The finance sector has been consistently treading through uncertainty and exhibited fluctuating growth patterns over the past few years due to an array of factors. A number of insurance companies have entered the current financial ecosystem around the world due to which, there is no dearth of insurance services, particularly in the urban regions of the world. Some of the factors that have had a negative impact on the demand for term insurance include looming threat of a global recession, low interest rates, and stagnant growth. At present, players operating in the current term insurance market landscape are focusing on devising strategic plans and transformation programs to roll out products and solutions to attract a larger consumer base.
The evolving demographics around different regions of the world coupled with a considerable shift in lifestyle choices are factors expected to have a strong influence on the term insurance market during the forecast period. Insurance companies are projected to consistently forge solid customer-relationships by finding value proposition. One of the leading factors that is likely to provide an impetus for the growth of the term insurance market is the noteworthy rise in the middle class population, especially in developing regions of the world, including Middle East & Africa and Asia Pacific.
At the back of these factors, along with consistent expansion into newer markets by several top tier insurance companies, the global term insurance market is expected to attain a market value of US$ 353.4 Bn by the end of 2030.
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The consistent shift in the overall demographics around the world is expected to remain a key factor that is likely to influence the expansion of the global term insurance market. While a significant rise in the aging population, along with low birth rates in certain regions of the world could potentially hinder the demand for term insurance in these regions, the exponential surge in the middle class population in developing regions of the world is projected to provide lucrative opportunities for insurers.
In addition, as consumers in Asia Pacific and Africa continue to focus on savings, the demand for term insurance policies in these regions has witnessed considerable growth over the past decade– a trend that is anticipated to continue during the forecast period.
As technological advancements continue to penetrate the financial sector, customer expectations around the world have increased. At present, players operating in the current term insurance market are increasingly focusing on creating improving the efficiency of their digital channels and customization to gain an edge in the competitive market landscape. The analysts at Transparency Market Research are of the opinion that high customization, low unit costs, and innovations are expected to have a positive impact on the sales of term insurance policies over the assessment period.
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Due to the digital transformation across the term finance market worldwide, players in the term insurance market are increasingly focusing on improving their digital presence and services to establish a strong foothold in the market. Although sales via online channels are likely to remain lower than offline sales channels in the first half of the assessment period, as technology continues to evolve, more number of consumers are expected to turn to online distribution channels due to convenience and lower costs. In addition, as Internet-savvy consumers continue to grow in numbers in the various regions of the world, online sales are expected to witness consistent growth during the assessment period.
The ongoing COVID-19 pandemic has had a strong impact on various core industrial sectors. However, one of the few markets that is expected to witness growth amid the ongoing pandemic is the term insurance market. The COVID-19 pandemic has had a strong influence on the term and health insurance segment in several regions around the world. The demand for term insurance policies has witnessed considerable rise in 2020 and as per current observations, term insurance covers are likely to gain further momentum as lockdown norms in several nations are relaxed.
Although rising costs of term insurance covers could pose as a major barrier, market players are strongly emphasizing on revising their interest rates and reinsurance premium rates to increase sales.
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Analysts’ Viewpoint
The global term insurance market is expected to grow at a moderate CAGR of ~4% during the forecast period. The market growth is primarily driven by a range of factors, including rising middle-class population in developing regions, availability of a range of bespoke term insurance covers, and advent of new digital sales channels. Market players should largely focus on devising effective marketing strategies, along with building customer relationships by finding a value proposition to establish a solid foothold in the current market landscape. Although online sales will remain lower than that of offline sales during the first half of the forecast period, the trend is expected to change in the second half of the forecast period.
Term Insurance Market – Segmentation
TMR’s study on the global term insurance market includes information categorized into three sections ? by type, buying channel, and region. Changing industry trends and other crucial market dynamics associated with these sections of the term insurance market have been discussed in detail.
