Life Insurance Market in Latin America to Grow at a CAGR of 5.87% During the Period 2016 – 2020; Finds New Report
Life insurance is a major tool in basic estate planning. The compensation received as part of life insurance claim is tax free and often exceeds the premiums paid. In the current market scenario, there are many top life insurance vendors offering a huge number of product portfolios. With this scenario in place, the demand for life insurance policies is calculated on the basis of the rate at which transparent products are being provided by vendors to customers.
Unit-linked insurance plan (ULIP) products, which offer both insurance and investment under a single plan, have started including basic life insurance products. This has boosted transparency in life insurance products as these policies are geared with guarantees such as death benefits. This increase in demand for less complex products among customers has led to the entry of new non-traditional players (or local players), intensifying competition in the life insurance industry.
The report covers the present scenario and the growth prospects of the life insurance market in
The market is divided into the following segments based on regions:
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According to the report, one driver fostering growth in this market is the use of multiple channels to reach broader audience. In the last decade, Latin American countries have created an environment that is conducive to the growth of life insurance premiums. Conditions such as sound economic environments, product innovations, improvement in insurance regulations, and multiple distribution channels have also helped increase premium amounts. Life insurance regulatory bodies and other policyholders are encouraging healthy competition as low inflation has cast a positive effect on insurance premium growth.
Further, the report states that one challenge hampering this market's growth prospects is the lack of standard financial models. Currently, life insurance companies do not use any specific financial models. The lack of such a system has resulted in several challenges, including inadequate underwriting practices. Therefore, insurance companies have come up with the cash flow testing and hedging models. These models help solve issues arising in the day-to-day operations, improve profit, and manage risks better.
Life Insurance Market in
key players in the life insurance market in
Other Prominent Vendors in the market are:
Market driver
- Creating favorable environment to improve profitability
- For a full, detailed list, view our report
Market challenge
- Regulatory and macroeconomic changes
- For a full, detailed list, view our report
Market trend
- Rise in use of BPO for closed-book operations
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 73 pages and 30 Exhibit "Life Insurance Market in
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