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Annuity Insurance Market 2024-2033 - Size, Share, Trends & Key Player Analysis
Annuity Insurance Market
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According to The Business Research Company's, The annuity insurance market size has grown strongly in recent years. It will grow from $936.97 billion in 2023 to $990.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to a rise in digitalization, reduced operational and administrative costs, heavy discounting on insurance premiums, a high level of internet penetration, and switch from traditional to annuity insurance services.
The annuity insurance market size is expected to see strong growth in the next few years. It will grow to $1,242.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing mobile usage, internet usage continuing to rise, increasing popularity for purchasing insurance, people purchasing insurance online, rise in convenience and accessibility of purchasing insurance, and growing awareness of the benefits of having health coverage. Major trends in the forecast period include rising uptake of the Internet of Things technology, demand for customized insurance products, the advent of mobile apps and AI technologies, the transition of insurance companies from product-based towards consumer-centric strategies, and the adoption of InsurTech.
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Market Drivers and Trends:
The growing pool of individuals seeking retirement income solutions is expected to propel the growth of the annuity insurance market in the future. Retirement income solutions refer to financial products, strategies, and plans designed to provide individuals with a stable and sustainable income stream during their retirement. Retirement income solutions are attributed to financial products and strategies designed to provide individuals with a steady and reliable income stream during their retirement years, ensuring economic stability and peace of mind. Annuity insurance offers a guaranteed, steady income stream for retirees by converting a lump-sum payment into regular payments for a specified period, ensuring financial stability and mitigating the risk of a money crunch. For instance, according to the Asset Management 2024 Defined Contribution (DC) plan participant survey of 1,503 participants conducted by J.P. Morgan, a US-based investment banking company, found that guaranteed income alternatives are appealing. Moreover, Seven out of ten (72%) believed their workplace retirement plan was vital to how they perceived their households' financial well-being, and 85% said retirement benefits were an important consideration in selecting whether to stay with an employer or pursue a new job opportunity. Therefore, the growing pool of individuals requiring retirement income solutions is driving the growth of the annuity insurance market.
Major companies operating in the annuity insurance market increasingly focus on product advancements to cater to diverse customer needs, whether for individual or group general annuity savings. The annuity saving plan offers flexible premium payment options, including single premium, limited premium payment terms, and regular premium payments. For instance, in January 2024, Max Life Insurance Company Limited, an India-based insurance company, launched the 'Smart Wealth Annuity Guaranteed Pension Plan' (SWAG Pension Plan). This non-linked, non-participating individual or group general annuity savings plan allows customers to tailor their policies by selecting various annuity options and 'Return of Premium' options. The plan aims to help individuals prepare for retirement by offering customizable features and variants. The plan's key features include selecting from various annuity and 'Return of Premium' options, subject to policy terms and conditions.
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Major Key Players of the Market:
China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Reliance Nippon Life Insurance Company Limited, Protective Insurance Corporation, Assurity Life Insurance, Colonial Penn Life Insurance Company, Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited, Assicurazioni Generali SpA
Annuity Insurance Market 2024 Key Insights:
• The annuity insurance market size is expected to see strong growth in the next few years. It will grow to $1,242.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Growing Demand For Retirement Income Solutions Fuels Annuity Insurance Market Expansion
• Product Innovation Drives Competitive Edge In The Annuity Insurance Market
• North America was the largest region in the annuity insurance market in 2023
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