Whole Life Insurance Global Market Report 2024 - By Share, Report, Size, Demand And Overview, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Whole Life Insurance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $205.16 billion In 2028 At A CAGR Of 3.2% :
The whole life insurance market size has grown steadily in recent years. It will grow from $175.67 billion in 2023 to $180.58 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to policy stability and guarantees, long-term financial security, legacy and estate planning, inflation hedge, conservative investment option..

The whole life insurance market size is expected to see steadily grown in the next few years. It will grow to $205.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to personalized solutions, increased longevity concerns, wealth transfer and estate planning, health and wellness incentives, shift in consumer preferences.. Major trends in the forecast period include customization and personalization, innovative product offerings, tech integration in underwriting, evolving customer preferences, wealth transfer and estate planning..

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Whole Life Insurance Market Major Segments
The whole life insurance market covered in this report is segmented -
1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels

Key Driver - The Rising Aging Population Is Anticipated To Fuel The Whole Life Insurance Market
The rising aging population is expected to propel the whole life insurance market. The aging population refers to a demographic shift characterized by a rising proportion or increase in the number of individuals within a society who are in the later stages of life, typically aged 65 and older. Whole life insurance serves as a financial planning tool for the aging population, offering lifetime coverage, cash value accumulation, and potential estate planning benefits. For instance, in October 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, projected that by 2030, one out of every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the rising aging population is driving the growth of the whole life insurance market.

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Prominent Trend - Technology Platform For The Whole Life Insurance Market
Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthening their market position. For instance, in December 2022, Modern Life Insurance Group Inc., a US-based insurance group, announced the launch of its latest technology platform, where life insurance advisors can take advantage of a variety of cutting-edge tools and solutions from the new stack. These include the ability to manage all client and brokerage needs in one location, enhanced customer involvement, entirely digital applications, and comparison and pricing capabilities.

Whole Life Insurance Market Players
Major companies operating in the whole life insurance market report are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Munich Re Group, Zurich Insurance Group Ltd., Nippon Life Insurance Company, Japan Post Holdings Company Ltd., Berkshire Hathaway Inc., Manulife Financial Corporation, China Pacific Insurance Co. Ltd., Chubb Corp., American International Group, Aviva Plc., Allstate Corporation, Swiss Reinsurance Company Ltd., Prudential Financial Inc., New York Life Insurance Company, Massachusetts Mutual Life Insurance Company, Guardian Life Insurance Company of America, Penn Mutual Life Insurance Company, Ohio National Life Insurance Company, State Farm Mutual Automobile Insurance Company, Pacific Life Insurance Company, John Hancock Financial Services, Principal Financial Group Inc., Nationwide Mutual Insurance Company, Thrivent Financial for Lutherans .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the whole life insurance market in 2023. Europe is expected to be the fastest-growing region in the whole life insurance market report during the forecast period. The regions covered in the whole life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Whole Life Insurance Market Report Structure
3. Whole Life Insurance Market Trends And Strategies
4. Whole Life Insurance Market - Macro Economic Scenario
5. Whole Life Insurance Market Size And Growth
…..
27. Whole 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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