The Whole Life Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Whole Life Insurance Global Market Report 2024, The whole life insurance market size has grown steadily in recent years. It will grow from $175.67 billion in 2023 to $180.58 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to policy stability and guarantees, long-term financial security, legacy and estate planning, inflation hedge, conservative investment option..
The whole life insurance market size is expected to see steadily grown in the next few years. It will grow to $205.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to personalized solutions, increased longevity concerns, wealth transfer and estate planning, health and wellness incentives, shift in consumer preferences.. Major trends in the forecast period include customization and personalization, innovative product offerings, tech integration in underwriting, evolving customer preferences, wealth transfer and estate planning..
The rising aging population is expected to propel the whole life insurance market. The aging population refers to a demographic shift characterized by a rising proportion or increase in the number of individuals within a society who are in the later stages of life, typically aged 65 and older. Whole life insurance serves as a financial planning tool for the aging population, offering lifetime coverage, cash value accumulation, and potential estate planning benefits. For instance, in October 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, projected that by 2030, one out of every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the rising aging population is driving the growth of the whole life insurance market.
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The whole life insurance market covered in this report is segmented –
1) By Type: Non-Participating Whole Life, Participating Whole Life
2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
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The whole life insurance market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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