The global term life insurance market reached a value of nearly $779 billion in 2019 is expected to grow at a rate of 9.67% to nearly $1.13 trillion by 2023. While the market growth previously resulted from economic growth and government-led insurance reforms, going forward the growth is expected to be driven by the increase in chronic diseases and disabilities, as well as the growth of the middle-class group in the emerging market. Especially on seeing these times, during the COVID-19 pandemic, the market is expected to grow to $1.35 trillion in 2025 at a rate of 9.59% and to $2.21 trillion in 2030 at a rate of 10.39%.
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Lack Of Awareness Restrains Term Life Insurance Market Growth
In a study on millennials led by Max Life Insurance and statistical surveying firm Kantar IMRB, it was discovered that only 44% of millennials know about term insurance and only 17% had taken it. In another study conducted in the US, it was discovered that a majority of people consider term life insurance expensive. Moreover, only 23% of consumers responded that their source of information is an insurance company website, which indicates that the insurance industry is not in a position to engage customers with relevant information. This lack of awareness creates ambiguity on pricing and benefits provided by the insurance and obstructs the customers to purchase term life insurance, thereby restraining the growth of the global term life insurance market.
Term Life Insurance Market Trends – Tailored Insurance For Clients Leading A Healthier Lifestyle
Companies in the term life insurance industry are increasingly offering tailored insurance for their healthier clients. Insurance companies globally are offering lower premium rates that reward the client’s healthy lifestyle. These companies also encourage policyholders to lead a healthy lifestyle. The willing clients are being rewarded with reduced premiums or certain loyalty benefit programs.
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Term Life Insurance Market Segmentation
The term life insurance market can be segmented by type of insurance into Individual Level Term Life Insurance, Group Level Term Life Insurance, and Decreasing Term Life Insurance. Among these, the individual level term life insurance market was the largest, accounting for $600.9 billion or 77.2% of the total market in 2019. The 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. Going forward, the fastest growing regions in the term life insurance market will be Eastern Europe and Asia Pacific.
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