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Securing Futures: Group Life Insurance Market Dynamics in 2024
As per the report, the group life insurance market size has grown rapidly in recent years. It will grow from $119.99 billion in 2023 to $132.30 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The group life insurance market size is expected to see rapid growth in the next few years. It will grow to $196.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
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Impact Of Growing Aging Population On Group Life Insurance Market
The growing aging population is expected to propel the growth of the group life insurance market going forward. The aging population refers to an increasing proportion of elderly individuals within a society's demographic composition. The growing aging population is primarily due to factors such as declining birth rates, longer life expectancy, and advancements in healthcare that contribute to increased longevity. In a growing aging population, group life insurance offers financial security by providing death benefits to employees, members, and their families, covering expenses, and ensuring peace of mind in case of loss. For instance, in July 2022, according to a report by the United Nations, a US-based diplomatic and political international organization, the global population aged 65 and above is anticipated to grow from 10% in 2022 to 16% by 2050, with projections suggesting a significant rise in this age cohort worldwide by mid-century. Therefore, the growing aging population will drive the growth of the group life insurance market.
Enhancing Efficiency And Coverage In Group Life Insurance Through Add-On Benefits
Major companies operating in the group life insurance market are focusing on the integration of add-on benefits, such as group term insurance plans, to streamline operations, enhance the customer experience, and improve efficiency. Group term insurance plans provide life insurance coverage to a group of people under a single policy, often offered by employers to their employees. For instance, in June 2023, Digit Life Insurance, an India-based general insurance company, launched a comprehensive group term plan as its inaugural product. This plan offers extensive coverage for death, disease, and disability, featuring multiple payout options, four optional benefits, and various add-ons. The payout options include lump sum assured, retirement-linked income, child age-linked income, and income for a specified period of up to 40 years to mitigate family income loss due to the insured's demise. Both group and individual members can select their preferred payout benefits.
The group life insurance market covered in this report is segmented -
1) By Type: Contributory Plans, Non-contributory Plans
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Distribution Channel: Direct Sales, Brokers Or Agents, Banks, Other Distribution Channels
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Major companies operating in the group life insurance market are Cigna Corporation, Allianz SE, AXA SA, MetLife Inc., Prudential Financial Inc., Nationwide Mutual Insurance Company, American International Group Inc., Tokio Marine Holdings Inc, Zurich Insurance Group Ltd., The Northwestern Mutual Life Insurance Company, Massachusetts Mutual Life Insurance Company, The Manufacturers Life Insurance Company, Liberty Mutual Insurance Company, The Hartford Financial Services Group Inc., New York Life Insurance Company, Aflac Incorporated, Sun Life Assurance Company of Canada, Principal Financial Group Inc., The Guardian Life Insurance Company of America, Unum Group, Lincoln National Corporation, Mutual of Omaha Insurance Company, Transamerica Corporation, Securian Financial Group Inc., Voya Financial Inc.
Contents of the report:
1. Executive Summary
2. Group Life Insurance Market Report Structure
3. Group Life Insurance Market Trends And Strategies
4. Group Life Insurance Market - Macro Economic Scenario
5. Group Life Insurance Market Size And Growth
…..
27. Group 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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