Final Expense Insurance Market Scope
Over the past few decades, death uncertainties have been increased across the global population due to the increasing prevalence of numerous deadly diseases. In addition to this, increasing adoption of the nuclear family concept has minimized the interdependencies amongst each other. Final expense insurance which is also called as Funeral Expense Life Insurance, Burial Insurance, or Senior Life Insurance. This insurance is designed to cover bills that the consumers will face after your death. The final expense insurance includes medical bills, funeral expenses, Legal/Probate, and many others.
The market study is being classified by Type (Permanent and Non-Permanent), by Application (Agency, Brokers, Bancassurance and Digital & Direct Channels) and major geographies with country level break-up.
The Players having a strong hold in the market are Allianz SE, AXA, Assicurazioni Generali S.p.A., Ping An Insurance, and China Life Insurance. Research Analyst at AMA predicts that European Players will contribute to the maximum growth of Global Final Expense Insurance market throughout the predicted period.
Allianz SE (Germany), AXA (France), Assicurazioni Generali S.p.A. (Italy), Ping An Insurance (China), China Life Insurance Company Limited (China), Prudential PLC (United Kingdom), DescriptionMunich Re Group (Germany), Zurich Insurance Group Ltd. (Switzerland), Reliance Nippon Life Insurance (India), Japan Post Holdings Co., Ltd. (Japan), Berkshire Hathaway Inc. (United States), MetLife, Inc. (United States), Manulife Financial Corporation (Canada) and China Pacific Insurance (Group) Co. Ltd. (CPIC) (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Chubb Limited (United States), American International Group, Inc. (AIG) (United States), Aviva Plc (United Kingdom), Allstate Corporation (United States), Swiss Reinsurance Company Ltd. (Switzerland), Prudential Financial, Inc. (United States), Travelers Companies, Inc. (United States), AIA Group Limited (Hong Kong), Aflac Inc. (United States) and Legal & General Group Plc (United Kingdom).
AdvanceMarketAnalytics has segmented the market of Global Final Expense Insurance market by Type, Application and Region.
On the basis of geography, the market of Final Expense 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). Europe region held largest market share in the year 2018. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Age Group, the sub-segment i.e. Less than 3 Years will boost the Final Expense Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
on May 22, 2019, the digital investment unit of the Allianz Group, "Allianz X", and Canada-based financial management and holding company "Power Financial Corporation" have invested 100 USD Million in a financial technology company "Wealthsimple" which offers Canada's leading online investing service and commission-free trading app. Wealthsimple will use the new capital to deepen its customer relationships by developing its existing services and new product offerings, as well as evolving its B2B platform for advisors and institutions.
- Upsurging Demand for Cloud-Based Insurance Assistant Applications
- Increasing Demand for Minimum Premium Final Expense Insurances
- Provides Numerous Financial Benefits such as for Income Tax
- Reduces Future Financial Worries
- Risk of Uncertain Deaths
- Increasing Adoption of Nuclear Family Approaches
- Lack of Awareness from the Underdeveloped Regions
- Availability of Number of Similar Insurance Policies
- Comparatively Complex to Understand Insurance Policies and Expected Returns
Key Target AudienceFinal Expense Insurance Providers, Final Expense Insurance Downstream Buyers, Insurance Industry Associations, Government Agencies, Research and Development Agencies, Non Profit Organizations and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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