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Group Life Insurance Market to Reach $348.38 Billion, Globally, by 2032 at 10.7% CAGR: Allied Market Research
Increase in understanding of the importance of financial stability & employee well-being, and technological advancements that speed up insurance processes drive the growth of the group life insurance market.
WILMINGTON, Del., Feb. 14, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Group Life Insurance Market by Type (Contributory Plans and Non-contributory Plans), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global group life insurance industry generated $127.6 billion in 2022, and is anticipated to generate $348.38 billion by 2032, witnessing a CAGR of 10.7% from 2023 to 2032.
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Prime determinants of growth
A growth in understanding of the importance of financial stability and employee well-being has fueled the popularity of group life insurance, leading to an increase in adoption of these policies among organizations. Furthermore, legal assistance and tax benefits for employers offering group life insurance contribute to the group life insurance market growth. On the contrary, technological advancements that speed up insurance operations, and the potential for product innovation to meet the diverse range of customer needs are expected to provide lucrative growth opportunities to the group life insurance market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$127.6 billion |
|
Market Size in 2032 |
$348.38 billion |
|
CAGR |
10.7 % |
|
Segments Covered |
Type, enterprise size, distribution channel, and region. |
|
Drivers |
Growth in importance of financial stability and employee well-being Legal support and tax benefits |
|
Opportunity |
Technological advancements |
|
Restraints |
Regulatory changes and compliance complexities Interest rate fluctuations |
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The non-contributory plans segment to maintain its leadership status throughout the forecast period
On the basis of type, the non-contributory plans segment held the highest market share in 2022, accounting for nearly three-fourths of the global group life insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that this plan is employer-funded which relieves employees from premium contributions. However, the contributory plans segment is projected to manifest the highest CAGR of 13.4% from 2023 to 2032. The growth of contributory plans in the group life insurance market is gaining popularity because it involves both employer and employees sharing the premium costs.
The large enterprises segment to maintain its leadership status throughout the forecast period
On the basis of enterprise size, the large enterprises segment held the highest market share in 2022, accounting for more than two-thirds of the global group life insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of group life insurance in large enterprises is gaining popularity because it offers a cost-effective way to provide valuable benefits to a large number of employees. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 13.7% from 2023 to 2032. This is attributed to the fact that as SMEs often face budget constraints, group life insurance provides a competitive employee benefit without imposing a significant financial burden on the company.
The brokers/agents segment to maintain its leadership status throughout the forecast period
On the basis of distribution channel, the brokers/agents segment held the highest market share in 2022, accounting for around two-fifths of the global group life insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that these professionals have expertise in navigating the complexities of insurance offerings. However, the banks segment is projected to manifest the highest CAGR of 14.4% from 2023 to 2032, as banks provide competitive rates and simplified administrative processes, making it an accessible option for certain businesses.
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North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the group life insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in awareness and importance of financial security and the ease of access to coverage within the workplace contributes to its popularity. However, Asia-Pacific is expected to witness the fastest CAGR of 14.6% from 2023 to 2032. This is attributed to the convenience of group policies, with simplified underwriting processes and cost-sharing benefits, attracting employers seeking to provide coverage for their workforce.
Leading Market Players: –
- MetLife Services and Solutions, LLC
- American International Group, Inc.
- Prudential Financial, Inc.
- Allianz
- AXA SA
- Zurich
- The Manufacturers Life Insurance Company
- Sun Life Assurance Company of Canada
- Cigna Healthcare
- New York Life Insurance Company
The report provides a detailed analysis of these key players in the global group 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.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the group life insurance market analysis from 2022 to 2032 to identify the prevailing group life insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The 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 group life insurance market segmentation assists to determine the prevailing group life insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as group life insurance market trends, key players, market segments, application areas, and market growth strategies.
Group Life Insurance Market Report Highlights
By Type
- Contributory Plans
- Non-contributory Plans
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
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)
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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.
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VILNIUS, Lithuania, Nov. 28, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is pleased to announce its partnership with SafePal, a next-generation non-custodial crypto wallet suite. SafePal, known for its unique hybrid approach to empowering DeFi and CeFi over a hundred blockchains, joins forces with BingX to enhance liquidity, elevate user experience, and expand access to innovative blockchain services for traders worldwide. This collaboration also marks a significant advancement in the BingX Global Broker Program, reinforcing its commitment to building a more interconnected and efficient trading ecosystem.
Vivien Lin, Chief Product Officer of BingX, expressed enthusiasm for this development: “SafePal will serve as an independent broker under the BingX Exchange Broker Program, indicating our rapid adoption and growth. Our partnership with SafePal is a pivotal step in reshaping how users access liquidity and seamless trading experiences. By integrating BingX’s advanced liquidity solutions with SafePal’s wallet ecosystem, we’re setting a new standard for broker integration and empowering users with unparalleled tools for trading success.”
