Unit-Linked Insurance Market By Mode (Online, Offline) , By Distribution Channel (Direct from Insurers, Insurance Brokers and Agencies, Banks, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032

September 2024 | 350 pages | ID: U9F1D1ED30DCEN
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Unit-linked Insurance Market

The unit-linked insurance market was valued at $906.9 billion in 2023 and is projected to reach $2309.7 billion by 2032, growing at a CAGR of 10.9% from 2024 to 2032.

Unit-linked insurance is an investment plan that offers insurance coverage and exposure to investments in equities or bonds. Individuals are able to utilize the plan for adopting life insurance, generating retirement income, building wealth, and paying for children’s education. The major benefits of selecting a unit-linked insurance plan include dual coverage, tax benefits, flexibility in investment options, transparency, and customizability. There is a minimum lock-in period of 5 years in this investment plan, ensuring that investors remain committed to their long-term investment plan.

Rise in awareness regarding the importance and benefits of long-term investment plans is a key driver of the unit-linked insurance market. Furthermore, the tax benefits associated with this investment plan gain notable traction from investors as it reduces taxable income while strengthening the investment portfolios. In addition, personalization of the plan as per the risk-bearing potential of investors augments the market development significantly. A key trend gaining prominence in the unit-linked insurance market is the return of mortality charges (ROMC). Mortality charges are the deductions made by insurers on investors’ life coverage. As per recent modifications, these deductions are mandated to be added back to the fund value upon plan maturity.

However, the higher fees and administration charges of unit-linked insurance incline several individuals toward conventional investment plans, restraining the development of the market. Moreover, the extended lock-in period and associated discontinuation penalties deter several investors reluctant toward long-term investments from opting for the plan. This acts as a key restraint for the market growth. On the contrary, the integration of AI algorithms and data analytics capabilities to create a highly tailored plan for investors is anticipated to present lucrative opportunities for the unit-linked insurance market. Furthermore, the assimilation of environmental, social, and governance (ESG)-centric strategies into the insurance plan is projected to open new avenues for market expansion. According to an article published by KPMG—a British accounting company—approximately 44% of insurance CEOs observe ESG programs as a financial advantage for investors.

Segment Review

The unit-linked insurance market is segmented into mode, distribution channel, and region. On the basis of mode, the market is bifurcated into online and offline. Depending on distribution channel, it is divided into direct from insurers, insurance brokers & agencies, banks, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.

Key Findings

On the basis of mode, the online segment held a high share of the market in 2023.

Depending on distribution channel, the banks segment acquired a high stake in the market in 2023.

Region wise, North America was the highest revenue generator in 2023.

Competition Analysis

The major players of the global unit-linked insurance market include Aviva, Kotak Life, ICICI Prudential Life Insurance, HDFC Life Insurance, AXA S.A., Allianz SE, SBI Life Insurance, Progressive Corporation, Talanx, Zurich Ins Group, and PNB MetLife. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

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  • End user preferences and pain points
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  • Product Benchmarking / Product specification and applications
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  • Scenario Analysis & Growth Trend Comparison
  • Technology Trend Analysis
  • Go To Market Strategy
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Pain Point Analysis
  • Regulatory Guidelines
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  • Additional country or region analysis- market size and forecast
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  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
Key Market Segments

By Mode
  • Online
  • Offline
By Distribution Channel
  • Direct from Insurers
  • Insurance Brokers and Agencies
  • Banks
  • Others
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Colombia
  • Argentina
  • Rest of Latin America
  • MEA
  • Saudi Arabia
  • South Africa
  • UAE
  • Others
  • Key Market Players
  • Aviva
  • Kotak Life
  • ICICI Prudential Life Insurance
  • HDFC Life Insurance
  • AXA S.A.
  • Allianz SE
  • SBI Life Insurance
  • Progressive Corporation
  • Talanx
  • Zurich Ins Group
  • PNB MetLife
CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
  1.4.1. Primary Research
  1.4.2. Secondary Research
  1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
  3.2.1. Top Investment Pockets
  3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
  3.3.1. Bargaining Power of Suppliers
  3.3.2. Threat of New Entrants
  3.3.3. Threat of Substitutes
  3.3.4. Competitive Rivalry
  3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
  3.4.1. Drivers
  3.4.2. Restraints
  3.4.3. Opportunities

CHAPTER 4: UNIT-LINKED INSURANCE MARKET, BY MODE

4.1. Market Overview
  4.1.1 Market Size and Forecast, By Mode
4.2. Online
  4.2.1. Key Market Trends, Growth Factors and Opportunities
  4.2.2. Market Size and Forecast, By Region
  4.2.3. Market Share Analysis, By Country
4.3. Offline
  4.3.1. Key Market Trends, Growth Factors and Opportunities
  4.3.2. Market Size and Forecast, By Region
  4.3.3. Market Share Analysis, By Country