|
Type |
Level Term Policy Renewable or Convertible Annual Renewable Term Mortgage Life Insurance |
|
Buying Channel |
Direct Channel
Indirect Channel
|
|
Region |
North America
Europe
Asia Pacific
Middle East & Africa
South America
|
Section 1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
Section 2. Assumptions
Section 3. Research Methodology
Section 4. Executive Summary
Section 5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Industry SWOT Analysis
5.4. Porter’s Five Forces Analysis
5.5. Ecosystem Analysis
5.6. COVID-19 Impact Analysis – Regional Level
5.7. Consumer Buying Behavior
5.8. Key Trends Analysis
5.8.1. Demand Side Analysis
5.8.2. Supply Side Analysis
5.9. Key Market Indicators
5.9.1. Overview on Population of Major Countries
5.9.2. Overview on Age Demographics of Major Countries
5.10. Global Term Insurance Market Analysis and Forecast, 2018 - 2030
5.10.1. Market Revenue Projections (US$ Bn)
Section 6. Global Term Insurance Market Analysis and Forecast, By Type
6.1. Global Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
6.1.1. Level Term Policy
6.1.2. Renewable or Convertible
6.1.3. Annual Renewable Term
6.1.4. Mortgage Life Insurance
6.2. Incremental Opportunity, By Type
Section 7. Global Term Insurance Market Analysis and Forecast, By Buying Channel
7.1. Global Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
7.1.1. Direct Channel
7.1.1.1. Direct E-mail
7.1.1.2. Call Center
7.1.1.3. Online Company Websites
7.1.2. Indirect Channel
7.1.2.1. Agency
7.1.2.2. Brokers
7.1.2.3. Online Aggregators
7.2. Incremental Opportunity, By Buying Channel
Section 8. Global Term Insurance Market Analysis and Forecast, By Region
8.1. Term Insurance Market Size (US$ Bn) Forecast, By Region, 2018-2030
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Middle East & Africa
8.1.5. South America
8.2. Incremental Opportunity, By Region
Section 9. North America Term Insurance Market Analysis and Forecast
9.1. Regional Snapshot
9.2. Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
9.2.1. Level Term Policy
9.2.2. Renewable or Convertible
9.2.3. Annual Renewable Term
9.2.4. Mortgage Life Insurance
9.3. Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
9.3.1. Direct Channel
9.3.1.1. Direct E-mail
9.3.1.2. Call Center
9.3.1.3. Online Company Websites
9.3.2. Indirect Channel
9.3.2.1. Agency
9.3.2.2. Brokers
9.3.2.3. Online Aggregators
9.4. Term Insurance Market Size (US$ Bn) Forecast, By Country & Sub-region, 2018-2030
9.4.1. U.S.
9.4.2. Canada
9.4.3. Rest of North America
9.5. Incremental Opportunity Analysis
Section 10. Europe Term Insurance Market Analysis and Forecast
10.1. Regional Snapshot
10.2. Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
10.2.1. Level Term Policy
10.2.2. Renewable or Convertible
10.2.3. Annual Renewable Term
10.2.4. Mortgage Life Insurance
10.3. Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
10.3.1. Direct Channel
10.3.1.1. Direct E-mail
10.3.1.2. Call Center
10.3.1.3. Online Company Websites
10.3.2. Indirect Channel
10.3.2.1. Agency
10.3.2.2. Brokers
10.3.2.3. Online Aggregators
10.4. Term Insurance Market Size (US$ Bn) Forecast, By Country & Sub-region, 2018-2030
10.4.1. U.K.
10.4.2. Germany
10.4.3. France
10.4.4. Rest of Europe
10.5. Incremental Opportunity Analysis
Section 11. Asia Pacific Term Insurance Market Analysis and Forecast
11.1. Regional Snapshot
11.2. Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
11.2.1. Level Term Policy
11.2.2. Renewable or Convertible
11.2.3. Annual Renewable Term
11.2.4. Mortgage Life Insurance
11.3. Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
11.3.1. Direct Channel
11.3.1.1. Direct E-mail
11.3.1.2. Call Center
11.3.1.3. Online Company Websites
11.3.2. Indirect Channel
11.3.2.1. Agency
11.3.2.2. Brokers
11.3.2.3. Online Aggregators
11.4. Term Insurance Market Size (US$ Bn) Forecast, By Country & Sub-region, 2018-2030
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. Rest of Asia Pacific
11.5. Incremental Opportunity Analysis
Section 12. Middle East & Africa Term Insurance Market Analysis and Forecast
12.1. Regional Snapshot
12.2. Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
12.2.1. Level Term Policy
12.2.2. Renewable or Convertible
12.2.3. Annual Renewable Term
12.2.4. Mortgage Life Insurance
12.3. Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
12.3.1. Direct Channel
12.3.1.1. Direct E-mail
12.3.1.2. Call Center
12.3.1.3. Online Company Websites
12.3.2. Indirect Channel
12.3.2.1. Agency
12.3.2.2. Brokers
12.3.2.3. Online Aggregators
12.4. Term Insurance Market Size (US$ Bn) Forecast, By Country & Sub-region, 2018-2030
12.4.1. GCC
12.4.2. South Africa
12.4.3. Rest of Middle East & Africa
12.5. Incremental Opportunity Analysis
Section 13. South America Term Insurance Market Analysis and Forecast
13.1. Regional Snapshot
13.2. Term Insurance Market Size (US$ Bn) Forecast, By Type, 2018-2030
13.2.1. Level Term Policy
13.2.2. Renewable or Convertible
13.2.3. Annual Renewable Term
13.2.4. Mortgage Life Insurance
13.3. Term Insurance Market Size (US$ Bn) Forecast, By Buying Channel, 2018-2030
13.3.1. Direct Channel
13.3.1.1. Direct E-mail
13.3.1.2. Call Center
13.3.1.3. Online Company Websites
13.3.2. Indirect Channel
13.3.2.1. Agency
13.3.2.2. Brokers
13.3.2.3. Online Aggregators
13.4. Term Insurance Market Size (US$ Bn) Forecast, By Country & Sub-region, 2018-2030
13.4.1. Brazil
13.4.2. Rest of South America
13.5. Incremental Opportunity Analysis
Section 14. Competition Landscape
14.1. Market Player – Competition Dashboard
14.2. Company Profiles (Details – Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)
14.2.1. AIA Group Ltd.
14.2.1.1. Company Overview
