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Unit-Linked Insurance Market to Reach $2309.7 Billion, Globally, by 2032 at 10.9% CAGR: Allied Market Research
Unit-Linked Insurance Market
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Prime determinants of growth
The notable factors positively affecting the unit-linked insurance market include a rise in the adoption of unit-linked insurance services among individuals and an increase in development strategies by public and private companies which propel the market growth. However, enforcement of strong rules by banks and financial institutions for providing unit-linked insurance services can hinder the market growth. Furthermore, technological advancements in life unit-linked insurance services offer lucrative market opportunities for the market players.
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The online segment held the highest market share in 2023.
Based on the mode, the online segment held the highest market share in 2023. This growth is attributed to several factors, including the increasing adoption of digital channels by consumers, the convenience of online platforms, and the ability to compare different ULIP plans easily. The COVID-19 pandemic accelerated digital transformation, pushing more customers to utilize online services for purchasing insurance products.
The banks segment held the highest market share in 2023.
Based on the distribution channel, the banks segment held the highest market share in 2023. This dominance is due to the extensive reach and trust that banks have established with their customers over the years. Banks are able to leverage their existing customer base, robust distribution networks, and established financial advisory services to effectively market and sell unit-linked insurance plans (ULIPs) .
North America held the highest market share in 2023.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed infrastructure is accelerating the adoption of the most recent technologies, including unit-linked insurance in North America.
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Players: -
Aviva, Kotak Life
ICICI Prudential Life Insurance
HDFC Life Insurance
AXA S.A.
Allianz SE
SBI Life Insurance
Progressive Corporation
Talanx
Zurich Ins Group
PNB MetLife
The report provides a detailed analysis of these key players in the global unit-linked insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
On May 2024, Transcarent launched an AI-driven solution, to simplify healthcare navigation. The newly introduced AI chatbot, developed on the ChatGPT framework, is designed to address common health unit-linked insurance inquiries, including cost estimates for medical services, deductible queries, and provider recommendations.
On May 2024, Everest Insurance unveiled its Australian insurance operations following approval from the Australian Prudential Regulation Authority.
On May 2023, the Insurance Regulatory and Development Authority of India (IRDAI) launched a bundled product that will provide life, health, casualty, and property cover in a single policy at an affordable price.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the unit-linked insurance market forecast segments, current trends, estimations, and dynamics of the unit-linked insurance market analysis from 2023 to 2032 to identify the prevailing unit-linked insurance market opportunities.
The unit-linked insurance market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the unit-linked insurance market segmentation assists to determine the prevailing unit-linked insurance market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global unit-linked insurance market Statistics.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global unit-linked insurance market trends, key players, market segments, application areas, and market growth strategies.
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Unit-Linked Insurance Market Key Segments:
By Mode
Online
Offline
By Distribution Channel
Direct from Insurers
Insurance Brokers and Agencies
Banks
Others
By Region
North America (U.S., Canada)
Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Brazil, Colombia, Argentina, Rest of Latin America)
MEA (Saudi Arabia, South Africa, UAE, Others)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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