The Whole Life Insurance Global Market Report 2023, provides comprehensive information on the whole life insurance market 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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The global whole life insurance market size is expected to grow from $170.72 billion in 2022 to $175.67 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. 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 whole life insurance market size is expected to grow to $196.36 billion in 2027 at a CAGR of 2.8%.
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Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthen their market position. For instance, in December 2022, Modern Life Insurance Group Inc., a US-based insurance group, announced the launch of its latest technology platform, where life insurance advisors can take advantage of a variety of cutting-edge tools and solutions from the new stack. These include the ability to manage all client and brokerage needs in one location, enhanced customer involvement, entirely digital applications, and comparison and pricing capabilities.
The whole life insurance market is segmented:
1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
North America was the largest region in the whole life insurance market in 2022.
The table of contents in TBRC’s whole life insurance market report includes:
- Executive Summary
- Whole Life Insurance Market Characteristics
- Whole Life Insurance Market Trends And Strategies
- Whole Life Insurance Market – Macro Economic Scenario
- Whole Life Insurance Market Size And Growth
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- Africa Whole Life Insurance Market
- Whole Life Insurance Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Whole Life Insurance Market
- Whole Life Insurance Market Future Outlook and Potential Analysis
- Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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