Life Insurance Providers Market Grows With Increased Rates Of Chronic Diseases And Disabilities
Life Insurance Providers Market 2021 – Opportunities And Strategies – Global Forecast To 2030
The Business Research Company’s Life Insurance Providers Market 2021 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, December 1, 2021 /EINPresswire.com/ -- The term life market is predicted to be driven by increased incidence rates of chronic diseases and physical disabilities. The market is driven by the increased fear of chronic diseases, which forces parents of young children to opt for term life insurance. According to WHO, the global burden of major chronic diseases currently accounts for 43% of all diseases and is set to rise to 60% by 2020. According to a UN report on world population aging, during 2015-2030, globally, the 60+ aged population is projected to grow by 56% to reach 1.4 billion. Growth of the aging population and rising chronic disease incidence will contribute to increased fear for the dependents, thereby increasing demand for life insurance.
Asia Pacific was the largest region in the life insurance providers market, accounting for 33.5% of the global market in 2020. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the life insurance providers market will be Africa and Eastern Europe, where growth will be at CAGRs of 8.6% and 8.4% respectively from 2020-2025.
The global life insurance providers market size reached a value of nearly $2.86 trillion in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The life insurance providers market is expected to grow from $2.86 trillion in 2020 to $3.55 trillion in 2025 at a rate of 4.4%. The growth is mainly due to the growing awareness about investing in life insurance policies due to an increase in chronic illnesses. The market is expected to grow from $3.55 trillion in 2025 to $4.27 trillion in 2030 at a CAGR of 3.7%.
TBRC’s global life insurance providers market report is segmented by type into term life insurance, whole life insurance, variable life insurance, equity indexed life insurance, accidental death insurance, other life insurance, by application into agency, brokers, bancassurance, digital & direct channels.
Life insurance providers are increasingly adopting advance technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications such as robot-advisors, robotic process automation and block chain, a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) not managed by a central authority. These technologies help in the automation of risky and complex processes, providing scope for machine learning, avoid repetitive and time taking processes, provide quick and error-free services, and for secure sending, receiving and storing information. Chatbots are AI-enabled robots used to interact with customers to gain a better understanding of insurance policies and payments.
Major players covered in the global life insurance providers industry Sicurazioni Generali S.p.A., China Pacific Insurance (Group) Co., Ltd., Japan Post Insurance Co., Ltd.
Life Insurance Providers Market 2021 - By Type Whole Life Insurance, Term Life Insurance, Accidental Insurance, Variable Insurance, Annuities), By Application (Tied Agents and Branches, Bancassurance, Direct And Other Channels, Brokers), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides life insurance providers market overview, forecast life insurance providers market size and growth for the whole market, life insurance providers market segments, and geographies, life insurance providers market trends, life insurance providers market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Term Life Insurance Market - By Type Of Insurance (Individual Level Term Life Insurance, Group Level Term Life Insurance, Decreasing Term Life Insurance), By Distribution Channel (Tied Agents And Branches, Brokers, Bancassurance, Direct And Other Channels), And By Region, Opportunities And Strategies – Global Forecast To 2030 https://www.thebusinessresearchcompany.com/report/term-life-insurance-market
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