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Term Insurance Market Size, Share & Trend Analysis Report By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance, Decreasing Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2028

May 2022 | 80 pages | ID: T4BC370D05CDEN
Grand View Research, Inc.

US$ 4,950.00

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Term Insurance Market Growth & Trends

The global term insurance market size is expected to reach USD 1,353.1 Billion by 2028, registering a CAGR of 6.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing middle-class population in developing economies like China, India, and Brazil is propelling the demand for term insurance.

Increasing inclusion of private firms in the global market leads to increasing privatization is expected to drive the growth of the market over the forecast period. For instance, the Indian Government passed the General Insurance Business (Nationalization) Amendment Bill, 2021 in August 2021. With this amendment bill, the state control over the general insurance companies is going to end. Also, marks the era of greater private participation in the insurance industry. Moreover, increasing competition and better price insurance products are likely to propel market growth.

Various governments taking initiatives and reforms in insurance policies have led to a significant impact on the market. Recently, the government of India has launched life and accident insurance schemes like PMJJBY and PMSBY under the insurance companies who are willing to offer the product on similar terms. This initiative encourages the young generation to invest in term insurance which has led to significant growth of the market.

The term insurance providers are adopting cutting-edge advanced technology to automate the insurance process and reduce the operating cost and improve efficiency. This technology includes machine learning for automation of the risky and complex processes, and artificial intelligence such as blockchain, robotic process automation, and robot advisors for automation of the insurance.

The individual-level segment contributed to the highest share of over 75% of the global market revenue in 2021. Rising investment in the insurance sector by various companies is propelling the growth of individual-level term life insurance. Moreover, the sum assured and premiums that are payable remained constant throughout the policy, this may attract the individuals to purchase the plan and this is projected to continue to grow in the market in the upcoming years.

North America dominated with a revenue share of around 40% in 2021. Term insurance providing companies offers tailored insurance for their healthier customers. The insurance companies are providing lower premium rates that reward the client’s healthy lifestyle. This has projected the growth of the market in the North American region.

Term Insurance Market Report Highlights
  • Asia Pacific is expected to register the fastest growth of 7.5% CAGR from 2022 to 2028 owing to the rising middle-class population in developing countries including India.
  • Individual-level term life insurance segment contributed to the highest share of over 75% in the global revenue in 2021 due to rising investment in the insurance sector by various companies
  • Tied agents and branches distribution channel held the largest share in 2021, contributing around 55% of the total revenue due to the development of the new digital sales channel across the globe.

CHAPTER 1. METHODOLOGY AND SCOPE

1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
1.4. List of Abbreviations

CHAPTER 2. EXECUTIVE SUMMARY

2.1. Market Outlook
2.2. Type Outlook
2.3. Distribution Channel Outlook
2.4. Competitive Insights

CHAPTER 3. TERM INSURANCE MARKET VARIABLES, TRENDS & SCOPE

3.1. Market Segmentation
3.2. Penetration & Growth Prospect Mapping
3.3. Value Chain Analysis
3.4. Market Dynamics
  3.4.1. Market Driver Analysis
  3.4.2. Market Restraint Analysis
  3.4.3. Market Opportunities Analysis
3.5. Business Environment Analysis
  3.5.1. Porter’s Five Forces Analysis
    3.5.1.1. Threat of new entrants
    3.5.1.2. Bargaining power of suppliers
    3.5.1.3. Bargaining power of buyers
    3.5.1.4. Threat of substitutes
    3.5.1.5. Competitive rivalry
  3.5.2. PESTLE Analysis
    3.5.2.1. Political Landscape
    3.5.2.2. Environmental Landscape
    3.5.2.3. Social Landscape
    3.5.2.4. Technology Landscape
    3.5.2.5. Economic Landscape
    3.5.2.6. Legal Landscape

CHAPTER 4. CONSUMER BEHAVIOR ANALYSIS

4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Type Adoption
4.4. Observations & Recommendations

CHAPTER 5. TERM INSURANCE MARKET: TYPE ESTIMATES & TREND ANALYSIS

5.1. Type Movement Analysis & Market Share, 2021 & 2028
5.2. Individual Level Term Life Insurance
  5.2.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
5.3. Group Level Term Life Insurance
  5.3.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
5.4. Decreasing Term Life Insurance
  5.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)

CHAPTER 6. TERM INSURANCE MARKET: DISTRIBUTION CHANNEL ESTIMATES & TREND ANALYSIS

6.1. Distribution Channel Movement Analysis & Market Share, 2021 & 2028
6.2. Tied Agents and Branches
  6.2.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
6.3. Brokers
  6.3.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
6.4. Others
  6.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)

