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Term Life Insurance Global Market Opportunities And Strategies To 2030

Region:Global

Product Code:o&s128

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Published On

April 2020

Total pages

293

About the Report

This report describes and evaluates the global term life insurance market. It covers two five-year periods, one three-year period and one six-year period including, 2015 to 2019, termed the historic period, and 2019 to 2023 forecast period, 2023-2025 forecast period and 2025 -2030 the forecast period.
 
The global term life insurance market reached a value of nearly USD 778.8 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.87% since 2015, and is expected to grow at a CAGR of 9.67% to nearly USD 1,126.6 billion by 2023. Also, the market is expected to grow to USD 1,353.0 billion in 2025 at a CAGR of 9.59% and to USD 2,217.9 billion in 2030 at a CAGR of 10.39%.
 
Growth in the historic period resulted from economic growth, and government led insurance reforms. Factors that negatively affected growth in the historic period were lack of awareness, and limited coverage of illness death causes mistrust.
 
Going forward, growth of middle-class group in emerging market, and increase in chronic diseases and disabilities are expected to drive the market. Factor that could hinder the growth of the term life insurance market in the future include non-investment grade.
 
The term life insurance market is segmented by type of insurance into individual level term life insurance, group level term life insurance, and decreasing term life insurance. The individual level term life insurance market was the largest segment of the term life insurance market, accounting for USD 600.93 billion or 77.2% of the total market in 2019. The group level term insurance market is expected to be the fastest growing segment going forward at a CAGR of 13.2% during 2019-2023.
 
The term life insurance market is segmented by type of distribution channel into tied agents and branches, brokers, bancassurance, and direct and other channels. The tied agents and branches was the largest segment of the term life insurance market by distribution channel, accounting for USD 256.03 billion or 32.9% of the total market in 2019. The bancassurance market is expected to be the fastest-growing segment going forward at a CAGR of 14.1% during 2019-2023.
 
Asia Pacific was the largest region in the term life insurance market, accounting for 49.4% of the global market in 2019. It was followed by North America and Western Europe, and the other regions. Going forward, the fastest growing regions in the term life insurance market will be Eastern Europe and Asia Pacific, where growth will be at CAGRs of 17.1% and 14.9% respectively from 2019-2023.
 
The global term life insurance market is highly fragmented with a large number of small players in the market. The top ten competitors of the market made up to 3.30% share of the total market in 2018. Major players in the market include MetLife, Aegon Life Insurance Company, Prudential Financial, Northwestern Mutual, State Farm, and others.
 
The top growth potential in the term life insurance market by type of insurance will arise in individual level term life insurance market, which will gain USD 234.38 billion of global annual sales by 2023. The top growth potential in the term life insurance market by type of distribution channel will arise in bancassurance market, which will gain USD 129.74 billion of global annual sales by 2023. The term life insurance market size will gain the most in China at USD 214.18 billion. Market-trend-based strategies for the term life insurance market include integrating their processes with advance technologies to automate business processes, using big data analytics solutions to analyze large volume of data, and investing in technologies. Player-adopted strategies in the term life insurance industry include expanding distribution network through joint ventures and partnerships with third parties, and improving customer engagement through strategic acquisitions.
 
To take advantage of the opportunities, The Business Research Company recommends the term life insurance companies to offer tailored insurance policies, collaborate with tech startups to offer the best term life insurance policies to the clients, use automation and big data technologies to improve operational efficiencies, expand offerings in emerging markets, provide competitively priced offerings and focus on creating advertising content on digital platforms to increase sales, among other strategies.

