Life Insurance Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 – 2026

Introduction

Since 2000, Life Insurance is considered to be one of the fastest growing sectors throughout the world. Earlier the private players were allowed 26% by the government and currently it is increased to 49%. In India the aggregate number of insurance companies is 57 out of which 33 are non–life insurers, whereas 24 are life insurers. Considering the non-life insurers there are 6 public sector insurers namely National Insurance Company Ltd., The New India Assurance Company Limited, General Insurance Corporation Of India, United India Insurance Company Limited, The Oriental Insurance Company Limited, and Agriculture Insurance Company Of India Limited

Market Dynamics

Life Insurance is an extensive and entrenched industry worldwide with the major selling point is peace of mind provided by fact that the beneficiaries of policy holder’s will be offered for financially after his death. Policies are offered by several players as part of their benefits packages in addition to the private policies issued by company. Such benefits drive the demand of life insurance market globally. Life insurance is structurally more challenged and most of the products are savings products, and linked to interest rates. When rates are low it is tedious to prepare products that are attractive to either customers or shareholders.

Market Classification

The market can be bifurcated on the basis of type, application and geography. By type, life insurance market can be segmented into term life, universal life and whole life. By, application life insurance market can be segmented into travel, residential and others. On the basis of geography, the life insurance market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Report Coverage

Market Participants

Some of the major players involved in life insurance market includes Allianz, AXA, Nippon Life Insurance, American Intl. Group, Aviva, Assicurazioni Generali S.p.A., State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Zurich Financial Services and others.

Market Segmentation

Market By Type

• Term Life
• Whole Life
• Universal Life

Market By Application

• Travel
• Residential
• Others

Market By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Chile
  • Rest of LATAM
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA