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PUBLISHER: Polaris Market Research | PRODUCT CODE: 1424023
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1424023
Term Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2032
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The global term insurance market size is expected to reach USD 2,201.35 billion by 2032, according to a new study by Polaris Market Research. The report "Term Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing digital transformation in the insurance sector is poised to open new avenues for market growth. Several factors contribute to this trend, including the rising disposable income of the population, the emergence of InsurTech, and the expanding middle-class population in developing economies. As digital technologies become more ingrained in the insurance industry, they enhance accessibility, streamline processes, and offer innovative solutions. The growing awareness and adoption of term insurance products are closely tied to these broader trends, creating a favourable environment for market expansion.
The anticipated growth of the market is attributed to the increasing involvement of private firms in the global market, reflecting a trend towards greater privatization. For instance, the passage of the General Insurance Business (Nationalization) Amendment Bill 2021 by the Indian government in August 2021. This legislative change signals the end of state control over general insurance companies, paving the way for increased private participation in the insurance industry. The shift towards privatization is expected to introduce more competition and result in better-priced insurance products, contributing to the overall expansion of the market.
Term insurance providers are embracing state-of-the-art technologies to streamline insurance processes, lower operational costs, and enhance efficiency. This technological integration involves the use of machine learning to automate intricate and high-risk procedures. Additionally, artificial intelligence, including blockchain, robotic process automation, and robot advisors, is being employed to automate various aspects of the insurance workflow. The adoption of these advanced technologies is anticipated to optimize the balance between risk and return for both insurers and policyholders. As a result, it is expected to contribute to the growth of the term insurance market during the forecast period.
The term insurance industry faces significant challenges, including limited public awareness regarding the advantages of term insurance, evolving regulatory standards, intricate underwriting procedures, and the demand for cost-effective yet comprehensive coverage. In response to these challenges, key players in the market are proactively taking steps to simplify insurance policies, enhance customer education initiatives, and adapt to evolving regulations. These strategic efforts are aimed at overcoming barriers and fostering market growth by making term insurance more accessible, understandable, and responsive to the changing needs of consumers.
Term Insurance Market Report Highlights
Individual segment will grow at the rapid pace, due to rise in awareness of financial protection & the desire for affordable coverage
Brokers segment will grow rapidly, as they have ability to customize term products as per customer's needs
North America dominated the market, on account of rise in adoption of advanced technology to automate the insurance workflow
The key market players include Aegon, American International, Bajaj Allianz, China Life Insurance (Overseas), John Hancock, and Lincoln National.
Polaris Market Research has segmented the term insurance market report based on type, distribution channel, and region:
Term Insurance, Type Outlook (Revenue - USD Billion, 2019 - 2032)
- Individual Level Term Life Insurance
- Group Level Term Life Insurance
- Decreasing Term Life Insurance
Term Insurance, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)
- Tied Agents & Branches
- Brokers
- Others
Term Insurance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Product Code: PM4211
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
- 2.1. Market Highlights
3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Term Insurance Market Insights
- 4.1. Term Insurance Market - Industry Snapshot
- 4.2. Term Insurance Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Technological Advancements
- 4.2.1.2. A larger population often leads to an increased demand for insurance products.
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Lack of Understanding
- 4.2.1. Drivers and Opportunities
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Term Insurance Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Term Insurance Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Forklift, by Type, 2019-2032 (USD Billion)
- 5.3. Individual Level Term Life Insurance
- 5.3.1. Global Term Insurance Market, by Individual Level Term Life Insurance, by Region, 2019-2032 (USD Billion)
- 5.4. Group Level Term Life Insurance
- 5.4.1. Global Term Insurance Market, by Group Level Term Life Insurance, by Region, 2019-2032 (USD Billion)
- 5.5. Decreasing Term Life Insurance
- 5.5.1. Global Term Insurance Market, by Decreasing Term Life Insurance, by Region, 2019-2032 (USD Billion)
6. Global Term Insurance Market, by Distribution Channel
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 6.3. Tied Agents & Branches
- 6.3.1. Global Term Insurance Market, by Tied Agents & Branches, by Region, 2019-2032 (USD Billion)
- 6.4. Brokers
- 6.4.1. Global Term Insurance Market, by Brokers, by Region, 2019-2032 (USD Billion)
- 6.5. Others
- 6.5.1. Global Term Insurance Market, by Others, by Region, 2019-2032 (USD Billion)
7. Global Term Insurance Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Term Insurance Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Term Insurance Market - North America
- 7.3.1. North America: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.3.2. North America: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.3.3. Term Insurance Market - U.S.
