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Secure Their Future: Understanding the Indexed And Whole Juvenile Life Insurance Market || China Ping An Insurance (Group) Co. Ltd., China Life Insurance Company, Axa S.A., Assicurazioni Generali SpA, Reliance Nippon Life Insurance Company Limited
Indexed And Whole Juvenile Life Insurance Market
The Business Research Company offers in-depth market insights through Indexed And Whole Juvenile 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 indexed and whole juvenile life insurance market size has grown rapidly in recent years. It will grow from $23.37 billion in 2023 to $26.71 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increased young population, increased awareness about the benefits of indexed and whole juvenile life insurance, increased disposable income, evolving regulatory scenarios.
The indexed and whole juvenile life insurance market size is expected to see rapid growth in the next few years. It will grow to $43.77 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing globalization, increasing urbanization, changing lifestyles, increasing disposable income, increasing demand for protection of young children. Major trends in the forecast period include the use of technology and digital platforms, demand for flexibility and personalization, introduction of customizable policies, strategic collaborations.
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Market Segmentation:
The indexed and whole juvenile life insurance market covered in this report is segmented -
1) By Type: Survival Insurance, Death Insurance, Full Insurance
2) By Policy Type: Traditional, Non-Traditional
3) By Distribution Channel: Direct Distribution, Agency Distribution, Online Distribution
4) By Application: Below 10 Years Old, 10-18 Years Old
Major Driver - Indexed And Whole Juvenile Life Insurance Market Grows With Surging Younger Population
The increasing younger population is expected to propel the growth of the indexed and whole juvenile life insurance market going forward. The term younger population refers to individuals in the younger age groups within a given population. Indexed and whole juvenile life insurance can provide numerous benefits to the younger population, as permanent life insurance provides coverage for the insured individual's entire lifetime. For instance, in August 2022, according to the United Nations, an intergovernmental organization, there were currently 1.2 billion young people aged 15 to 24, accounting for 16% of the world population. By 2030, the number of young people is expected to increase by 7% to approximately 1.3 billion. Therefore, the increasing younger population is driving the growth of the indexed and whole juvenile life insurance market.
Competitive Landscape:
Major companies operating in the indexed and whole juvenile life insurance market report are China Ping An Insurance (Group) Co. Ltd., China Life Insurance Company, Axa S.A., Assicurazioni Generali SpA, Reliance Nippon Life Insurance Company Limited, MetLife Services and Solutions LLC, The Dai-ichi Life Insurance Company Limited, China Pacific Insurance Co. Ltd., New York Life Insurance, Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Aegon Life Insurance Company, Aviva PLC, Pacific Life Insurance Company, Allianz SE, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Penn Mutual Life Insurance Company, Munich Re Group, Symetra Life Insurance Company, Sumitomo Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, Bestow Inc., Assurity Life Insurance.
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Top Trend - Groundbreaking Online Platform For Whole Life Insurance For Children
Innovative platforms are the key trend gaining popularity in the indexed and whole juvenile life insurance market. Major companies operating in the indexed and whole juvenile life insurance market are focused on developing new platforms to sustain their position in the market. For instance, in September 2022, PolicyAdvisor, a Canada-based online insurance marketplace, launched the first online platform for children's life insurance. For whole life insurance policies for children under 18, PolicyAdvisor.com has become the only brokerage in Canada to provide quick online pricing, comparisons, and digital purchases. Additionally, children's whole life insurance provides the insured child with lifetime protection, and because the child is still young, the premiums are typically low.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Indexed And Whole Juvenile Life Insurance Market Characteristics
3. Indexed And Whole Juvenile Life Insurance Market Trends And Strategies
4. Indexed And Whole Juvenile Life Insurance Market - Macro Economic Scenario
5. Indexed And Whole Juvenile Life Insurance Market Size And Growth
…..
27. Indexed And Whole Juvenile 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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