Scope of the Report

Products

By Type Of Insurance: Individual Level Term Life Insurance; Group Level Term Life Insurance; Decreasing Term Life Insurance By Type Of Distribution Channel: Tied Agents And Branches; Brokers; Bancassurance; Direct And Other Channels

Companies

MetLife; Aegon Life Insurance Company; Prudential Financial; Northwestern Mutual; State Farm

Table of Contents

1. Term Life Insurance Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction

6.1.1. Segmentation By Geography

6.1.2. Segmentation By Type Of Insurance

6.1.3. Segmentation By Distribution Channel

7. Term Life Insurance Market Characteristics

7.1. Market Definition

7.2. Market Segmentation By Type Of Insurance

7.2.1. Individual Level Term Life Insurance (or Individual Term Insurance)

7.2.2. Group Level Term Life Insurance (or Group Term Insurance)

7.2.3. Decreasing Term Life Insurance

7.3. Market Segmentation By Distribution Channel

7.3.1. Tied Agents And Branches

7.3.2. Brokers

7.3.3. Bancassurance

7.3.4. Direct And Other Channels

8. Global Term Life Insurance Market Size And Growth

8.1. Historic And Forecast Market Growth, Value (USD Billion)

8.1.1. Drivers Of The Market 2015-2019

8.1.2. Restraints On The Market 2015-2019

8.1.3. Drivers Of The Market 2019-2023

8.1.4. Restraints On The Market 2019-2023

9. Global Term Life Insurance Market Segmentation

9.1. Global Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

9.1.1. Individual Level Term Life Insurance

9.1.2. Group Level Term Life Insurance

9.1.3. Decreasing Term Life Insurance

9.2. Global Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

9.2.1. Tied Agents And Branches

9.2.2. Brokers

9.2.3. Bancassurance

10. Term Life Insurance Market, Regional And Country Analysis

10.1. Global Term Life Insurance Market, By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

10.2. Global Term Life Insurance Market, By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11. Asia-Pacific Term Life Insurance Market

11.1. Asia-Pacific Term Life Insurance Market Overview

11.1.1. Region Information

11.1.2. Market Information

11.1.3. Background Information

11.1.4. Regulations

11.1.5. Regulatory Bodies

11.1.6. Major Associations

11.1.7. Taxes Levied

11.1.8. Corporate Tax Structure

11.1.9. Investments

11.1.10. Major Companies

11.2. Asia-Pacific Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.3.Asia-Pacific Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.4. Asia-Pacific Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.5. Asia-Pacific Term Life Insurance Market: Country Analysis

11.6. China Term Life Insurance Market

11.7. China Term Life Insurance Market Overview

11.7.1. Country Information

11.7.2. Market Information

11.7.3. Background Information

11.7.4. Regulations

11.7.5. Regulatory Bodies

11.7.6. Major Associations

11.7.7. Taxes Levied

11.7.8. Corporate Tax Structure

11.7.9. Investments

11.7.10. Major Companies

11.8. China Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.9.China Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.10. China Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.11. India Term Life Insurance Market

11.12. India Term Life Insurance Market Overview

11.12.1. Country Information

11.12.2. Market Information

11.12.3. Background Information

11.12.4. Regulations

11.12.5. Regulatory Bodies

11.12.6. Major Associations

11.12.7. Taxes Levied

11.12.8. Corporate Tax Structure

11.12.9. Investments

11.12.10. Major Companies

11.13. India Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.14. India Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.15. India Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.16. Japan Term Life Insurance Market

11.17. Japan Term Life Insurance Market Overview

11.18. Japan Accounting Services Market Overview

11.18.1. Country Information

11.18.2. Market Information

11.18.3. Background Information

11.18.4. Regulations

11.18.5. Regulatory Bodies

11.18.6. Major Associations

11.18.7. Taxes Levied

11.18.8. Corporate Tax Structure

11.18.9. Major Companies

11.19. Japan Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.20. Japan Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.21. Japan Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.22. Australia Term Life Insurance Market

11.23. Australia Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.24. Australia Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.25. Australia Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.26. Indonesia Term Life Insurance Market

11.27. Indonesia Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.28. Indonesia Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.29. Indonesia Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.30. South Korea Term Life Insurance Market

