The Variable Life Insurance Global Market Report 2023 by The Business Research Company, provides variable life insurance market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Variable Life Insurance Global Market Report 2023, the market size is expected to grow from $115.71 billion in 2022 to $123.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global variable life insurance market size is expected to reach $156.97 billion in 2027 at a CAGR of 6.2%.
The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds.
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The variable life insurance market is segmented:
1) By Type: Fixed Premium, Variable Universal Life Insurance
2) By Components: Death benefits, Add-on benefits
3) By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel
Top Major Players
Allianz
AXA SA
Generali
Ping An Insurance
Aflac
New product development has emerged as the major trend gaining popularity in the variable life insurance market. Major companies operating in the variable life insurance market are introducing new innovative life insurance products to strengthen their position in the market. For instance, in November 2022, Prudential Financial, Inc., a US-based insurance company, introduced Prudential FlexGuard® Life, an innovative index-variable universal life insurance policy that provides a versatile blend of coverage, growth potential, and accessibility to cater to the evolving life insurance requirements of customers. Prudential FlexGuard® Life offers death benefit protection with fixed duration options, various methods to increase cash values, and the flexibility to access death benefits early in case of chronic or terminal illness if the required rider is added to the policy. Customers have the option to take charge of their future because the solution is adaptable and can be modified in response to changing needs. When necessary, it gives them access to cash values, giving them a unique opportunity to leave a legacy and increasing their ability to receive living benefits.
The variable life insurance market report table of contents includes:
1. Executive Summary
2. Variable Life Insurance Market Characteristics
3. Variable Life Insurance Market Trends And Strategies
4. Variable Life Insurance Market – Macro Economic Scenario
5. Variable Life Insurance Market Size And Growth
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26. Africa Variable Life Insurance Market
27. Variable Life Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Variable Life Insurance Market
29. Variable Life Insurance Market Future Outlook and Potential Analysis
30. Appendix
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