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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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