11.31. South Korea Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

11.32. South Korea Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

11.33. South Korea Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12. Western Europe Term Life Insurance Market

12.1. Western Europe Term Life Insurance Market Overview

12.1.1. Region/Country Information

12.1.2. Market Information

12.1.3. Background Information

12.1.4. Regulations

12.1.5. Regulatory Bodies

12.1.6. Major Associations

12.1.7. Taxes Levied

12.1.8. Corporate Tax Structure

12.1.9. Investments

12.1.10. Major Companies

12.2. Western Europe Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

12.3.Western Europe Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.4. Western Europe Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.5. Western Europe Term Life Insurance Market: Country Analysis

12.6. UK Term Life Insurance Market

12.7. UK Term Life Insurance Market Overview

12.7.1. Country Information

12.7.2. Market Information

12.7.3. Background Information

12.7.4. Regulations

12.7.5. Regulatory Bodies

12.7.6. Major Associations

12.7.7. Taxes Levied

12.7.8. Corporate Tax Structure

12.7.9. Investments

12.7.10. Major Companies

12.8. UK Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

12.9.UK Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.10. UK Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.11. Germany Term Life Insurance Market

12.12. Germany Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

12.13. Germany Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.14. Germany Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.15. France Term Life Insurance Market

12.16. France Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

12.17. France Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

12.18. France Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

13. Eastern Europe Term Life Insurance Market

13.1. Eastern Europe Term Life Insurance Market Overview

13.1.1. Region Information

13.1.2. Market Information

13.1.3. Background Information

13.1.4. Regulations

13.1.5. Regulatory Bodies

13.1.6. Major Associations

13.1.7. Taxes Levied

13.1.8. Corporate Tax Structure

13.1.9. Investments

13.1.10. Major Companies

13.2. Eastern Europe Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

13.3.Eastern Europe Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

13.4. Eastern Europe Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

13.5. Eastern Europe Term Life Insurance Market: Country Analysis

13.6. Russia Term Life Insurance Market

13.7. Russia Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

13.8.Russia Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

13.9. Russia Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

14. North America Term Life Insurance Market

14.1. North America Term Life Insurance Market Overview

14.1.1. Region Information

14.1.2. Market Information

14.1.3. Background Information

14.1.4. Regulations

14.1.5. Regulatory Bodies

14.1.6. Major Associations

14.1.7. Taxes Levied

14.1.8. Corporate Tax Structure

14.1.9. Investments

14.1.10. Major Companies

14.2. North America Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

14.3.North America Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

14.4. North America Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

14.5. North America Term Life Insurance Market: Country Analysis

14.6. USA Term Life Insurance Market

14.7. USA Term Life Insurance Market Overview

14.7.1. Country Information

14.7.2. Market Information

14.7.3. Background Information

14.7.4. Regulations

14.7.5. Regulatory Bodies

14.7.6. Major Associations

14.7.7. Corporate Tax Structure

14.7.8. Investments

14.7.9. Major Companies

14.8. USA Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

14.9.USA Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

14.10. USA Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

15. South America Term Life Insurance Market

15.1. South America Term Life Insurance Market Overview

15.1.1. Region Information

15.1.2. Market Information

15.1.3. Background Information

15.1.4. Regulations

15.1.5. Regulatory Bodies

15.1.6. Major Associations

15.1.7. Taxes Levied

15.1.8. Corporate Tax Structure

15.1.9. Investments

15.1.10. Major Companies

15.2. South America Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

