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Life Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030

  • ID: 5319065
  • Report
  • April 2021
  • Region: Global
  • The Business Research Company

FEATURED COMPANIES

  • AIG
  • Arthur J. Gallagher
  • Berkshire Hathaway
  • Generali
  • Lloyd’s
  • Marsh & McLennan
Life Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides strategists, marketers and senior management with the critical information they need to assess the global life insurance providers market as it emerges from the COVID-19 shut down.



Reasons to Purchase
  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
  • Report will be updated with the latest data and delivered to you within 3-5 working days of order.
Description:

Where is the largest and fastest growing market for the life insurance providers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Life Insurance Providers Market Global Report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The Market Characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope

Markets Covered:
1) By Type: Term Life Insurance; Whole Life Insurance; Variable Life Insurance; Equity Indexed Life Insurance; Accidental Death Insurance; Other Life Insurance
2) By Application: Agency; Brokers; Bancassurance; Digital & Direct Channels
3) By Mode: Online; Offline

Companies Mentioned: Munich Re; AXA; Generali; Allianz; China Life Insurance Company Limited

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast.

Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Frequently Asked Questions about the Global Life Insurance Market

What is the estimated value of the Global Life Insurance Market?

The Global Life Insurance Market was estimated to be valued at $2880.2 billion in 2021.

What is the growth rate of the Global Life Insurance Market?

The growth rate of the Global Life Insurance Market is 5.1%, with an estimated value of $3519.4 billion by 2025.

What is the forecasted size of the Global Life Insurance Market?

The Global Life Insurance Market is estimated to be worth $3519.4 billion by 2025.

Who are the key companies in the Global Life Insurance Market?

Key companies in the Global Life Insurance Market include Munich Re, AXA, Generali, Allianz, China Life Insurance Company Limited, Ping An Insurance (Group) Company of China, Ltd., Zurich Insurance and Japan Post Holdings.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AIG
  • Arthur J. Gallagher
  • Berkshire Hathaway
  • Generali
  • Lloyd’s
  • Marsh & McLennan
1. Executive Summary

2. Life Insurance Providers Market Characteristics

3. Life Insurance Providers Market Trends And Strategies

4. Impact Of COVID-19 on Life Insurance Providers

5. Life Insurance Providers Market Size And Growth
5.1. Global Life Insurance Providers Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Life Insurance Providers Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market

6. Life Insurance Providers Market Segmentation
6.1. Global Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Term Life Insurance
  • Whole Life Insurance
  • Variable Life Insurance
  • Equity Indexed Life Insurance
  • Accidental Death Insurance
  • Other Life Insurance
6.2. Global Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Agency
  • Brokers
  • Bancassurance
  • Digital & Direct Channels
6.3. Global Life Insurance Providers Market, Segmentation By Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Online
  • Offline
7. Life Insurance Providers Market Regional And Country Analysis
7.1. Global Life Insurance Providers Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Life Insurance Providers Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

8. Asia-Pacific Life Insurance Providers Market
8.1. Asia-Pacific Life Insurance Providers Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8.3. Asia-Pacific Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

9. China Life Insurance Providers Market
9.1. China Life Insurance Providers Market Overview
9.2. China Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion
9.3. China Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion

10. India Life Insurance Providers Market
10.1. India Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
10.2. India Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

11. Japan Life Insurance Providers Market
11.1. Japan Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
11.2. Japan Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

12. Australia Life Insurance Providers Market
12.1. Australia Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12.2. Australia Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

13. Indonesia Life Insurance Providers Market
13.1. Indonesia Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
13.2. Indonesia Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

14. South Korea Life Insurance Providers Market
14.1. South Korea Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
14.2. South Korea Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

15. Western Europe Life Insurance Providers Market
15.1. Western Europe Life Insurance Providers Market Overview
15.2. Western Europe Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
15.3. Western Europe Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

16. UK Life Insurance Providers Market
16.1. UK Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
16.2. UK Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

17. Germany Life Insurance Providers Market
17.1. Germany Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
17.2. Germany Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

18. France Life Insurance Providers Market
18.4. France Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
18.5. France Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

19. Eastern Europe Life Insurance Providers Market
19.1. Eastern Europe Life Insurance Providers Market Overview
19.2. Eastern Europe Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
19.3. Eastern Europe Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

20. Russia Life Insurance Providers Market
20.1. Russia Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
20.2. Russia Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

