What is Term Life Insurance Market?
The United States life insurance market is expected to grow at a moderate pace during the forecast period, according to the AMA study. Increasing number of old age population across the United States and an increasing number of deaths owing to the COVID-19 pandemic worldwide are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Level Term Life Insurance and Decreasing Term Life Insurance), by Application (Agency, Brokers, Bancassurance and Digital & Direct Channels) and major geographies with country level break-up.
Allianz Life (United States), Allied Insurance (United States), American Family Insurance (United States), American International Group (United States), Arbella Insurance Group (United States), AXA (France), Berkshire Hathaway (United States), Chubb Group (United States), FM Global (United States), New York Life Insurance Group (United States) and Safeway Insurance Group (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Term Life Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Term Life Insurance market by Type, Application and Region.
On the basis of geography, the market of Term Life Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Number of Old Age Population Across USA
- Increasing Relevance of Deaths Owing to COVID-19 Pandemic Across the Country
- Rising Demand from Commercial End Users
- Changing Consumer Behaviour & Preferences
- Opportunities Across Commercial End Users
- Reduced Operations Across Different Industries Owing to COVID-19 Pandemic Reducing the Demand for Term Life Insurance
Stringent Government Regulations Regarding Shutting Down of Operations Across Different Industries Worldwide Due to the COVID-19 Pandemic is Impacting the Demand for Term Life Insurance
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the United States term life insurance market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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