What is Juvenile Insurance Market?
Juvenile Insurance are the Insurance policies which are specifically designed for people under the age of 18 or 17 depending on the country. They are also known to provide wide tax advantaged savings, resulting in them emerging as financial planning tool. There are three major juvenile insurances offered, which include survival insurance, death insurance and the full comprehensive insurance. The Juvenile insurance can be segmented into two major parts based on the age group, that is under 10 and between 10 to 18 age group. Rising Insurance markets penetration and emergence of global pandemic has accelerated the market of the juvenile insurance. Currently, North America and Europe are the two prominent juvenile insurance markets.
The market study is being classified by Type (Survival insurance, Death insurance and Full insurance), by Application (Below 10 Years Old and 10-18 Years Old) and major geographies with country level break-up.
Allianz (Germany), MetLife (United States), AXA (France), PingAn (China), Assicurazioni Generali S.p.A. (Italy), Dai-ichi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), Aviva Plc (United Kingdom), Munich Re Group (Germany), Gerber Life Insurance (United States), Royal Neighbors of America, Liberty Bankers Life and Foresters Financial (Canada) are some of the key players profiled in the study.
Recent Global pandemic has surged the demand for insurance policies among various groups, one of them being for juveniles or children. The juvenile insurance are stable financial tool, which provide financial security against any health uncertainty of juvenile. The increasing penetration of insurance companies, and the rising competition has prompted various companies to offer customer friendly policy options, this has led to the growth of the market. North America along with Europe is the biggest market currently in the field of juvenile insurance.
Analyst at AMA have segmented the market study of Global Juvenile Insurance market by Type, Application and Region.
On the basis of geography, the market of Juvenile 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.
- Easy and Fast Processing Time compared to Regular Insurance Policies
- Rising Health Uncertainties Due to Increasing Chronic Diseases and Recent Pandemic
- Increasing Penetration of Insurance Companies in Developed and in Certain Developing Countries
- 10-18 Years Segment Accounts for Larger Market Share
- Less Awareness about the Benefits of the Juvenile Insurance
- Comprehensive Lifetime Coverage Policies are Gaining Popularity
- Market Penetration in Developing Countries Because of Lack of Awareness about Insurance in Such Countries
Key Target AudienceJuvenile Insurance Manufacturers, Suppliers and Distributors, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Juvenile Insurance Market?
"Easy and Fast Processing Time compared to Regular Insurance Policies
" is seen as one of major growth factors of Juvenile Insurance Market in years to come.
2. Can we have customized study for Juvenile Insurance Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Juvenile Insurance Market?
will lead the Juvenile Insurance Market.