CHAPTER 7. TERM INSURANCE MARKET: REGIONAL ESTIMATES & TREND ANALYSIS

7.1. Regional Movement Analysis & Market Share, 2021 & 2028
7.2. North America
  7.2.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
  7.2.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
  7.2.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.2.4. U.S.
    7.2.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.2.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.2.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
7.3. Europe
  7.3.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
  7.3.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
  7.3.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.3.4. Germany
    7.3.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.3.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.3.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.3.5. U.K.
    7.3.5.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.3.5.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.3.5.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.3.6. France
    7.3.6.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.3.6.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.3.6.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
7.4. Asia Pacific
  7.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
  7.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
  7.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.4.4. China
    7.4.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.4.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.4.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.4.5. Japan
    7.4.5.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.4.5.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.4.5.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
7.5. Central & South America
  7.5.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
  7.5.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
  7.5.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.5.4. Brazil
    7.5.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.5.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.5.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
7.6. Middle East & Africa
  7.6.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
  7.6.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
  7.6.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)
  7.6.4. South Africa
    7.6.4.1. Market Estimates and Forecast, 2017 - 2028 (USD Million)
    7.6.4.2. Market Estimates and Forecast, By Type, 2017 - 2028 (USD Million)
    7.6.4.3. Market Estimates and Forecast, By Distribution Channel, 2017 - 2028 (USD Million)

CHAPTER 8. COMPETITIVE ANALYSIS

8.1. Key Global Players, Recent Developments & their Impact on the Industry
8.2. Key Company/Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
8.3. Vendor Landscape
  8.3.1. Key Company Market Share Analysis, 2021

CHAPTER 9. COMPANY PROFILES

9.1. MetLife
  9.1.1. Company Overview
  9.1.2. Financial Performance
  9.1.3. Product Benchmarking
  9.1.4. Strategic Initiatives
9.2. Aegon Life Insurance Company
  9.2.1. Company Overview
  9.2.2. Financial Performance
  9.2.3. Product Benchmarking
  9.2.4. Strategic Initiatives
9.3. Prudential Financial
  9.3.1. Company Overview
  9.3.2. Financial Performance
  9.3.3. Product Benchmarking
  9.3.4. Strategic Initiatives
9.4. Northwestern Mutual
  9.4.1. Company Overview
  9.4.2. Financial Performance
  9.4.3. Product Benchmarking
  9.4.4. Strategic Initiatives
9.5. State Farm
  9.5.1. Company Overview
  9.5.2. Financial Performance
  9.5.3. Product Benchmarking
  9.5.4. Strategic Initiatives
9.6. MassMutual Life Insurance Company
  9.6.1. Company Overview
  9.6.2. Financial Performance
  9.6.3. Product Benchmarking
  9.6.4. Strategic Initiatives
9.7. AIG
  9.7.1. Company Overview
  9.7.2. Financial Performance
  9.7.3. Product Benchmarking
  9.7.4. Strategic Initiatives
9.8. Lincoln National
  9.8.1. Company Overview
  9.8.2. Financial Performance
  9.8.3. Product Benchmarking
  9.8.4. Strategic Initiatives
9.9. John Hancock USA
  9.9.1. Company Overview
  9.9.2. Financial Performance
  9.9.3. Product Benchmarking
  9.9.4. Strategic Initiatives
9.10. China Life Insurance Company Limited
  9.10.1. Company Overview
  9.10.2. Financial Performance
  9.10.3. Product Benchmarking
  9.10.4. Strategic Initiatives
9.11. Bajaj Allianz Life Insurance
  9.11.1. Company Overview
  9.11.2. Financial Performance
  9.11.3. Product Benchmarking
  9.11.4. Strategic Initiatives

LIST OF TABLES

1. Term Insurance Market - Key Market Driver Analysis
2. Term Insurance Market - Key Market Restraint Analysis
3. Global Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
4. Global Term Insurance Market Estimates and Forecast By Distribution Channels, 2017 - 2028 (USD Million)
5. North America Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
6. North America Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
7. North America Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
8. U.S. Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
9. U.S. Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
10. U.S. Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
11. Europe Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
12. Europe Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
13. Europe Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
14. Germany Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
15. Germany Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
16. Germany Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
17. U.K. Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
18. U.K. Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
19. U.K. Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
20. France Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
21. France Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
22. France Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
23. Asia Pacific Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
24. Asia Pacific Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
25. Asia Pacific Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
26. China Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
27. China Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
28. China Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
29. Japan Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
30. Japan Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
31. Japan Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
32. Central & South America Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
33. Central & South America Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
34. Central & South America Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
35. Brazil Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
36. Brazil Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
37. Brazil Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
38. Middle East & Africa Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
39. Middle East & Africa Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
40. Middle East & Africa Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
41. South Africa Term Insurance Market Estimates and Forecast, 2017 - 2028 (USD Million)
42. South Africa Term Insurance Market Estimates and Forecast By Type, 2017 - 2028 (USD Million)
43. South Africa Term Insurance Market Estimates and Forecast By Distribution Channel, 2017 - 2028 (USD Million)
44. Vendor Landscape

LIST OF FIGURES

1. Term Insurance Market Snapshot
2. Term Insurance Market Segmentation & Scope
3. Term Insurance Market Penetration & Growth Prospect Mapping
4. Term Insurance Market Value Chain Analysis
5. Term Insurance Market Dynamics
6. Term Insurance Market Porter's Five Forces Analysis
7. Term Insurance Market: Type Movement Analysis
8. Term Insurance Market: Distribution Channel Movement Analysis
9. Term Insurance Market: Regional Movement Analysis


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