This integration brings enhanced open API functionalities for spot, contract, and strategic trading, along with upgraded financial products. By merging BingX’s liquidity expertise with SafePal’s decentralized platform, the partnership delivers an elevated trading experience for users. It reflects BingX’s commitment to fostering broker collaborations while expanding its ecosystem. Additionally, the move underscores BingX’s forward-looking strategy to strengthen partnerships and broaden its impact within the broker ecosystem.
The BingX Global Broker Program has played a key role in building global partnerships and enhancing accessibility to cryptocurrency trading. By consistently delivering exceptional value to its users and broker partners, BingX has solidified its reputation as an industry leader. With the program’s latest upgrades and strategic collaborations like the partnership with SafePal, BingX is shaping a more interconnected, efficient, and user-focused cryptocurrency trading ecosystem. As part of its vision, BingX welcomes more broker platforms to join its efforts in driving innovation and advancing the future of decentralized finance.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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Fintech PR
YunoJuno Recognised as Best International Contractor Provider, Revolutionising Global Freelance Management
LONDON, Nov. 28, 2024 /PRNewswire/ — YunoJuno, the innovative platform transforming how businesses compliantly source, manage and pay a global contractor workforce, has been awarded the prestigious title of Best International Contractor Provider at the annual Contracting Awards in London, solidifying its position as a global leader in contractor workforce management solutions.
The award comes at a critical time when businesses are increasingly relying on flexible, global talent to drive innovation and maintain competitive advantage. YunoJuno’s comprehensive platform has distinguished itself by offering a seamless, end-to-end solution that simplifies the complex processes of finding, hiring, managing, and paying contractors across international borders.
“This recognition underscores our commitment to revolutionising how companies connect with contractor talent worldwide,” said Runar Reistrup, CEO of YunoJuno. “Our commitment to providing a seamless, compliant, global hiring experience that helps businesses deliver quality and agility beyond geographical boundaries has been key to this achievement.”
YunoJuno platform’s core solutions include:
– All-in-one Freelancer Management System (FMS) to source, onboard, manage and pay a global workforce
– Unrivalled Global Talent Marketplace: Access to on-demand skills from a diverse pool of pre-vetted, high-quality freelance professionals
– Integrated Global Payment Solutions: Simplified international payments with support for multiple currencies
– Built-in Global Compliance and Risk Management: Robust systems ensuring legal and financial compliance across different international jurisdictions
Driven by the mission to unlock the true potential of flexible talent, YunoJuno has emerged as a pivotal player in the contractor management ecosystem, aligning HR, Talent, Procurement and Finance teams. The platform serves a wide range of industries, from technology and creative sectors to consulting and digital marketing, enabling companies of all sizes to build flexible, future-fit, high-performance teams.
“Winning this award is not just a milestone for YunoJuno, but a testament to the evolving nature of the future of work,” added Joao Martires, Chief Operating Officer at YunoJuno leading global expansion. “We’re witnessing a global shift towards more flexible, skills-focused, project-based employment and our platform is at the forefront of this transformation.”
The award highlights YunoJuno’s significant achievements in addressing the growing challenges of international freelance workforce management. With businesses increasingly adopting remote and hybrid work models, platforms like YunoJuno are becoming essential tools for organisations looking to boost their competitive advantage and respond with agility to changing economic conditions.
The platform’s success is backed by its ability to solve critical pain points for both businesses and freelancers. Companies gain access to global talent without the administrative complexities and risk, while freelancers benefit from a transparent, fair, and efficient marketplace.
Looking forward, YunoJuno plans to continue investing in human-led technological innovations, expanding its global talent network, and enhancing its platform’s capabilities to meet the evolving needs of the modern workforce.
For media inquiries or further information about YunoJuno’s award,
please contact:
Katey-Rose Gregory
Content Marketing Lead at YunoJuno
[email protected]
About YunoJuno:
YunoJuno is the all-in-one solution to find, hire, manage and pay contractors and freelancers globally. Built as a Freelancer Management System with direct sourcing included and plug-in options, YunoJuno takes the work and risk out of working with contractors.
Combining a Freelance Management System with an elite marketplace of 100,000+ industry vetted contractors and an on-hand delivery team, YunoJuno helps reduce costs, hiring times and protect against misclassification. With integrated tools and automation, businesses can now accurately classify workers quickly, compliantly and on a global scale.