CHAPTER 5: UNIT-LINKED INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1. Market Overview
  5.1.1 Market Size and Forecast, By Distribution Channel
5.2. Direct From Insurers
  5.2.1. Key Market Trends, Growth Factors and Opportunities
  5.2.2. Market Size and Forecast, By Region
  5.2.3. Market Share Analysis, By Country
5.3. Insurance Brokers And Agencies
  5.3.1. Key Market Trends, Growth Factors and Opportunities
  5.3.2. Market Size and Forecast, By Region
  5.3.3. Market Share Analysis, By Country
5.4. Banks
  5.4.1. Key Market Trends, Growth Factors and Opportunities
  5.4.2. Market Size and Forecast, By Region
  5.4.3. Market Share Analysis, By Country
5.5. Others
  5.5.1. Key Market Trends, Growth Factors and Opportunities
  5.5.2. Market Size and Forecast, By Region
  5.5.3. Market Share Analysis, By Country

CHAPTER 6: UNIT-LINKED INSURANCE MARKET, BY REGION

6.1. Market Overview
  6.1.1 Market Size and Forecast, By Region
6.2. North America
  6.2.1. Key Market Trends and Opportunities
  6.2.2. Market Size and Forecast, By Mode
  6.2.3. Market Size and Forecast, By Distribution Channel
  6.2.4. Market Size and Forecast, By Country
  6.2.5. U.S. Unit-Linked Insurance Market
    6.2.5.1. Market Size and Forecast, By Mode
    6.2.5.2. Market Size and Forecast, By Distribution Channel
  6.2.6. Canada Unit-Linked Insurance Market
    6.2.6.1. Market Size and Forecast, By Mode
    6.2.6.2. Market Size and Forecast, By Distribution Channel
6.3. Europe
  6.3.1. Key Market Trends and Opportunities
  6.3.2. Market Size and Forecast, By Mode
  6.3.3. Market Size and Forecast, By Distribution Channel
  6.3.4. Market Size and Forecast, By Country
  6.3.5. France Unit-Linked Insurance Market
    6.3.5.1. Market Size and Forecast, By Mode
    6.3.5.2. Market Size and Forecast, By Distribution Channel
  6.3.6. Germany Unit-Linked Insurance Market
    6.3.6.1. Market Size and Forecast, By Mode
    6.3.6.2. Market Size and Forecast, By Distribution Channel
  6.3.7. Italy Unit-Linked Insurance Market
    6.3.7.1. Market Size and Forecast, By Mode
    6.3.7.2. Market Size and Forecast, By Distribution Channel
  6.3.8. Spain Unit-Linked Insurance Market
    6.3.8.1. Market Size and Forecast, By Mode
    6.3.8.2. Market Size and Forecast, By Distribution Channel
  6.3.9. UK Unit-Linked Insurance Market
    6.3.9.1. Market Size and Forecast, By Mode
    6.3.9.2. Market Size and Forecast, By Distribution Channel
  6.3.10. Rest Of Europe Unit-Linked Insurance Market
    6.3.10.1. Market Size and Forecast, By Mode
    6.3.10.2. Market Size and Forecast, By Distribution Channel
6.4. Asia-Pacific
  6.4.1. Key Market Trends and Opportunities
  6.4.2. Market Size and Forecast, By Mode
  6.4.3. Market Size and Forecast, By Distribution Channel
  6.4.4. Market Size and Forecast, By Country
  6.4.5. China Unit-Linked Insurance Market
    6.4.5.1. Market Size and Forecast, By Mode
    6.4.5.2. Market Size and Forecast, By Distribution Channel
  6.4.6. Japan Unit-Linked Insurance Market
    6.4.6.1. Market Size and Forecast, By Mode
    6.4.6.2. Market Size and Forecast, By Distribution Channel
  6.4.7. India Unit-Linked Insurance Market
    6.4.7.1. Market Size and Forecast, By Mode
    6.4.7.2. Market Size and Forecast, By Distribution Channel
  6.4.8. South Korea Unit-Linked Insurance Market
    6.4.8.1. Market Size and Forecast, By Mode
    6.4.8.2. Market Size and Forecast, By Distribution Channel
  6.4.9. Australia Unit-Linked Insurance Market
    6.4.9.1. Market Size and Forecast, By Mode
    6.4.9.2. Market Size and Forecast, By Distribution Channel
  6.4.10. Rest of Asia-Pacific Unit-Linked Insurance Market
    6.4.10.1. Market Size and Forecast, By Mode
    6.4.10.2. Market Size and Forecast, By Distribution Channel
6.5. Latin America
  6.5.1. Key Market Trends and Opportunities
  6.5.2. Market Size and Forecast, By Mode
  6.5.3. Market Size and Forecast, By Distribution Channel
  6.5.4. Market Size and Forecast, By Country
  6.5.5. Brazil Unit-Linked Insurance Market
    6.5.5.1. Market Size and Forecast, By Mode
    6.5.5.2. Market Size and Forecast, By Distribution Channel
  6.5.6. Colombia Unit-Linked Insurance Market
    6.5.6.1. Market Size and Forecast, By Mode
    6.5.6.2. Market Size and Forecast, By Distribution Channel
  6.5.7. Argentina Unit-Linked Insurance Market
    6.5.7.1. Market Size and Forecast, By Mode
    6.5.7.2. Market Size and Forecast, By Distribution Channel
  6.5.8. REST oF Latin America Unit-Linked Insurance Market
    6.5.8.1. Market Size and Forecast, By Mode
    6.5.8.2. Market Size and Forecast, By Distribution Channel
6.6. MEA
  6.6.1. Key Market Trends and Opportunities
  6.6.2. Market Size and Forecast, By Mode
  6.6.3. Market Size and Forecast, By Distribution Channel
  6.6.4. Market Size and Forecast, By Country
  6.6.5. Saudi Arabia Unit-Linked Insurance Market
    6.6.5.1. Market Size and Forecast, By Mode
    6.6.5.2. Market Size and Forecast, By Distribution Channel
  6.6.6. South Africa Unit-Linked Insurance Market
    6.6.6.1. Market Size and Forecast, By Mode
    6.6.6.2. Market Size and Forecast, By Distribution Channel
  6.6.7. UAE Unit-Linked Insurance Market
    6.6.7.1. Market Size and Forecast, By Mode
    6.6.7.2. Market Size and Forecast, By Distribution Channel
  6.6.8. Others Unit-Linked Insurance Market
    6.6.8.1. Market Size and Forecast, By Mode
    6.6.8.2. Market Size and Forecast, By Distribution Channel

