According to the latest report on Upmarketresearch, increasing consumer awareness coupled with favorable reimbursement scenario and easy of settlement are some major drivers highlighting the market growth of life insurance market. Secondary growth drivers include flexible mode of pay on instalments, affordable minimum-buyout and increase in natural calamities. Other factors directly or indirectly responsible for the market growth comprises hassle-free claim settlements, competitive pricing and increase in disposable income is likely to contribute as market drivers. However, minimum lockout periods and fake claims are bound to restrict the market growth in the near future.
Whole life insurance, term life insurance and universal life insurance are the various types of life insurance available for consumers. Consumers these days seem to prefer term life insurance as it provides death benefits and in some cases, it covers hospitalization expenses.
The application segment for life insurance market includes single life policy and group life insurance. Group life insurance accounts for a greater market share owing to increase in rate of employment due to urbanization.
Asia-Pacific life insurance market dominates the global scenario owing to flourishing business and presence of several players in these regions. Availability of consumer pool, increase in prevalence of diseases and effective reimbursement scenarios triggers the market growth in these regions.
On the other hand, North America market enjoys a significant market positon owing to increasing market size of life insurance business. Availability of various channels for consumers to buy life insurance with various add-ons and increase in reimbursement scenarios is likely to propel the market growth in the near future.
Key market players in the global life insurance market include Allianz, AXA, Prudential, Standard Life Assurance, AIA Group Limited, Aegon, Asahi Mutual Life Insurance, Aviva Life Insurance, Nippon Life Insurance and Dai-Ichi Mutual Life Insurance.