Whole life insurance guarantees the death benefit payments to the beneficiaries in exchange for regular due payments. Also, the policy includes a savings part (referred to as Cash Value) along with a death benefit. In the savings component, interests can be accumulated depending upon a tax-deferred basis. Therefore the cash value is always growing depending upon the interest rates. In order to build the cash value, the policyholders can remit the payments more than scheduled premium payments. Moreover, the dividends got from the insurance company can also be reinvested into the cash value in order to earn more profit or money value. The global whole life insurance market was estimated to be around USD 153,916 million in 2019, according to the AMA study.
According to AMA, the market for Whole Life Insurance is expected to register a CAGR of 2.49% during the forecast period to 2028.
|High Growth Market||Asia Pacific|
|Unit||Value (USD Million)|
|Key Companies Profiled||Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), Aegon (Netherlands), MetLife (United States), Swiss Reinsurance (Switzerland), CNP Assurances ( France), Meiji Yasuda Life Insurance Company (Japan) and Standard Life Assurance (United Kingdom)|
This growth is primarily driven by The Rising Incidences of Natural Disasters such as Flood, Tornado, & Earthquake and Upusurging Adoption of Personal Lines Insurance to Secure Financial Losses.
Globally, a noticeable market trend is evident The Rising Popularity of Online Distribution Channel The Life & Health Insurance sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), Aegon (Netherlands), MetLife (United States), Swiss Reinsurance (Switzerland), CNP Assurances ( France), Meiji Yasuda Life Insurance Company (Japan) and Standard Life Assurance (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies operating in this industry are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing on securing a leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a high market share, and developing a socially responsible business company is identifying various strategic pillars such as mergers & acquisitions, new product launch, product enhancement, and others.
In April 2019, Aegon Life and MobiKwik launched a smart digital insurance product which is beneficial in providing lightning-fast, fully digital in-app purchase flow on its App for this new smart insurance product. It also offers innovative and need-based insurance solutions to everyone via the online channel.
“According to Insurance Regulatory and Development Authority of India, it provides some basic guidelines where it’s mention about the cost of issuing and maintaining insurance policies and modify or revise your insurance policies with speed and accuracy insurance repositories and electronic issuance of insurance policies.”
The Rising Popularity of Online Distribution Channel
Market Growth Drivers:
The Rising Incidences of Natural Disasters such as Flood, Tornado, & Earthquake and Upusurging Adoption of Personal Lines Insurance to Secure Financial Losses
Limitation Due to Government Regulation is Anticipated to Challenge the Market
Lack of Awareness Among the Customers.
Proliferation Due to Long Term Value Creation And Productivity Improvements Leads to Grow the Market. and Increase Lifestyles and Health Concerns
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Whole Life Insurance Market
- Analysis about New Entrants in Whole Life Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Whole Life Insurance Study Sheds Light on
The Whole Life Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Whole Life Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Whole Life Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.