Whole Life Insurance Market SWOT Analysis by key players : Allianz, AXA, Nippon Life Insurance
Published Via 11Press : According to HTF MI, “Global Whole Life Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global Whole Life Insurance Market is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2028, reaching USD 170.2 Billion in 2023 and USD 175.67 Billion by 2028.
The definition of whole life insurance is an insurance plan that covers the insured person for their entire lifespan. Furthermore, in addition to the death benefit, whole life insurance also includes a savings feature where the cash value may grow. Traditional life insurance and whole life insurance are both terms for the same type of coverage, which is permanent life insurance. Some advantages of entire life insurance policies include:
Unlike term life insurance, which has a fixed lifecycle, whole life insurance lasts the entire lifetime of the insured. The death benefit of whole life insurance is paid to the beneficiary or beneficiaries upon the policyholder’s passing. In addition, whole life insurance has a savings component, or cash value, which can be invested or accessed by the policyholder when necessary by withdrawal or borrowing against it.
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Key and developing players who have been highlighted as part of the coverage
- 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)
- Standard Life Assurance (United Kingdom).
Market Drivers
- One of the key elements promoting the expansion of the entire life insurance market internationally is the expanding life insurance sector. Flexible policy clarity, legal documentation procedures, premature closure choices, premium payment options, and global awareness-building for maturity benefits are some of the secondary aspects that assist the life insurance sector.
- Awareness of the need for additional protection against unforeseen financial or medical issues is one of the primary drivers of life insurance policy sales. Due to its advantages for wealth transfer and protection, whole life insurance has long been a favorite.
- These days, customers view whole life insurance as a supplement to their retirement income. Major advantages like loan and re-pay choices included in whole life insurance premiums are another important factor promoting market expansion.
- Additionally, the market growth is being accelerated by the increase in whole life insurance purchasers above the age of 65, which also reflects a change in the demographics of the buyer base. Another issue contributing to the worry about adult children being financially burdened and having an effect on the expansion of the whole life insurance market is increased worries about rising healthcare and pharmaceutical prices.
Market Trend
- The dynamics of most sectors have altered as a result of technical improvements, and this has affected the rate of adoption in the insurance sector. However, the life insurance sector has yet to fully benefit from technological advancements.
- According to the study, new customers who want to save their time and resources for paying insurance premiums along with monitoring their policies’ current status are attracted to the advancements & automation across the life insurance industry, such as digital access to the policyholders. . For instance, the digital insurance platforms offered by the insurance provider allow customers to apply for policies online from the comfort of their homes and assist them in interacting with key stakeholders to find the best policies based on their needs.
Market Opportunities
- One of the key prospects for the whole life insurance industry is the growing knowledge of life insurance policies from developing nations, which is being driven by rising disposable income throughout emerging regions and growing awareness of future financial risks.
- Since the last ten years (2010–2019), the gross domestic direct premiums written (GDDPW) in the life insurance industry of developing areas have increased by about 52%. For instance, in 2010 the GDDPW growth was accounted for by 15% of the developing nations and about 85% of the developed ones.
- While the developed economies accounted for 76% of the global economy in 2019 as opposed to 85% in 2010, the growth of developing economies reached 24% from 15% in 2010.
Market Challenges
- The price of whole life insurance is one of the biggest issues facing this sector. For instance, consumers in emerging nations like India like to invest more in mutual funds, stock markets, or term life insurance, which has resulted in a lesser market share for whole life insurance compared to other life insurance products.
- Another significant market barrier impeding market expansion is whole life insurance’s lower death benefits. In order to benefit from reduced investments in developing or emerging nations, consumers nowadays are paying more attention to affordable and low-cost insurance investments.
- Additionally, COVID-19 has caused individual salaries to decline, which has had an impact on the amount of insurance premiums around the world and is currently another significant concern for the industry.
- Due to the additional benefits of universal life insurance, which also include the advantages of whole life insurance, some consumers also opt to have it over whole life insurance.
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Market Breakdown by Applications:
- Non-participating Whole Life,
- Participating Whole Life
Market Breakdown by Types:
- Agents,
- Brokers,
- Bancassurance,
- Digital & Direct Channels
Report Scope
| The Market size value in 2023 | USD 170.2 Billion |
| Revenue Forecast by 2033 | USD 175.67 Billion |
| Growth Rate | CAGR Of 4.2% |
| Regions Covered | North America, Europe, the Middle East and Africa, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
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