15.3.South America Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

15.4. South America Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

15.5. South America Term Life Insurance Market: Country Analysis

15.6. Brazil Term Life Insurance Market

15.7. Brazil Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

15.8.Brazil Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

15.9. Brazil Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

16. Middle East Term Life Insurance Market

16.1. Middle East Term Life Insurance Market Overview

16.1.1. Region Information

16.1.2. Market Information

16.1.3. Background Information

16.1.4. Regulations

16.1.5. Regulatory Bodies

16.1.6. Major Associations

16.1.7. Taxes Levied

16.1.8. Corporate Tax Structure

16.1.9. Major Companies

16.2. Middle East Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

16.3.Middle East Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

16.4. Middle East Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

17. Africa Term Life Insurance Market

17.1. Africa Term Life Insurance Market Overview

17.1.1. Region Information

17.1.2. Market Information

17.1.3. Background Information

17.1.4. Regulations

17.1.5. Regulatory Bodies

17.1.6. Major Associations

17.1.7. Corporate Tax Structure

17.1.8. Investments

17.1.9. Major Companies

17.2. Africa Term Life Insurance Market, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion

17.3.Africa Term Life Insurance Market, Segmentation By Type Of Insurance, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

17.4. Africa Term Life Insurance Market, Segmentation By Distribution Channel, Historic And Forecast, 2015-2019, 2023F, 2025F, 2030F, Value (USD Billion)

18. Global Term Life Insurance Market Competitive Landscape

18.1. Company Profiles

18.2. MetLife

18.2.1. Company Overview

18.2.2. Products And Services

18.2.3. Business Strategy

18.2.4. Financial Overview

18.3. Aegon Life Insurance Company

18.3.1. Company Overview

18.3.2. Products And Services

18.3.3. Business Strategy

18.3.4. Financial Overview

18.4. Prudential Financial

18.4.1. Company Overview

18.4.2. Products And Services

18.4.3. Business Strategy

18.4.4. Financial Overview

18.5. Northwestern Mutual

18.5.1. Company Overview

18.5.2. Products And Services

18.5.3. Business Strategy

18.5.4. Financial Overview

18.6. State Farm

18.6.1. Company Overview

18.6.2. Products And Services

18.6.3. Financial Overview

19. Key Mergers And Acquisitions In The Term Life Insurance Market

19.1. The Empire Life Insurance Company Acquired Stake In The Gryphin Advantage Inc.

19.2. Nassau Financial Group, L.P. Acquired Foresters Financial Holding Company, Inc. And Foresters Life Insurance And Annuity Company (FLIAC)

19.3. Chubb Life Acquired Life Insurance Business From Scotia Life Insurance Company

19.4. TAL Dai-ichi Life Australia Pty Ltd (TAL) Acquired Suncorp's Australian Life Insurance Business

19.5. Kuvare US Holdings, Inc. Acquired United Life Insurance Company

20. Term Life Insurance Market Trends And Strategies

20.1. Technologies To Aid Automation Of Insurance

20.2. Increasing Usage of Big Data by Global Insurers

20.3. Epigenetics To Lay Foundation For Personalized Insurance Premiums

20.4. Tailored Insurance For Clients Leading A Healthier Lifestyle

20.5. Financial Advisors Increasingly Offering Term Life Insurance

21. Term Life Insurance Market Future Outlook and Potential Analysis

21.1. Global Term Life Insurance Market In 2023-Countries Offering Most New Opportunities

21.2. Global Term Life Insurance Market In 2023- Segments Offering Most New Opportunities

21.3. Global Term Life Insurance Market In 2023- Segments Offering Most New Opportunities

21.4. Global Term Life Insurance Market In 2023-Growth Strategies

21.4.1. Market Trend Based Strategies

21.4.2. Competitor Strategies

22. Term Life Insurance Market, Conclusions And Recommendations

22.1. Conclusions

22.2. Recommendations

22.2.1. Product

22.2.2. Place

22.2.3. Price

22.2.4. Promotion

22.2.5. People

23. Appendix

23.1. Market Data Sources

23.2. NAICS Definition of Industry Covered in This Report

23.3. Research Methodology

23.4. Currencies

23.5. Research Inquiries

23.6. The Business Research Company

23.7. Copyright and Disclaimer

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