How big is the group life insurance market today, and what are its future growth expectations?
The group life insurance market size has grown rapidly in recent years. It will grow from $132.3 billion in 2024 to $146.27 billion in 2025 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to employment growth and corporate benefits, regulatory changes and compliance requirements, demographic shifts towards aging populations, the evolution of employer-sponsored benefits packages, and increasing workforce participation.
The group life insurance market size is expected to see rapid growth in the next few years. It will grow to $216.48 billion in 2029 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to aging population demographics, enhanced customer experience initiatives, rising awareness and demand for financial security products, expansion of the global workforce, healthcare cost trends, and longevity expectations. Major trends in the forecast period include technological advancements, digital transformation, personalized insurance products, integration of AI, and adoption of data analytics.
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Which industry factors have accelerated the group life insurance market’s expansion?
The growing aging population is expected to propel the growth of the group life insurance market going forward. The aging population refers to an increasing proportion of elderly individuals within a society’s demographic composition. The growing aging population is primarily due to factors such as declining birth rates, longer life expectancy, and advancements in healthcare that contribute to increased longevity. In a growing aging population, group life insurance offers financial security by providing death benefits to employees, members, and their families, covering expenses, and ensuring peace of mind in case of loss. For instance, in July 2022, according to a report by the United Nations, a US-based diplomatic and political international organization, the global population aged 65 and above is anticipated to grow from 10% in 2022 to 16% by 2050, with projections suggesting a significant rise in this age cohort worldwide by mid-century. Therefore, the growing aging population will drive the growth of the group life insurance market.
What are the primary segments of the group life insurance market?
The group life insurance market covered in this report is segmented –
1) By Type: Contributory Plans, Non-Contributory Plans
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Distribution Channel: Direct Sales, Brokers Or Agents, Banks, Other Distribution Channels
Subsegments:
1) By Contributory Plans: Employee-Paid Contributory Plans, Employer And Employee Shared Contribution Plans
2) By Non-contributory Plans: Employer-Paid Non-Contributory Plans
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Which firms are leading the group life insurance market?
Major companies operating in the group life insurance market are Cigna Corporation, Allianz SE, AXA SA, MetLife Inc., Prudential Financial Inc., Nationwide Mutual Insurance Company, American International Group Inc., Tokio Marine Holdings Inc, Zurich Insurance Group Ltd., The Northwestern Mutual Life Insurance Company, Massachusetts Mutual Life Insurance Company, The Manufacturers Life Insurance Company, Liberty Mutual Insurance Company, The Hartford Financial Services Group Inc., New York Life Insurance Company, Aflac Incorporated, Sun Life Assurance Company of Canada, Principal Financial Group Inc., The Guardian Life Insurance Company of America, Unum Group, Lincoln National Corporation, Mutual of Omaha Insurance Company, Transamerica Corporation, Securian Financial Group Inc., Voya Financial Inc.
Which market trends are set to define the future of the group life insurance market?
Major companies operating in the group life insurance market are focusing on the integration of add-on benefits, such as group term insurance plans, to streamline operations, enhance the customer experience, and improve efficiency. Group term insurance plans provide life insurance coverage to a group of people under a single policy, often offered by employers to their employees. For instance, in June 2023, Digit Life Insurance, an India-based general insurance company, launched a comprehensive group term plan as its inaugural product. This plan offers extensive coverage for death, disease, and disability, featuring multiple payout options, four optional benefits, and various add-ons. The payout options include lump sum assured, retirement-linked income, child age-linked income, and income for a specified period of up to 40 years to mitigate family income loss due to the insured’s demise. Both group and individual members can select their preferred payout benefits.
Which geographic trends are shaping the group life insurance market, and which region has the highest market share?
North America was the largest region in the group life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the group life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Group Life Insurance Market Report 2025 Offer?
The group life insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Group life insurance refers to a type of life insurance policy that covers a group of people, typically employees of a company or members of an organization. It is often provided as part of a comprehensive employee benefits package and offers financial protection to beneficiaries in the event of the insured individual’s death.
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