Life Insurance Market Size and Trend Analysis by Region, Competitive Landscape, Opportunities and Forecast to 2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$3999
Buy Report View Sample

Published: November 27, 2023 Report Code: GDIS2775MR-ST

Select Item

Life Insurance Market Report Overview

The estimated written premium of the life insurance market was $3.66 trillion in 2023 and will achieve a CAGR of more than 6% during 2024-2028. Positive regulatory developments, innovation, and rising inflation rates across the world will support the growth of the life insurance market in the coming years.

The life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook of the life insurance segment. It also provides values for key performance indicators such as written premiums and claims during the review period and forecast period.

Life Insurance Market Outlook, 2023-2028 ($ Trillion)

Life Insurance Market Outlook, 2023-2028 ($ Trillion)

Buy Full Report to Gain More Information about the Life Insurance Market Forecast

Download A Free Report Sample

The life insurance market report also gives a comprehensive overview of the global and regional life insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview, and developments in the industry.

The report includes an insight into key technological developments impacting the global life insurance industry. It further evaluates the competitive landscape in the country, which entails an overview and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region.

Market Size (2023) $3.66 trillion
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Regions ·        Asia-Pacific

·        Europe

·        Middle East and Africa

·        North America

·        South and Central America
Key Lines of Business ·        Whole Life

·        General Annuity

·        Pension

·        Term Life

·        Endowment
Key Distribution Channels ·        Direct from Insurers

·        Insurance Brokers

·        Financial Advisors

·        Banks

·        Online Aggregators
Leading Companies ·        Legal & General

·        China Life

·        Ping An

·        Prudential Financial

·        MetLife
Enquire &Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Life Insurance Market Trends

ESG, inclusive insurance, personalization, and insurtech are the recurring trends in the life insurance market.

ESG will continue to be a central part of any leading business strategy over the coming years. For instance, Colombia’s government is focused on developing a green bond market that helps the country meet its ESG goals. The market will help channel private sector capital towards environmental priorities.

The advancement of AI and data analytics are helping insurers offer policies catering to individual needs. These personalized policies can be bought and managed online. For example, in India, HDFC Life’s InstA platform uses advanced analytics and machine learning to offer customized products and services based on customer behaviors and preferences.

Life Insurance Market Segmentation by Regions

North America had the leading life insurance market in 2023

The key regions in the life insurance industry are Asia-Pacific, Europe, the Middle East and Africa, North America, and South and Central America. The US, Canada, and Mexico are the main countries responsible for the growth of the life insurance market in North America.

The growing prominence of alternative investment managers within life insurance, regulatory and accounting changes, and volatile macroeconomic conditions are driving product strategy alterations, competitive landscape changes, and greater M&A activity.

Life Insurance Market Analysis by Regions, 2023 (%)

Life Insurance Market Analysis by Regions, 2023 (%)

Buy the Full Report for more Regional Insights into the Life Insurance Market

Download A Free Report Sample

Life Insurance Market Segmentation by Lines of Business

General annuity was the leading life insurance line of business in 2023

A few of the key lines of business in the life insurance industry are whole life, general annuity, pension, term life, and endowment. Mature life insurance markets (such as the European market) remained dominated by capital-intensive savings insurance products during 2019-2023.

The aging global population will support pension demand over 2024-2028. Pension growth will also benefit from conducive regulatory policies in many countries.

 Life Insurance Market Analysis by Lines of Business, 2023 (%)

 Life Insurance Market Analysis by Lines of Business, 2023 (%)

Buy the Full Report for more Lines of Business Insights into the Life Insurance Market

Download A Free Report Sample

Life Insurance Market Segmentation by Distribution Channels

A few of the key distribution channels in the life insurance industry are direct from insurers, banks, insurance brokers, online aggregators, and financial advisors. Direct from insurers was the preferred channel for buying life insurance across most Asia-Pacific markets, except the Philippines, Taiwan (Province of China), Singapore, Hong Kong (China SAR), and Thailand. Notably, the direct channel was particularly dominant in Japan.

