Fintech PR

Universal Life Insurance Market to Reach $ 280.4 billion globally, by 2032 at 9.3% CAGR: Allied Market Research

Published

10 months ago

January 29, 2024

Rise in adoption of low cost of insurance plans and the ability to accumulate cash value over time boost the growth of the global universal life insurance market. In addition, factors such as the higher possibility of estate planning and wealth transfer of universal life insurance have positively impacted the growth of the market

PORTLAND, Ore., Jan. 29, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Universal Life Insurance Market by Type (Indexed Universal Life Insurance, Variable Universal Life Insurance, and Guaranteed Universal Life Insurance) and Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the universal life insurance market was valued at valued at $ 117.5 billion in 2022 and is projected to reach $ 280.4 billion by 2032, exhibiting a CAGR of 9.3% from 2023 to 2032.

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/A15152

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

125 – Tables
44 – Charts
300 – Pages

Prime determinants of growth

The surge in the adoption of low-cost insurance plans and the ability to accumulate cash value over time boosts the growth of the global universal life insurance market. In addition, factors such as the higher possibility of estate planning and wealth transfer of universal life insurance have positively impacted the growth of the market. However, interest rate sensitivity and complexity and understanding are expected to hamper market growth. On the contrary, the rise in demand for financial planning solutions is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the global universal life insurance market’s growth.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032 Advertisement
Base Year	2022
Market Size in 2022	$ 117.5 billion
Market Size in 2032	$ 280.4 billion
CAGR	9.3 %
No. of Pages in Report	300 Advertisement
Segments covered	Type, Distribution Channel, and Region.
Drivers	Growing adoption of low-cost entry users. The ability to accumulate cash value The higher possibility of estate planning and wealth transfer of universal life insurance
Opportunities	Rising demand for financial planning solutions
Restraints	Interest rate sensitivity and complexity Advertisement Complexity and understanding of policy details

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3tXDFLH

COVID-19 Scenario

The COVID-19 pandemic had a mixed impact on the universal life insurance market. On one hand, the heightened awareness of health risks may have increased the demand for life insurance products, including universal life insurance, as individuals sought to secure their financial futures. On the other hand, economic uncertainties, job losses, and financial strain experienced by some consumers may have influenced purchasing decisions, impacting market dynamics.
Moreover, the increased focus on health and financial security may have prompted individuals to reassess their insurance needs. There could be a growing interest in policies that offer comprehensive coverage, flexibility, and investment components. Additionally, the shift towards digital channels for insurance transactions and consultations may have accelerated during the pandemic.

The indexed universal life insurance segment to maintain its leadership status throughout the forecast period.

By type, the Indexed universal life insurance segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue, owing to increase in the adoption of innovative features and riders to enhance policyholder benefits, such as income guarantees, and accelerated death benefits helps to opt for indexed universal life insurance policies in the global market. However, the guaranteed universal life insurance segment is projected to manifest the highest CAGR of 12.2% from 2023 to 2032, owing to increase in demand for stability and predictability in life insurance coverage, which boosts the global market.

The banks segment to maintain its leadership status throughout the forecast period

By distribution channel, the brokers/agents segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue. This is attributed to expanding consumer base seeking comprehensive life insurance solutions with tailored features. However, the banks segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, owing to the increasing convergence of financial services and the rising demand for comprehensive financial solutions.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/A15152

Asia-Pacific maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global universal life insurance market revenue, The major factors that drive the growth of the market in this region include the presence of key players and the rise in purchase of used cars. However, Asia-Pacific is expected to witness the fastest CAGR of 29.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.

Leading Market Players: –

Allianz SE,
Allstate Corporation,
Aviva,
AXA,
Insurethebox,
Liberty Mutual Insurance,
Mapfre S.A.,
Nationwide Mutual Insurance Company,
Progressive Corporation
UNIPOLSAI ASSICURAZIONI S.P.A.

The report provides a detailed analysis of these key players of the global Universal life insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Enquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A15152

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global universal life insurance market analysis from 2023 to 2032 to identify the prevailing global universal life insurance market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global universal life insurance market outlook segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global universal life insurance market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global universal life insurance market trends, key players, market segments, application areas, and market growth strategies.

Universal Life Insurance Market Report Highlights

By Type

Indexed Universal Life Insurance
Variable Universal Life Insurance
Guaranteed Universal Life Insurance

By Distribution Channel

Direct Sales
Brokers/Agents
Banks
Others

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Health Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021-2028.

Generative AI in Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution, Service), by Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks, Others), by Application (Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection and Prevention, Virtual Assistants and Customer Support, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Flood Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Building Property Coverage, Personal Contents Coverage), by Application (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032.

Dental Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others), Procedure Type (Major, Basic, and Preventive), Demographics (Senior Citizens, Adults, and Minors), and End User (Individuals and Corporates): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Commercial Property Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Open Perils, Named Perils), by Distribution Channels (Agents and Brokers, Direct Response, Others), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, Transportation and Logistics , Others ): Global Opportunity Analysis and Industry Forecast, 2023-2032.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa

1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog
Banking, Finance & Insurance