14.2.1.2. Sales Area/Geographical Presence
14.2.1.3. Revenue
14.2.1.4. Strategy & Business Overview
14.2.2. American International Group, Inc.
14.2.2.1. Company Overview
14.2.2.2. Sales Area/Geographical Presence
14.2.2.3. Revenue
14.2.2.4. Strategy & Business Overview
14.2.3. Allianz SE
14.2.3.1. Company Overview
14.2.3.2. Sales Area/Geographical Presence
14.2.3.3. Revenue
14.2.3.4. Strategy & Business Overview
14.2.4. AXA
14.2.4.1. Company Overview
14.2.4.2. Sales Area/Geographical Presence
14.2.4.3. Revenue
14.2.4.4. Strategy & Business Overview
14.2.5. Berkshire Hathaway
14.2.5.1. Company Overview
14.2.5.2. Sales Area/Geographical Presence
14.2.5.3. Revenue
14.2.5.4. Strategy & Business Overview
14.2.6. Brighthouse Financial (MetLife)
14.2.6.1. Company Overview
14.2.6.2. Sales Area/Geographical Presence
14.2.6.3. Revenue
14.2.6.4. Strategy & Business Overview
14.2.7. China Life Insurance Company
14.2.7.1. Company Overview
14.2.7.2. Sales Area/Geographical Presence
14.2.7.3. Revenue
14.2.7.4. Strategy & Business Overview
14.2.8. Prudential PLC
14.2.8.1. Company Overview
14.2.8.2. Sales Area/Geographical Presence
14.2.8.3. Revenue
14.2.8.4. Strategy & Business Overview
14.2.9. United Health Group
14.2.9.1. Company Overview
14.2.9.2. Sales Area/Geographical Presence
14.2.9.3. Revenue
14.2.9.4. Strategy & Business Overview
14.2.10. Zurich Insurance Group Ltd.
14.2.10.1. Company Overview
14.2.10.2. Sales Area/Geographical Presence
14.2.10.3. Revenue
14.2.10.4. Strategy & Business Overview
Section 15. Key Takeaways
List of Tables
Table 1: Global Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 2: Global Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 3: Global Term Insurance Market Value, by Region, US$ Bn, 2018-2030
Table 4: North America Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 5: North America Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 6: North America Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Table 7: Europe Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 8: Europe Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 9: Europe Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Table 10: Asia Pacific Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 11: Asia Pacific Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 12: Asia Pacific Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Table 13: Middle East & Africa Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 14: Middle East & Africa Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 15: Middle East & Africa Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Table 16: South America Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Table 17: South America Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Table 18: South America Term Insurance Market Value, by Country, US$ Bn, 2018-2030 k8xzv d
List of Figures
Figure 1: Global Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 2: Global Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 3: Global Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 4: Global Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 5: Global Term Insurance Market Value, by Region, US$ Bn, 2018-2030
Figure 6: Global Term Insurance Market Incremental Opportunity, by Region, 2020-2030
Figure 7: North America Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 8: North America Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 9: North America Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 10: North America Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 11: North America Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Figure 12: North America Term Insurance Market Incremental Opportunity, by Country, 2020-2030
Figure 13: Europe Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 14: Europe Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 15: Europe Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 16: Europe Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 17: Europe Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Figure 18: Europe Term Insurance Market Incremental Opportunity, by Country, 2020-2030
Figure 19: Asia Pacific Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 20: Asia Pacific Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 21: Asia Pacific Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 22: Asia Pacific Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 23: Asia Pacific Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Figure 24: Asia Pacific Term Insurance Market Incremental Opportunity, by Country, 2020-2030
Figure 25: Middle East & Africa Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 26: Middle East & Africa Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 27: Middle East & Africa Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 28: Middle East & Africa Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 29: Middle East & Africa Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Figure 30: Middle East & Africa Term Insurance Market Incremental Opportunity, by Country, 2020-2030
Figure 31: South America Term Insurance Market Value, By Type, US$ Bn, 2018-2030
Figure 32: South America Term Insurance Market Incremental Opportunity, By Type, 2020-2030
Figure 33: South America Term Insurance Market Value, by Buying Channel, US$ Bn, 2018-2030
Figure 34: South America Term Insurance Market Incremental Opportunity, by Buying Channel, 2020-2030
Figure 35: South America Term Insurance Market Value, by Country, US$ Bn, 2018-2030
Figure 36: South America Term Insurance Market Incremental Opportunity, by Country, 2020-2030
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Term Insurance Market