Life Insurance Market Analysis by Distribution Channels, 2023 (%)

 Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Buy the Full Report for more Distribution Channel Insights into the Life Insurance Market

Download A Free Report Sample

Life Insurance Market - Competitive Landscape

Legal & General was the leading life insurer in 2022

A few of the leading life insurance companies are:

  • Legal & General
  • China Life
  • Ping An
  • Prudential Financial
  • MetLife

Life Insurance Market Analysis by Insurers, 2022 (%)

Life Insurance Market Analysis by Insurers, 2022 (%)

Buy the Full Report to Know More about the Insurers in the Life Insurance Market

Download A Free Report Sample

Life Insurance Market – Latest Developments

  • In August 2023, IRDAI issued a circular permitting modifications to life insurer products that have been withdrawn from sale. This provides additional options and benefits to policyholders while ensuring their existing benefits are not adversely affected.
  • In October 2023, the Brazilian Securities and Exchange Commission announced a new resolution related to the Ecological Transformation Plan, requiring companies to prepare and disclose annual reports on ESG voluntarily.

Segments Covered in the Report

Life Insurance Regional Outlook (Value, $ Trillion, 2019-2028)

  • Asia-Pacific
  • Europe
  • Middle East and Africa
  • North America
  • South and Central America

 Life Insurance Lines of Business Outlook (Value, $ Trillion, 2019-2028)

  • Whole Life
  • General Annuity
  • Pension
  • Term Life
  • Endowment

 Life Insurance Distribution Channel Outlook (Value, $ Trillion, 2019-2028)

  • Direct from Insurers
  • Insurance Brokers
  • Financial Advisors
  • Banks
  • Online Aggregators

Scope

This report provides:

  • A comprehensive analysis of the global life insurance industry.

  • Historical values for the global and regional life insurance industry for the report’s review period and projected figures for the forecast period.

  • Detailed analysis of the regional life insurance industry and market forecasts to 2027.

  • Key market trends in the global life insurance industry.

  • Provides rankings, premiums, and market share of top global and regional life insurers and analyzes the competitive landscape.

Key Highlights

  • Key insights and dynamics of the life insurance industry.

  • Insights on key market trends in the life insurance industry.

  • Insights on key growth and profitability challenges in the life insurance industry.

  • Comparative analysis of leading life insurance providers.

  • In-depth analysis of regional markets.

  • Insight on the future growth trend and market outlook.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the global and regional life insurance industry.

  • In-depth market analysis, information, and insights into the global life insurance industry.

  • In-depth analysis of the competitive landscape and top 20 regional markets.

  • Understand the key dynamics, trends, and growth opportunities in the global and regional life insurance industry.

  • Identify key regulatory developments impacting market growth.

  • Identify growth opportunities in key regional markets.

Legal & General
China Life
Ping An
Prudential Financial
MetLife
LIC
Generali
Nippon Life
Dai-ichi Life
MassMutual
New York Life
Aviva
AIA
CNP Assurances
AXA
Manulife
Allianz
Apollo Global
Aegon
Meiji Yasuda

Table of Contents

Executive Summary

Key Market Trends

Global Overview

Competitive Landscape

Company Profiles

Asia-Pacific

Europe

Middle East and Africa

North America

South and Central America

Market Outlook

Appendix

Frequently asked questions

Life Insurance Market Size and Trend Analysis by Region, Competitive Landscape, Opportunities and Forecast to 2028 standard reports
Currency USD
$3,999

Can be used by individual purchaser only

Most Popular
$7,998

Can be shared by unlimited users within one corporate location e.g. a regional office

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Life Insurance Market Size and Trend Analysis by Region, Competitive Landscape, Opportunities and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Life Insurance reports
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
Belgium PESTLE Insights - A Macroeconomic Outlook Report
$500 | April 2024
Financial Services
New
United Kingdom (UK) Whole of Life Assurance Distribution Dynamics and…
$1,295 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Life Insurance Market Size and Trend Analysis by Region, Competitive Landscape, Opportunities and Forecast to 2028 in real time.

  • Access a live Life Insurance Market Size and Trend Analysis by Region, Competitive Landscape, Opportunities and Forecast to 2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more