Global Term Life Insurance Market Report 2020-2030: Market Set to Reach $218.23 Billion by 2022 - ResearchAndMarkets.com

DUBLIN--()--The "Term Life Insurance Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global term life insurance market was valued at about $172.86 billion in 2018 and is expected to grow to $218.23 billion at a CAGR of 6.0% through 2022.

The rise in disposable income in emerging countries such as India and China is driving the term life insurance market. Rise in the middle income group supported by increasing employment opportunities is translating to higher disposable income which allows them to invest in term life insurance. Between the years 2001 to 2011, there has been an increase of 15% and 2% in middle income group in China and India respectively, which is expected to grow further during the forecast period. China's per capita income was $4,033 in 2017, an increase of 7.3% compared to 2016.

Lack of awareness about term life insurance is one of the major restraint on the market. In developing countries such as India, number of people opting for term life insurance is low due to lack of awareness. According to a survey conducted by Ph.D. Research Bureau in 2016, around 49% of the population in India is not aware on insurance products due to lack of information, thus restraining the term life insurance market.

Companies in the term life insurance market are increasingly offering customized insurance models for product differentiation and increased customer satisfaction. The users are allowed to add certain diseases in addition to their current plain term policy or to change their death cover plan. Term life insurance companies such as Edelweiss Tokio provides customizable insurance plans to its customers.

Own Risk and Solvency Assessment ORSA is an annual internal process undertaken by insurers intended to manage the risk management characteristics and profile of an insurance company. It is a procedure intended to assess the adequacy of enterprise risk management (ERM) and solvency positions. ORSA was presented as a component of the Solvency II routine in Europe. The Solvency II is a directive in European Union law which regulates the EU insurance, primarily determining the amount of capital that insurance companies must hold to minimize the risk of insolvency. Since then, numerous nations outside of Europe have adopted the idea of the ORSA, either as a feature of a kind of Solvency II routine or as a forerunner to more extensive dissolvability enactment.

In March 2018, Paris-headquartered AXA acquired Bermuda-based XL group for $15.3 Billion. This transaction is a unique strategic opportunity for AXA to shift its business profile from predominantly L&S business to predominantly Property and Casualty (P&C) Insurance business, and will enable the group to become the top player in global P&C business. XL group was founded in 1986 and is headquartered in Hamilton, Bermuda.

Major players in the market are Allianz, AXA, Generali, Ping An Insurance and China Life Insurance.

Companies Mentioned (A-Z)

  • AIA Group Ltd.
  • AIG
  • Allianz
  • American National
  • AXA
  • Berkshire Hathaway
  • China Life Insurance
  • Generali
  • John Hancock
  • Legal & General
  • Lincoln National
  • MetLife
  • Minnesota Life
  • Munich Re
  • National Life Group
  • Nippon Life Insurance Company
  • North American Company
  • Pacific Life
  • Penn Mutual
  • Ping An Insurance
  • Prudential
  • State Farm Group
  • Swiss RE
  • Symetra
  • Transamerica
  • Zurich Insurance Group

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900