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top Winning Strategies
7.3. Product Mapping Of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top Player Positioning, 2023

CHAPTER 8: COMPANY PROFILES

8.1. Aviva
  8.1.1. Company Overview
  8.1.2. Key Executives
  8.1.3. Company Snapshot
  8.1.4. Operating Business Segments
  8.1.5. Product Portfolio
  8.1.6. Business Performance
  8.1.7. Key Strategic Moves and Developments
8.2. Kotak Life
  8.2.1. Company Overview
  8.2.2. Key Executives
  8.2.3. Company Snapshot
  8.2.4. Operating Business Segments
  8.2.5. Product Portfolio
  8.2.6. Business Performance
  8.2.7. Key Strategic Moves and Developments
8.3. ICICI Prudential Life Insurance
  8.3.1. Company Overview
  8.3.2. Key Executives
  8.3.3. Company Snapshot
  8.3.4. Operating Business Segments
  8.3.5. Product Portfolio
  8.3.6. Business Performance
  8.3.7. Key Strategic Moves and Developments
8.4. HDFC Life Insurance
  8.4.1. Company Overview
  8.4.2. Key Executives
  8.4.3. Company Snapshot
  8.4.4. Operating Business Segments
  8.4.5. Product Portfolio
  8.4.6. Business Performance
  8.4.7. Key Strategic Moves and Developments
8.5. AXA S.A.
  8.5.1. Company Overview
  8.5.2. Key Executives
  8.5.3. Company Snapshot
  8.5.4. Operating Business Segments
  8.5.5. Product Portfolio
  8.5.6. Business Performance
  8.5.7. Key Strategic Moves and Developments
8.6. Allianz SE
  8.6.1. Company Overview
  8.6.2. Key Executives
  8.6.3. Company Snapshot
  8.6.4. Operating Business Segments
  8.6.5. Product Portfolio
  8.6.6. Business Performance
  8.6.7. Key Strategic Moves and Developments
8.7. SBI Life Insurance
  8.7.1. Company Overview
  8.7.2. Key Executives
  8.7.3. Company Snapshot
  8.7.4. Operating Business Segments
  8.7.5. Product Portfolio
  8.7.6. Business Performance
  8.7.7. Key Strategic Moves and Developments
8.8. Progressive Corporation
  8.8.1. Company Overview
  8.8.2. Key Executives
  8.8.3. Company Snapshot
  8.8.4. Operating Business Segments
  8.8.5. Product Portfolio
  8.8.6. Business Performance
  8.8.7. Key Strategic Moves and Developments
8.9. Talanx
  8.9.1. Company Overview
  8.9.2. Key Executives
  8.9.3. Company Snapshot
  8.9.4. Operating Business Segments
  8.9.5. Product Portfolio
  8.9.6. Business Performance
  8.9.7. Key Strategic Moves and Developments
8.10. Zurich Ins Group
  8.10.1. Company Overview
  8.10.2. Key Executives
  8.10.3. Company Snapshot
  8.10.4. Operating Business Segments
  8.10.5. Product Portfolio
  8.10.6. Business Performance
  8.10.7. Key Strategic Moves and Developments
8.11. PNB MetLife
  8.11.1. Company Overview
  8.11.2. Key Executives
  8.11.3. Company Snapshot
  8.11.4. Operating Business Segments
  8.11.5. Product Portfolio
  8.11.6. Business Performance
  8.11.7. Key Strategic Moves and Developments


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