefits and High insurance premium cost and complex process
Opportunities:
Emerging countries need to adopt new technological advancements in insurance infrastructure and Development of new models and personalized products