The Rising Insurance Demand Propelling The Growth Of The Annuity Market: Key Factor Driving The Growth In The Annuity Market

The Annuity Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Annuity Market Size During the Forecast Period?
The expansion of the annuity market has been impressive in the past years. The market, which stood at $6.08 billion in 2024 is projected to escalate to $6.45 billion in 2025, propelled by a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this growth during the historical period include an increase in life expectancy, growth in disposable income, heightened concerns about the solvency of social security, a rise in the number of people retiring, and an increase in financial advisors.

The annuity market is projected to witness significant expansion in the coming years. The market size is predicted to reach $8.12 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.9%. Factors contributing to this growth in the forecast period can be traced to the rising elder demographic, heightened utilization of digital interfaces, growing interest in variable annuities, escalating healthcare expenses impacting retirement strategy, and ongoing novelty in annuity product services. Dominant trends for the forecast period encompass technological progress, the inclusion of blockchain technology, digital annuity platforms, hybrid annuity products, and the emergence of robo-advisors.

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What Are the High-Growth Segments in the Annuity Market?
The annuitymarket covered in this report is segmented -

1) By Type: Immediate Annuities, Deferred Annuities, Fixed Annuities, Variable Annuities
2) By Distribution Channel: Insurance Agencies And Brokers, Banks, Other Distribution Channels
3) By Application: Child, Adult, Elder

Subsegments:
1) By Immediate Annuities: Single Premium Immediate Annuities (SPIA), Periodic Payment Immediate Annuities, Life-Only Immediate Annuities, Joint and Survivor Immediate Annuities
2) By Deferred Annuities: Fixed Deferred Annuities, Variable Deferred Annuities, Fixed Indexed Deferred Annuities, Multi-Year Guarantee Annuities (MYGA)
3) By Fixed Annuities: Fixed-Rate Annuities, Fixed Indexed Annuities, Immediate Fixed Annuities, Deferred Fixed Annuities
4) By Variable Annuities: Variable Annuities With Equity Investment Options, Variable Annuities with Bond Investment Options, Indexed Variable Annuities, Guaranteed Minimum Withdrawal Benefit (GMWB) Variable Annuities.

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What Key Drivers Are Expected to Influence Future Annuity Market Growth?
Anticipated growth in the annuity market is projected to be fuelled by the increasing demand for insurance. This surge in insurance demand is attributed to heightened financial protection awareness, burgeoning uncertainties and the necessity to secure oneself against various threats such as health, life, property and disruptions in business. Annuities play a vital role within insurance, as they furnish policyholders with an assured stream of income, generally during retirement, thereby promising long-term financial stability. For example, as per information from Allianz SE, a financial services company based in Germany, the global insurance sector saw a striking growth of 7.5% in May 2023. This figure represents the swiftest expansion witnessed since the Global Financial Crisis (GFC). Insurers globally generated premiums worth €6.2 trillion ($6.7 trillion) across diverse segments, including life insurance at €2,620 billion ($2,835 billion), property and casualty at €2,153 billion ($2,329 billion), and health insurance at €1,427 billion ($1,545 billion). Hence, the escalating demand for insurance is fuelling the expansion of the annuity market.

Which Companies Hold the Largest Share Across Different Annuity Market Segments?
Major companies operating in the annuity market are New York Life Insurance Company, TIAA-CREF Life Insurance Company, Massachusetts Mutual Life Insurance Company, USAA Life Insurance Company, Corbridge Financial, Lincoln National Life Insurance Company, Pacific Life Insurance Company, Jackson National Life Insurance Company, Athene Annuity and Life Company, Brighthouse Financial Inc., Western & Southern Life Assurance Company, F&G Annuities & Life Inc., Allianz Life Insurance Company of North America, ICICI Prudential Life Insurance Company Limited, Ameritas Life Insurance Corporation of New York, American National Insurance Company, Global Atlantic Financial Group, Atlantic Coast Life Insurance Company, Securian Life Insurance Company, OneAmerica Financial Partners Inc., Aspida Life Insurance Company, CL Life and Annuity Insurance Company, Clear Spring Life and Annuity Company, Nationwide Mutual Insurance Company

What Trends Are Driving Growth in The Annuity Market?
Leading firms in the annuity market are concentrating on the creation of innovative products such as long-term, tax-deferred retirement products in order to enhance their competitive position in the market. These retirement products represent financial tools that assist people in saving and investing for retirement, deferring the tax on their investment profits until they start making withdrawals. The structure of these products is such that they allow for the accumulation of funds over a longer duration, facilitating compounded growth devoid of immediate tax implications. For example, in May 2024, Guardian Life Insurance Company of America, located in the US, rolled out Guardian MarketPerform, a Registered Index-Linked Annuity (RILA) - a new financial product aimed at bettering retirement planning for individuals. This product is designed to provide a balance between potential growth and protection from market fluctuations, addressing the rising worries many in the US have regarding their retirement funds.

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What Are the Emerging Geographies for The Annuity Market Growth?
North America was the largest region in the annuity market in 2024. The regions covered in the annuity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Annuity Market?
2. What is the CAGR expected in the Annuity Market?
3. What Are the Key Innovations Transforming the Annuity Industry?
4. Which Region Is Leading the Annuity Market?

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