The Business Research Company recently released a comprehensive report on the Global Variable Life Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The variable life insurance market size has grown strongly in recent years. It will grow from $123.41 billion in 2023 to $130.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to investment component attraction, estate planning and wealth transfer, market participation and investment growth, flexibility in premium payments, tax advantages.
The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing awareness of financial planning, demographic shifts and inheritance planning, risk management and investment diversification, customization and tailored policies, retirement planning solutions. Major trends in the forecast period include adoption of predictive analytics for risk assessment, expansion of online sales and distribution channels, collaboration with insurtech startups, introduction of wellness and health incentives, enhancement of customer education and financial literacy.
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Market Drivers and Trends:
The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds. For instance, in 2020, according to the Organization for Economic Co-operation and Development, a France-based intergovernmental organization with 38 member countries, the total gross premiums in the OECD countries increased to $5225 billion as compared to $5031 billion in 2019. Major countries such as the United States and the United Kingdom reported total gross premiums of $2934 billion and $380.90 billion, respectively, in the insurance sector. Therefore, the rapid growth of the overall insurance industry is significantly contributing to the growth of the variable life insurance market.
New product development has emerged as the major trend gaining popularity in the variable life insurance market. Major companies operating in the variable life insurance market are introducing new innovative life insurance products to strengthen their position in the market. For instance, in November 2022, Prudential Financial, Inc., a US-based insurance company, introduced Prudential FlexGuard Life, an innovative index-variable universal life insurance policy that provides a versatile blend of coverage, growth potential, and accessibility to cater to the evolving life insurance requirements of customers. Prudential FlexGuard Life offers death benefit protection with fixed duration options, various methods to increase cash values, and the flexibility to access death benefits early in case of chronic or terminal illness if the required rider is added to the policy. Customers have the option to take charge of their future because the solution is adaptable and can be modified in response to changing needs. When necessary, it gives them access to cash values, giving them a unique opportunity to leave a legacy and increasing their ability to receive living benefits.
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Major Key Players of the Market:
Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., Allianz SE, AXA SA, Japan Post Holdings Co Ltd., MetLife Inc., Munich Reinsurance Group, Prudential plc, New York Life Insurance Company, American International Group Inc., Allstate Corporation, Nationwide Mutual Insurance Company, Swiss Reinsurance Company Ltd, Chubb Limited, Nippon Life Insurance Company, Zurich Insurance Group AG, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Aflac Incorporated, Lincoln National Corporation, Principal Financial Group Inc., Aviva plc, Manulife Financial Corporation, Protective Life Corporation, The Penn Mutual Life Insurance Company, AIA Group Limited, Ohio National Financial Services Inc., John Hancock Life Insurance Company (USA), Generali Assicurazioni SPA, Metropolitan Life Insurance Company
Variable Life Insurance Market 2024 Key Insights:
• The variable life insurance market size is expected to see strong growth in the next few years. It will grow to $170.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Economic Development Fuels Variable Life Insurance Growth In Expanding Insurance Landscape
• Variable Life Insurers Drive Growth Through New Product Offerings
• North America was the largest region in the variable life insurance market in 2023
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This release was published on openPR.
