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Equity Indexed Life Insurance Global Market Report 2024 - By Size, Share, Industry Trends, Growth, Outlook By 2033
Equity Indexed Life Insurance Market
As per the report, the equity indexed life insurance market size has grown rapidly in recent years. It will grow from $3.79 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The equity indexed life insurance market size is expected to see rapidly grown in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
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The Role Of Increased Insurance Accessibility In Driving Growth Of Equity Indexed Life Insurance Market
Increasing access to insurance products and services is expected to propel the growth of the equity indexed life insurance market. Insurance product or service denotes any service or product provided by a license holder in accordance with the insurance laws of the state or a federal insurance program. Insurance accessibility has become more convenient in recent years, with increasing online sales of life and health insurance. Moreover, equity indexed life insurance is gaining popularity because it typically has cheaper premiums than comparable whole life insurance policies. For instance, in January 2022, according to the Insurance Information Institute, a US-based data-driven insurance industry group, property or casualty (P or C) insurer replacement costs are expected to rise between 4.5% and 6.5% year on year in 2023. Furthermore, in December 2022, according to the National Association of Insurance Commissioners (NAIC), a US-based insurance regulatory organization, the insurance market for 2021 climbed 2.7% to $29.8 billion and total premium collected nationally across all lines of business was $2.9 trillion, reflecting an 8.2% growth from 2020. Therefore, the increasing access to insurance products and services is driving the equity indexed life insurance market.
Product Innovations Drive Momentum In The Equity-Indexed Life Insurance Market
Product innovations are a key trend gaining popularity in the equity-indexed life insurance market. Major companies operating in the equity-indexed life insurance market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, Sun Life International, a Canada-based financial services organization, launched a new index universal life insurance product, Sun Global Solis. The new product provides worldwide ultra-high net worth (UHNW) and high net worth (HNW) clients with a blend of long-term protection and upside potential. This product's unique features include competitive indexed account cap rate choices, a 2% cumulative guarantee that may boost the cash surrender value, access to liquidity via loans and partial surrenders after the first contract anniversary, and no-cost extended issue age and dollar cost averaging.
The equity indexed life insurance market covered in this report is segmented -
1) By Type: Whole life insurance, Universal life insurance, Variable universal life insurance, Indexed universal life insurance, Other Types
2) By Mode: Online, Offline
3) By Distribution Channel: Agency, Brokers, Bancassurance, Digital And Indirect Channels
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Major companies operating in the equity indexed life insurance market report are AXA Equitable Life Insurance Company, Ping An Insurance Group Company of China Limited, Swiss Reinsurance Company Ltd., Prudential Financial Inc., American International Group Inc. (AIG), AIA Group Limited, Berkshire Hathaway Inc., MetLife Inc., Assicurazioni Generali S.p.A., Zurich Insurance Group AG, Munich Reinsurance America Inc., Chubb Limited, The Allstate Insurance Company, Aviva plc, Manulife Financial Corporation, China Pacific Insurance (Group) Co. Ltd., Aflac Incorporated, John Hancock Financial, Mutual of Omaha Insurance Company, The Penn Mutual Life Insurance Company, Progressive Casualty Insurance Company, Protective Life Corporation, Symetra Life Insurance Company, Minnesota Life Insurance Company, National Life Group, Pacific Life Insurance Company, Tata AIG General Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, The Guardian Life Insurance Company of America, Massachusetts Mutual Life Insurance Company, New York Life Insurance Company .
Contents of the report:
1. Executive Summary
2. Equity Indexed Life Insurance Market Report Structure
3. Equity Indexed Life Insurance Market Trends And Strategies
4. Equity Indexed Life Insurance Market - Macro Economic Scenario
5. Equity Indexed Life Insurance Market Size And Growth
…..
27. Equity Indexed 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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