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Variable Life Insurance Market Analysis, Application And In-Depth Qualitative Insights And Future Growth
Variable Life Insurance Market
The Business Research Company offers in-depth market insights through Variable Life Insurance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The variable life insurance market size has grown strongly in recent years. It will grow from $123.41 billion in 2023 to $130.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to investment component attraction, estate planning and wealth transfer, market participation and investment growth, flexibility in premium payments, tax advantages.
The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing awareness of financial planning, demographic shifts and inheritance planning, risk management and investment diversification, customization and tailored policies, retirement planning solutions. Major trends in the forecast period include adoption of predictive analytics for risk assessment, expansion of online sales and distribution channels, collaboration with insurtech startups, introduction of wellness and health incentives, enhancement of customer education and financial literacy.
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Market Segmentation:
The variable life insurance market covered in this report is segmented -
1) By Type: Fixed Premium, Variable Universal Life Insurance
2) By Components: Death benefits, Add-on benefits
3) By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel
Major Driver - Economic Development Fuels Variable Life Insurance Growth In Expanding Insurance Landscape
The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds. For instance, in 2020, according to the Organization for Economic Co-operation and Development, a France-based intergovernmental organization with 38 member countries, the total gross premiums in the OECD countries increased to $5225 billion as compared to $5031 billion in 2019. Major countries such as the United States and the United Kingdom reported total gross premiums of $2934 billion and $380.90 billion, respectively, in the insurance sector. Therefore, the rapid growth of the overall insurance industry is significantly contributing to the growth of the variable life insurance market.
Competitive Landscape:
Major companies operating in the variable life insurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, AXA SA, Japan Post Holdings Co Ltd., MetLife Inc., Munich Reinsurance Group, Prudential plc, New York Life Insurance Company, American International Group Inc., Allstate Corporation, Nationwide Mutual Insurance Company, Swiss Reinsurance Company Ltd, Chubb Limited, Nippon Life Insurance Company, Zurich Insurance Group AG, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Aflac Incorporated, Lincoln National Corporation, Principal Financial Group Inc., Aviva plc, Manulife Financial Corporation, Protective Life Corporation, The Penn Mutual Life Insurance Company, AIA Group Limited, Ohio National Financial Services Inc., John Hancock Life Insurance Company (USA), Generali Assicurazioni SPA, Metropolitan Life Insurance Company
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Top Trend - Innovative Insurtech Solutions Transform Variable Life Insurance Market Dynamics
Major companies operating in the variable life insurance market are developing innovative products with advanced technologies such as digital platforms. The growth of digital platforms has made it easier for customers to access and manage their variable life insurance policies, with online tools and mobile apps allowing them to track their investments, pay premiums, and make changes to their policies. For instance, in September 2022, OneAmerica, a US-based financial services mutual holding organization, recently launched a Variable Universal Life (VUL) insurance product, combining protection strategies with investment options to provide individuals with protection while offering the ability to accumulate cash value through investment opportunities. The VUL insurance product is part of OneAmerica's expansion of its product portfolio, demonstrating the company's commitment to providing a diverse range of options to its customers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Variable Life Insurance Market Characteristics
3. Variable Life Insurance Market Trends And Strategies
4. Variable Life Insurance Market - Macro Economic Scenario
5. Variable Life Insurance Market Size And Growth
…..
27. Variable Life Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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