Press release
Term Life Insurance Market Set to Witness Huge Growth By 2035 | AIG, Kotak Life Insurance, Aviva, Poste Vita, Zurich
The Business Research Company
The global term life insurance market reached a value of nearly $778.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.87% since 2015, and is expected to grow at a CAGR of 9.67% to nearly $1,126.6 billion by 2023. Also, the market is expected to grow to $1,353.0 billion in 2025 at a CAGR of 9.59% and to $2,217.9 billion in 2030 at a CAGR of 10.39%.
The Key drivers of the term life insurance market include:-
Government Led Insurance Reforms - Government initiatives and efforts towards insurance reforms have had a significant impact on the market, in both developed and developing countries.
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Term Life Insurance Market Segmentation:-
By Type Of Insurance
1. Individual Level Term Life Insurance
2. Group Level Term Life Insurance
3. Decreasing Term Life Insurance
The individual level term life insurance market was the largest segment of the term life insurance market, accounting for $600.93 billion or 77.2% of the total market in 2019. The group level term insurance market is expected to be the fastest growing segment going forward at a CAGR of 13.2% during 2019-2023.
By Type Of Distribution Channel
1. Tied Agents And Branches
2. Brokers
3. Bancassurance
4. Direct And Other Channels
The tied agents and branches was the largest segment of the term life insurance market by distribution channel, accounting for $256.03 billion or 32.9% of the total market in 2019. The bancassurance market is expected to be the fastest-growing segment going forward at a CAGR of 14.1% during 2019-2023.
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By Geography
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the term life insurance market are
1. MetLife
2. Aegon Life Insurance Company
3. Prudential Financial
4. Northwestern Mutual
5. State Farm
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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