The Equity Indexed Life Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Equity Indexed Life Insurance Global Market Report 2024, The equity indexed life insurance market size has grown rapidly in recent years. It will grow from $3.79 billion in 2023 to $4.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to product diversification and customization, demand for cash value growth, market expansion and competitive landscape, response to low-interest rates, evolution of indexed products..
The equity indexed life insurance market size is expected to see rapidly grown in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to market volatility mitigation, increasing demand for retirement planning, innovative product offerings, rise in consumer awareness, regulatory landscape changes.. Major trends in the forecast period include product innovation and hybrid solutions, integration of esg (environmental, social, and governance) factors, education and transparency, focus on accumulation and cash value growth, risk mitigation strategies..
Increasing access to insurance products and services is expected to propel the growth of the equity indexed life insurance market. Insurance product or service denotes any service or product provided by a license holder in accordance with the insurance laws of the state or a federal insurance program. Insurance accessibility has become more convenient in recent years, with increasing online sales of life and health insurance. Moreover, equity indexed life insurance is gaining popularity because it typically has cheaper premiums than comparable whole life insurance policies. For instance, in January 2022, according to the Insurance Information Institute, a US-based data-driven insurance industry group, property or casualty (P or C) insurer replacement costs are expected to rise between 4.5% and 6.5% year on year in 2023. Furthermore, in December 2022, according to the National Association of Insurance Commissioners (NAIC), a US-based insurance regulatory organization, the insurance market for 2021 climbed 2.7% to $29.8 billion and total premium collected nationally across all lines of business was $2.9 trillion, reflecting an 8.2% growth from 2020. Therefore, the increasing access to insurance products and services is driving the equity indexed life insurance market.
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The equity indexed life insurance market covered in this report is segmented –
1) By Type: Whole life insurance, Universal life insurance, Variable universal life insurance, Indexed universal life insurance, Other Types
2) By Mode: Online, Offline
3) By Distribution Channel: Agency, Brokers, Bancassurance, Digital And Indirect Channels
Top Major Players:
AXA Equitable Life Insurance Company
Ping An Insurance Group Company of China Limited
Swiss Reinsurance Company Ltd.
Prudential Financial Inc
American International Group Inc.
North America was the largest region in the equity-indexed life insurance market in 2023.
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The equity indexed life insurance market report table of contents includes:
1. Executive Summary
2. Equity Indexed Life Insurance Market Characteristics
3. Equity Indexed Life Insurance Market Trends And Strategies
4. Equity Indexed Life Insurance Market – Macro Economic Scenario
5. Global Equity Indexed Life Insurance Market Size and Growth
…
31. Global Equity Indexed Life Insurance Market Competitive Benchmarking
32. Global Equity Indexed Life Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Equity Indexed Life Insurance Market
34.Equity Indexed Life Insurance Market Future Outlook and Potential Analysis
35. Appendix
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