Group Life Insurance Market Report 2026

The group life insurance market size has grown rapidly in recent years. It will grow from $145.67 billion in 2025 to $160.64 billion in 2026 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to expansion of formal employment sectors, employer-led benefit standardization, regulatory support for employee insurance, traditional broker distribution models, workforce risk protection needs.

The group life insurance market size is expected to see strong growth in the next few years. It will grow to $231.69 billion in 2030 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to growth of remote and gig workforce coverage, increasing SME participation in group insurance, integration of insurtech platforms, rising focus on employee wellness benefits, customization of group insurance offerings. Major trends in the forecast period include increasing adoption of digital enrollment platforms, rising demand for flexible employee benefit structures, growing use of data analytics for risk assessment, expansion of employer-sponsored coverage programs, enhanced focus on cost-effective group policies.

The increasing aging population is expected to drive the expansion of the group life insurance market in the coming years. The aging population refers to a rising share of elderly individuals within a society's demographic makeup. This growth in the aging population is largely attributed to factors such as lower birth rates, longer life expectancy, and improvements in healthcare that enhance longevity. In societies with a growing aging population, group life insurance provides financial protection by offering death benefits to employees, members, and their families, helping cover expenses and providing peace of mind in the event of a loss. For example, in October 2025, according to the World Health Organization, a Switzerland-based government agency, by 2030, 1 in 6 people globally will be aged 60 years or older. By 2050, the global population of individuals aged 60 and above is expected to double, reaching 2.1 billion. Consequently, the expanding aging population will support the growth of the group life insurance market.

Major companies in the group life insurance sector are concentrating on enhancing their offerings through the integration of additional benefits, such as group term insurance plans. These plans streamline operations, improve customer experiences, and boost efficiency by providing life insurance coverage to a group of individuals under a single policy, commonly offered by employers to their employees. For example, in June 2023, Digit Life Insurance, an India-based general insurance company, introduced a comprehensive group term plan as its inaugural product. This plan offers extensive coverage for death, disease, and disability, featuring multiple payout options, four optional benefits, and various add-ons. Payout options include lump-sum assured, retirement-linked income, child age-linked income, and income for a specified period of up to 40 years, aimed at mitigating family income loss following the insured's death, selected by both group and individual members according to their preferences.

In January 2024, Pan-American Life Insurance Group, a US-based provider of insurance and financial services, acquired Encova Life Insurance Company to expand its market presence and enhance its product portfolio within the insurance sector. This strategic acquisition reinforces Pan-American Life Insurance Group's position as a leading provider of life, accident, and health insurance across the Americas. Encova Life Insurance Company, based in the US, specializes in group life insurance and other related insurance products.

Major companies operating in the group life insurance market are Cigna Corporation, Allianz SE, AXA SA, MetLife Inc., Prudential Financial Inc., Nationwide Mutual Insurance Company, American International Group Inc., Tokio Marine Holdings Inc, Zurich Insurance Group Ltd., The Northwestern Mutual Life Insurance Company, Massachusetts Mutual Life Insurance Company, The Manufacturers Life Insurance Company, Liberty Mutual Insurance Company, The Hartford Financial Services Group Inc., New York Life Insurance Company, Aflac Incorporated, Sun Life Assurance Company of Canada, Principal Financial Group Inc., The Guardian Life Insurance Company of America, Unum Group, Lincoln National Corporation, Mutual of Omaha Insurance Company, Transamerica Corporation, Securian Financial Group Inc., Voya Financial Inc.

North America was the largest region in the group life insurance market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the group life insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the group life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The group life insurance market includes revenues earned by entities by providing services such as basic group life insurance, supplemental group life insurance, and accidental death and dismemberment (AD&D) insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.