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LONDON, Nov. 28, 2024 /PRNewswire/ — Mergermarket, an ION Analytics service, hosted the 2024 European M&A Awards on 27 November in London, celebrating excellence in the mergers and acquisitions landscape. This year’s event featured 147 firms shortlisted across 49 categories, showcasing the region’s exceptional talent.
The awards recognize standout advisory achievements on complex deals — with entries evaluated using Mergermarket’s industry-leading data to highlight excellence across the investment arena. With only one winner per category and categories spanning multiple deal sizes — from small-cap to large-cap private equity — these awards set industry benchmarks that inspire confidence in the sector.
The event was attended by 250 senior leaders representing firms across finance, law, and advisory services. This year’s awards highlight Europe’s resilient M&A market and celebrate landmark transactions, providing insight into how leading firms are adapting to economic challenges.
John West, Head of Europe, Mergermarket, said, “The awards showcase the true grit of the European M&A community in driving growth amid the shifting sands of the financing and regulatory environment. European M&A year-to-date stands at EUR 665 billion, up 21% since 2023. Key drivers have been the UK, where total deal values are up 72%, and private equity buyouts and exits rose 30%. With big money on the table for landmark deals such as FiberCop, Adevinta, Darktrace, Royal Mail owner IDS, and many more, it’s clear the European M&A investment banking, advisory, legal, and private equity industries have been on the front foot to deliver for clients and investors.”
The winners are:
|
Legal adviser: Financial adviser: |
||||
|
European M&A |
Freshfields |
European M&A |
Goldman Sachs |
|
|
European Mid-Market M&A |
Latham & Watkins |
European Mid-Market M&A |
Rothschild & Co |
|
|
European Private Equity |
Kirkland & Ellis |
European Private Equity |
Goldman Sachs |
|
|
Austria |
Schoenherr |
Austria |
Deloitte |
|
|
Baltics |
Ellex |
Baltics |
Superia |
|
|
Benelux |
Linklaters |
Benelux |
Morgan Stanley |
|
|
CEE |
CMS |
CEE |
Goldman Sachs |
|
|
Denmark |
Gorrissen Federspiel |
Denmark |
Citi |
|
|
Finland |
Krogerus |
Finland |
Carnegie |
|
|
France |
Weil, Gotshal & Manges |
France |
BNP Paribas |
|
|
Germany |
CMS |
Germany |
Morgan Stanley |
|
|
Ireland |
Arthur Cox |
Ireland |
Rothschild & Co |
|
|
Israel |
Goldfarb Gross Seligman |
Israel |
Bank of America |
|
|
Italy |
Gianni & Origoni |
Italy |
Mediobanca |
|
|
MENA |
Freshfields |
MENA |
Rothschild & Co |
|
|
Norway |
Wiersholm |
Norway |
ABG Sundal Collier |
|
|
Iberia |
Garrigues |
Iberia |
Deloitte |
|
|
Sweden |
Vinge |
Sweden |
Carnegie |
|
|
Switzerland |
Baer & Karrer |
Switzerland |
UBS |
|
|
Turkey |
Ozmen Yalcin |
Turkey |
UNLU & Co |
|
|
United Kingdom |
Latham & Watkins |
United Kingdom |
JP Morgan |
|
|
Accountancy |
|
|
Due Diligence Firm |
EY |
|
Tax Advisory Firm |
EY |
|
Private Equity |
|
|
European Large-Cap (entry value range $500 million+) |
Permira |
|
European Upper Mid-Market (entry value range $250-500 million) |
Ardian |
|
European Lower Mid-Market (entry value range $50-250 million) |
Eurazeo |
|
European Small-Cap (entry value range $0-50 million) |
BGF |
|
Deal of the year |
|
Adevinta (Blackstone and Permira) |
About ION
ION provides mission-critical trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations. Our solutions and services simplify complex processes, boost efficiency, and enable better decision-making. We build long-term partnerships with our clients, helping transform their businesses for sustained success through continuous innovation. For more information, visit https://iongroup.com/
About ION Analytics
ION Analytics delivers personalized, targeted data and market intelligence to banks, investors, and corporates, helping clients find opportunities and drive better decisions in markets ranging from equities and fixed income to infrastructure and private equity. For more information, visit https://iongroup.com/analytics/
About Mergermarket
Mergermarket is the premier global proprietary M&A intelligence, data, and predictive analytics provider. With access to coverage of 1.4 million companies, almost 3,000 sponsors, and powered by 300 journalists and analysts globally, we bring transformative M&A insight and a competitive edge to capital markets professionals, shaping the future of M&A. For more information, visit https://info.mergermarket.com/
All product and company names herein may be trademarks of their registered owners.
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