Global market expected to reach $353 billion by 2030
ALBANY, N.Y., Feb. 17, 2022 /PRNewswire/ — In terms of revenue, the global term insurance market is expected to rise at a compound annual growth rate (CAGR) of 4.2% during the forecast period, from 2020 to 2030. The global market is likely to reach the valuation of US$ 353.4 Bn by 2030.
Easy implementation and flexible management of term insurance policies, according to TMR analysts, are likely to have a significant impact on the global term insurance market. When compared to permanent policies with the similar compensation level, term insurance premiums are affordable. This makes them more accessible to low-income people all across the world.
Furthermore, term insurance contracts are simple to comprehend and provide clients with management flexibility, such as conversion and easy termination to a permanent policy. These reasons are likely to fuel the growth of the global term insurance market in rapidly developing regions, particularly among people aged 25 years to 35 years. Beginners are more likely to choose financially stable insurance coverage.
In addition, policyholder partnerships are a popular trend in the global term insurance market. By gaining access to policyholder data, term insurance service providers are forming partnerships with them to offer customized value-added services. Moreover, term insurance service providers are playing a preventive role by counseling and teaching their consumers on how to make appropriate and informed healthcare and lifestyle decisions.
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Key Findings of Market Report:
- The level term policy category is expected to lead the term insurance market during the forecast period. It offers consistent financial security, with fixed premiums and death benefits. This has a substantial impact on the expansion of level term insurance in the years to come.
- As the term financing industry undergoes a digital transition, term insurance firms are increasingly concentrating on strengthening their digital footprint and services in order to gain a firm ground in the market. With advancements in technology, more customers are expected to switch to online distribution channels for ease, flexibility, and reduced prices. Furthermore, since the number of Internet-savvy customers continues to climb in many parts of the world, online sales are predicted to rise steadily during the forecast timeframe.
- In the term insurance market, service providers are planning to better understand how consumer expectations are developing and employing applicable technology to create services, products, as well as experiences that meet those expectations. Growing usage of Big Data analytics, social media, and Mobile Cloud Computing is projected to fuel sales opportunities in the global market.
- Asia Pacific dominated the term insurance market in 2019 and is predicted to retain its leading position during the forecast period. In the Asia Pacific, India and China are the two most significant markets for term insurance.
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Global Term Insurance Market: Growth Drivers
- As technology developments pervade the banking industry, client expectations have risen throughout the world. Companies in the existing term insurance market are increasingly concentrating on enhancing the efficacy of their digital channels and customizing their products to gain a competitive advantage in the global market landscape.
- In the near future, term insurance online aggregators are projected to keep expanding at a fast pace, both in terms of introducing new products and expanding into new territories. The shift in the usage of the Internet for insurance policy management and buying has a major impact on the growth of term insurance online aggregators.
Global Term Insurance Market: Key Players
- Brighthouse Financial, Inc.
- Zurich Insurance Group
- AIA Group
- Berkshire Hathaway Inc.
- United Health Group
- Axa S.A.
Global Term Insurance Market: Segmentation Type
- Level Term Policy
- Renewable or Convertible
- Annual Renewable Term
- Mortgage Life Insurance
- Direct Channel
- Indirect Channel
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