21. North America Life Insurance Providers Market
21.1. North America Life Insurance Providers Market Overview
21.2. North America Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
21.3. North America Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

22. USA Life Insurance Providers Market
22.1. USA Life Insurance Providers Market Overview
22.2. USA Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
22.3. USA Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

23. South America Life Insurance Providers Market
23.1. South America Life Insurance Providers Market Overview
23.2. South America Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
23.3. South America Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

24. Brazil Life Insurance Providers Market
24.1. Brazil Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
24.2. Brazil Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

25. Middle East Life Insurance Providers Market
25.1. Middle East Life Insurance Providers Market Overview
25.2. Middle East Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
25.3. Middle East Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

26. Africa Life Insurance Providers Market
26.1. Africa Life Insurance Providers Market Overview
26.2. Africa Life Insurance Providers Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
26.3. Africa Life Insurance Providers Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

27. Life Insurance Providers Market Competitive Landscape And Company Profiles
27.1. Life Insurance Providers Market Competitive Landscape
27.2. Life Insurance Providers Market Company Profiles
27.2.1. Munich Re
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. AXA
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Generali
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Allianz
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. China Life Insurance Company Limited
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The Life Insurance Providers Market

29. Life Insurance Providers Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Research Inquiries
30.4. About the Publisher
30.5. Copyright And Disclaimer
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AIG
  • Arthur J. Gallagher
  • Berkshire Hathaway
  • Generali
  • Lloyd’s
  • Marsh & McLennan
Major players in the life insurance providers market are Munich Re, AXA, Generali, Allianz, and China Life Insurance Company Limited.

The global life insurance market is expected to grow from $2475.85 billion in 2020 to $2880.18 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3519.44 billion in 2025 at a CAGR of 5.1%.

The life insurance providers market consists of the sale of life insurance policies. Life insurance providers enter into a legal contract with the insurance policyholder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. The life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities.

In 2019, New York Life agreed to acquire Cigna’s group life and disability insurance business for $6.3 billion. This acquisition increases the value which New York Life can deliver to their policy owners, strengthens their well-defined business model. Cigna Corporation is a global health service company that services for improving health, well-being. Cigna operates in 30 countries and has 165 million customer relationships. Cigna is founded in the year 1982 by the merger of CG and INA.

The rise in disposable income in emerging countries such as India and China is expected to drive the life insurance providers market. Economic growth in the middle-income group translates to higher disposable income which allows them to invest in life insurance products. According to a report by the Swiss Re Institute, the world’s seven largest emerging markets will contribute 42% of global growth with China contributing 27%. This rising disposable income, especially in emerging countries is expected to increase demand for life insurance plans thereby driving the life insurance providers market.

Lack of awareness about life insurance and complex insurance products are acting as a restraint on the life insurance providers market. A large number of people tend to invest in traditional investment instruments as they are unaware of the benefits of life insurance. According to a survey conducted by PHD Research Bureau, around 49% of the population in India is not familiar with insurance products and around 57% of the people find insurance products too complicated and difficult to understand. This lack of awareness and information proves to be a restraint on the life insurance providers market.

Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry. Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks, and cross-promote products. For example, Aditya Birla Sun Life Insurance has launched DISHA 2.0, an Upgraded AI-Enabled ChatBot to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will drive the market.

Life insurance companies are monitored by regulatory bodies such as the National Association of Insurance Commissioners (NAIC) in the USA, the Prudential Regulatory Authority (PRA) in the UK, and the China Insurance Regulatory Commission in China. For instance, the China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision, and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with the law. CIRC is responsible for licensing, developing regulations on the administration of reinsurance business, and measures on administration of life and health insurance.
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Munich Re
  • AXA
  • Generali
  • Allianz
  • China Life Insurance Company Limited
  • Ping An Insurance (Group) Company of China
  • Ltd.
  • Zurich Insurance
  • Nippon Life Insurance
  • Japan Post Holdings
  • Berkshire Hathaway
  • Metlife
  • Manulife Financial
  • CPIC
  • Chubb
  • AIG
  • Aviva
  • Marsh & McLennan
  • AON
  • Willis Group Holdings
  • Arthur J. Gallagher
  • Swiss Re
  • Hannover Re
  • SCOR SE
  • Lloyd’s
Note: Product cover images may vary from those shown

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