- 7.3.3.1. U.S.: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.3.4. Term Insurance Market - Canada
- 7.3.4.1. Canada: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4. Term Insurance Market - Europe
- 7.4.1. Europe: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.2. Europe: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.3. Term Insurance Market - UK
- 7.4.3.1. UK: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.4. Term Insurance Market - France
- 7.4.4.1. France: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.4.2. France: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.5. Term Insurance Market - Germany
- 7.4.5.1. Germany: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.6. Term Insurance Market - Italy
- 7.4.6.1. Italy: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.7. Term Insurance Market - Spain
- 7.4.7.1. Spain: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.8. Term Insurance Market - Netherlands
- 7.4.8.1. Netherlands: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.4.9. Term Insurance Market - Russia
- 7.4.9.1. Russia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5. Term Insurance Market - Asia Pacific
- 7.5.1. Asia Pacific: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.3. Term Insurance Market - China
- 7.5.3.1. China: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.3.2. China: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.4. Term Insurance Market - India
- 7.5.4.1. India: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.4.2. India: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.5. Term Insurance Market - Malaysia
- 7.5.5.1. Malaysia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.6. Term Insurance Market - Japan
- 7.5.6.1. Japan: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.7. Term Insurance Market - Indonesia
- 7.5.7.1. Indonesia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.5.8. Term Insurance Market - South Korea
- 7.5.8.1. South Korea: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.6. Term Insurance Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.6.3. Term Insurance Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.6.4. Term Insurance Market - UAE
- 7.6.4.1. UAE: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.6.5. Term Insurance Market - Israel
- 7.6.5.1. Israel: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.6.6. Term Insurance Market - South Africa
- 7.6.6.1. South Africa: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.7. Term Insurance Market - Latin America
- 7.7.1. Latin America: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.7.3. Term Insurance Market - Mexico
- 7.7.3.1. Mexico: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.7.4. Term Insurance Market - Brazil
- 7.7.4.1. Brazil: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- 7.7.5. Term Insurance Market - Argentina
- 7.7.5.1. Argentina: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Term Insurance Market, by Type, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. Aegon Life Insurance Company Limited
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Aegon Life Insurance Company Limited
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. Bajaj Allianz Life Insurance Co. Ltd.
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. China Life Insurance (Overseas) Company Limited
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. John Hancock
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Lincoln National Corporation
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. Massachusetts Mutual Life Insurance Company
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. MetLife Services and Solutions, LLC
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Prudential Financial, Inc
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. State Farm Mutual Automobile Insurance Company
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
- 9.11. The Northwestern Mutual Life Insurance Company
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
Product Code: PM4211
List of Tables
- Table 1 Global Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 2 Global Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 3 Term Insurance Market Assessment, By Geography, 2019-2032 (USD Billion)
- Table 4 North America: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 5 North America: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 6 U.S.: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 7 U.S.: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 8 Canada: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 9 Canada: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 10 Europe: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 11 Europe: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 12 UK: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 13 UK: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 14 France: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 15 France: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 16 Germany: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 17 Germany: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 18 Italy: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 19 Italy: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 20 Spain: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 21 Spain: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 22 Netherlands: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 23 Netherlands: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 24 Russia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 25 Russia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 26 Asia Pacific: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 27 Asia Pacific: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 28 China: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 29 China: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 30 India: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 31 India: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 32 Malaysia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 33 Malaysia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 34 Japan: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 35 Japan: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 36 Indonesia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 37 Indonesia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 38 South Korea: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 39 South Korea: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 40 Middle East & Africa: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 41 Middle East & Africa: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 42 Saudi Arabia: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 43 Saudi Arabia: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 44 UAE: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 45 UAE: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 46 Israel: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 47 Israel: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 48 South Africa: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 49 South Africa: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 50 Latin America: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 51 Latin America: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 52 Mexico: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 53 Mexico: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 54 Brazil: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 55 Brazil: Term Insurance Market, by Type, 2019-2032 (USD Billion)
- Table 56 Argentina: Term Insurance Market, by Distribution Channel, 2019-2032 (USD Billion)
- Table 57 Argentina: Term Insurance Market, by Type, 2019-2032 (USD Billion)
List of Figures
- Figure 1 Global Term Insurance Market, 2019-2032 (USD Billion)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Geography
- Figure 5 Porter's Five Forces
- Figure 6 Market by Distribution Channel
- Figure 7 Global Term Insurance Market, by Distribution Channel, 2022 & 2032 (USD Billion)
- Figure 8 Market by Type
- Figure 9 Global Term Insurance Market, by Type, 2022 & 2032 (USD Billion)
- Figure 10 Term Insurance Market Assessment, By Geography, 2019-2032 (USD Billion)
- Figure 11 Strategic Analysis - Term Insurance Market
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