Global Term Insurance Market, By Type (Level Term Policy, Renewable or Convertible, Annual Renewable Term, Mortgage Life Insurance), Level (Individual Level, Group Level, Decreasing), Distribution Channel (Direct Channel, Indirect Channel), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Global Term Insurance Market
Global term insurance market size is expected to grow at a compound annual rate of 3.5% in the forecast period 2021 to 2028 and is likely to reach USD 330.5 million by 2028. Data Bridge Market Research report on term insurance market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Term insurance provides a large amount of life cover that is, sum assured at a relatively low premium rate. In case of death of the person, the amount of benefit is paid to the nominee insured during the term of the policy. The major purpose of the term insurance plan is to offer financial security for the entire family in case of the unfortunate death or the critical illness of the policyholder.
The prevalence of various diseases such as chronic diseases and disabilities across the globe are projected to proliferate the overall demand for term insurance market over the forecast period of 2021 to 2028. Moreover, the initiatives and efforts towards insurance reforms by government to raise awareness and the economic growth are significant factors for heightening the overall demand within the market. The adoption of advance technologies by key players to automate insurance process, minimize cost of operations and to improve efficiency is anticipated to further generate new opportunities for the term insurance market in the forecast period. However, the lack of awareness regarding the term insurance and the increasing premiums as policy holder ages are anticipated to act as a major restraint towards the growth of the market whereas the factors such as limited coverage of illness death which causes mistrust and the fact that most of the term insurances do not offer cash value which might create challenges for the growth of the market.
This term insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on term insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Term Insurance Market Scope and Market Size
Term insurance market is segmented on the basis of type, level and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the term insurance market has been segmented into level term policy, renewable or convertible, annual renewable term and mortgage life insurance.
- Based on level, the term insurance market is bifurcated into individual level, group level and decreasing.
- On the basis of distribution channel, the term insurance market has been sub-segmented into direct channel and indirect channel. The direct channel is further segmented into direct emails, call centres and online company websites. The indirect channel is further sub-segmented into agency, brokers and online aggregators.
Term Insurance Market Country Level Analysis
Term insurance market is analyses and market size, volume information is provided by of type, level and distribution channel as referenced above.
The countries covered in the term insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Asia Pacific is estimated to lead the term insurance due to the government led initiatives and efforts associated with awareness regarding the term insurance and the presence of huge middle-class population within this region. North America and Europe are expected to expand at a significant growth rate over the forecast period of 2021 to 2028 due to increasing adoption of the term insurance.
The country section of the term insurance market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global term insurance Market Share Analysis
Term insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to term insurance market.
The major players covered in the term insurance report are Xero Limited, AlfaStrahovanie Group, Brighthouse Financial Inc, CNP Assurances Copyright, FWD Fuji Life Insurance Company, Limited, Great-West Lifeco Inc, ASSICURAZIONI GENERALI S.P.A, ICICI Prudential Life Insurance Co. Ltd, IndiaFirst Life Insurance Company Limited, Industrial Alliance Insurance and Financial Services Inc, John Hancock, MetLife Services and Solutions, LLC, OHIO NATIONAL SEGUROS DE VIDA SA, Ping An Insurance (Group) Company of China, Ltd, RBC Insurance Services Inc, SBI Life Insurance Company Limited, Sun Life Assurance Company of Canada, Tata AIA Life Insurance Company Ltd, Tokio Marine Holdings, Inc, Vitality, Zurich among other domestic and global players. Market share data is available for Global, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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