About Life Insurance-
Life insurance can be defined as a type of insurance scheme that makes a payment to a specific beneficiary or group of beneficiaries in the event of the policyholder’s demise. It is a contract between an insurance policyholder and an insurer. etc. In life insurance, the insurer promises to pay a sum of money in exchange for a premium upon the death of an insured person or after a set period. There are various advantages, including death benefits, suitable returns, tax advantages of life insurance, loans against the policy, financial planning through different stages of life, The adoption of technology in the insurance industry, including artificial intelligence, data analytics, and digital platforms, has the potential to streamline processes, enhance the customer experience, and create innovative insurance products. Insurtech companies often drive these advancements.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is highly competitive with the active presence of dominant players. The level of competition within the life insurance market can drive innovation, product development, and customer service improvements. The entry of new players or the emergence of disruptive technologies can reshape the market. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Life Insurance Corporation (India)Prudential Vietnam (Vietnam), Bao Viet Group (Vietnam), Zurich (Switzerland), Ping An Insurance (Group) Company of China, Ltd (China), Berkshire Hathaway Life (United States), Manulife (Vietnam) Company Limited (Canada), AIA Group (Vietnam), Allianz Life Insurance Company (Germany), Dai-ichi Vietnam Life Insurance Company Limited (Vietnam), China Life Insurance (Overseas) Company Limited (China), Reliance Nippon Life Insurance Company Limited (India), United HealthCare Services, Inc. (United States), Axa S.A. (France), Assicurazioni Generali S.p.A (Italy), Berkshire Hathaway Inc. (United States), Legal & General Group plc (United Kingdom), American International Group, Inc (United States) and Assicurazioni Generali S.p.A. (Italy) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Life Insurance- market by and Region.
On the basis of geography, the market of 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). If we see Market by Type, the sub-segment i.e. Term Life Insurance will boost the Life Insurance- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Direct Sale will boost the Life Insurance- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Site, the sub-segment i.e. Large Corporations will boost the Life Insurance- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased adoption of micro-insurance products that offer smaller death benefits and lower premiums
Market Growth Drivers:
Increasing awareness and understanding among consumers about the importance of life insurance and The increasing frequency and severity of natural disasters drive the need for specialized insurance solutions
Challenges:
Life insurance policies have certain inclusions and exclusions along with terms and conditions for claim approval. and The returns offered by plans are much lesser than standalone investment instruments.
Restraints:
The life insurance industry is subject to extensive regulations to protect policyholders and ensure the stability of the market and Threats of financial losses
Opportunities:
The industry has the potential to create innovative life insurance products that cater to changing consumer needs.
Market Leaders and their expansionary development strategies
In July 2023, Zurich Insurance Group that it is entering a strategic partnership with Belgium-based Qover through Zurich Global Ventures as part of which Zurich is also joining the Insurtech’s Series C funding round. This collaboration with Zurich Global Ventures emphasizes Zurich’s ambition to find new ways to distribute innovative insurance products and services to reach customers.
In November 2023, LIC launched new whole life insurance policy Jeevan Utsav; know its benefits, features and options available to get regular income. This insurance policy aims to deliver extensive life coverage and financial stability to the insured's family in an unforeseen event. and In August 2023, Tata AIA Life Insurance, one of India's leading life insurance companies, has launched Tata AIA Pro-Fit, an innovative and personalised health solution that caters to one’s unique needs. This exceptional plan provides comprehensive coverage for one’s medical expenses and health & wellness benefits and presents an opportunity for wealth creation, which doubles up as a health emergency fund.
Key Target Audience
Research organization, Government Regulatory, End-User Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.