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Global Life Insurance Market Trends, Drivers, Covid-19 Impact Analysis and Regional Forecast by the end of 2028

Global Life Insurance Market:

Life Insurance is defined as a contract between policy holder and the insurance company. In this process, life insurance companies pay amount to the insured individual’s family on death. Life insurance premium is the amount of money paid by life insurance company in exchange for a specific amount of premium, which is paid by the policy holder at regular intervals. The premium is the amount of money paid to companies in exchange for coverage. Life insurance is designed to minimize the impact of the financial loss your family may incur upon demise of individual. The benefits of such plans include good insurance plan can help policy holder to repay financial liabilities like home loan, personal loan, auto loan, life insurance plan becomes can provide a guaranteed income to your family every month, making sure that their everyday life is not disrupted and they remain financially stable. The insurance plan helps in paying bills for education of children, expenses of wedding or medical cost.

Drivers and Opportunity of Life Insurance Market:

The increasing death rate with 11 deaths per every thousands of its population. Germany has reported highest death among all countries in the year 2019. The rising Covid-19 and accidental death, lesser disposable income, spending capacity has boosted demand for life insurance companies propelling the growth of market. The company in this pandemic are introducing long term benefit plans for population that drives many opportunities for future growth of market.

https://www.statista.com/statistics/1116973/countries-death-rates-selection/

Covid-19 Impact Analysis of Global Life Insurance Market:

The impact of Covid-19 is expected to have severe impact on life insurance companies compared with other lines of business. The rising unemployment, decreased disposable income in the pandemic situation due fall in economy of all the sectors across globe impacted adversely to growth of life insurance market.

The life insurance companies’ profitability declines in all regions, insurers have recently been favouring products that are less capital intensive—but that are also less profitable. The market has negative impact on growth of life insurance market in the pandemic situation.

https://www.mckinsey.com/industries/financial-services/our-insights/global-insurance-pools-statistics-and-trends-an-overview-of-life-p-and-c-and-health-insurance

Get access to the full report @https://www.brainstormmarketresearch.com/service–software/life-insurance-market-report

Regional Analysis of Global Life Insurance Market:

In 2018, the United States was the major contributor in life insurance premium writing country, with a total value of life direct premiums written amounting to 593.4 billion U.S. dollars. The second and third largest life insurance markets were Japan and the People’s Republic of China, as these regions contributed majorly in earning premiums.

There were 773 life insurance companies in the United States in 2018, most of them categorized as “stock life insurance companies”, based on their organizational structure. In 2018, Prudential Financial was the largest life insurance company in the country in terms of assets.

The life insurance market in Asia has rapidly grown over the past few years. In 2018, income from life insurance premiums in China reached 2.1 trillion yuan, more than double the premium income of 2012. The United Kingdom led in terms of the value of direct life insurance premiums in the European market as of 2018..

The growth in Latin America for annuity products is offsetting the trajectory in regions such as developed Asia and North America, which have stagnated or declined in recent years. Life insurance profitability in most regions declined in recent years, driven by slight declines in many major markets. In the United Kingdom, for instance, insurers have recently been favouring products that are less capital intensive—but that are also less profitable. Profitability also took a hit due to increases in claims, particularly driven by pension claims.

https://www.mckinsey.com/industries/financial-services/our-insights/global-insurance-pools-statistics-and-trends-an-overview-of-life-p-and-c-and-health-in

https://www.statista.com/topics/1411/life-insurance/

Key Manufacturers of Global Life Insurance Market:

Major manufacturers of life insurance market comprise United Health Group, HSBC Life, Nippon Life, AXA S.A., China Life Insurance, Allianz SE, Anthem Inc, Aegon Life Insurance, Bajaj Allianz Life Insurance Co. Ltd.

These manufactures offer cost-effective, beneficial services to their clients that secures their financial condition even after death of the family member. Aegon Life iTerm insurance plan is cost -effective protection plans with option of life coverage till age of 100 years with add-on flexibility with customized plan basis on protection needs. It also covers Covid-19 death claims.

https://www.aegonlife.com/insurance-basics/life-insurance/what-life-insurance

“Recent News on Global Life Insurance Market:

On May 2020, HSBC Insurance Asia Limited a subsidiary of HSBC Holdings plc acquired 50% equity interest in HSBC Life Insurance Company Limited, its life insurance joint venture in China.”

https://www.hsbc.com/news-and-media/media-releases/2020/hsbc-life-insurance-joint-venture-in-china

 

“On May 2021, United healthcare offered UnitedHealthcare Healthy at Home, a new offering designed to help retirees safely transition back home after being discharged from a hospital or skilled nursing facility.”

https://www.unitedhealthgroup.com/newsroom/2021/2021-5-6-uhc-post-discharge-support-retirees.html

 

Region-wise Analysis of Global Life Insurance Market:

  • North America
  • Canada
  • Mexico

 

  • Europe
  • France
  • Germany
  • Spain
  • Italy
  • Rest of Europe

 

  • Asia Pacific
  • China
  • Japan
  • South Korea
  • ASEAN
  • India
  • Rest of Asia Pacific

 

  • Latin America
  • Brazil
  • Argentina
  • Colombia
  • Rest of L.A.

 

  • Middle East and Africa
  • Turkey
  • GCC
  • UAE
  • South Africa
  • Rest of Middle East

Get access to the full report @https://www.brainstormmarketresearch.com/service–software/life-insurance-market-report

Segments and region-wise analysis mentioned in the collateral can requested for as customization as per the client need.

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