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Term Insurance Market Size, Share, & Trends Analysis Report By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel (Tied Agents & Branches, Brokers), By Region, And Segment Forecasts, 2024 - 2030

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    Report

  • 120 Pages
  • July 2024
  • Region: Global
  • Grand View Research
  • ID: 5921094
Description Jump to:
The global term insurance market size is anticipated to reach USD 1.89 trillion by 2030 and is anticipated to expand at a CAGR of 8.9% from 2024 to 2030, according to a new report. The growing digital transformation in the insurance sector is expected to create growth opportunities for the market. Various factors, such as the growing disposable income of the population, the emergence of InsurTech, and the growing middle-class population in developing economies such as China, India, and Brazil, are propelling the demand for the term insurance.

The growing digitization of the insurance industry is driving prominent term insurance providers to launch digital solutions. For instance, in November 2023, Life Insurance Corporation of India launched a new Tech-Term Insurance Plan. The new Tech-Term insurance plan is a non-linked, pure protection, online, and without-profit term insurance plan. The plan is available through online processes only, and no intermediaries are involved. Such plans are driving the adoption of term insurance among consumers due to its easy access and hassle-free process, thus benefiting the market's growth.

Term Insurance providers are adopting cutting-edge advanced technology to automate the insurance process, reduce operating costs, and improve efficiency. This technology includes machine learning for the automation of risky and complex processes and artificial intelligence such as blockchain, robotic process automation, and robot advisors for the automation of insurance. Such technologies are expected to improve the risk-return trade-off for both insurers and policyholders, thus harnessing the market's growth over the forecast period.

However, the term insurance sector encounters notable challenges, such as low public awareness about the benefits, evolving regulatory requirements, complex underwriting processes, and the need for affordable yet comprehensive coverage. Market leaders are actively working to address these challenges, simplifying policies, improving customer education, and adapting to changing regulations to stimulate market growth.

Term Insurance Market Report Highlights

  • The individual-level term life insurance segment is expected to grow significantly over the forecast period. The increasing awareness of the importance of financial protection and the need for affordable coverage among individuals and families are driving the segment's growth.
  • The broker segment is expected to grow significantly over the forecast period. The ability of brokers to provide personalized, expert guidance to customers, helping them navigate the complex insurance landscape and select policies that best suit their needs, is driving the segment's growth.
  • North America is anticipated to register significant growth over the forecast period. The regional growth can be attributed to the rising adoption of cutting-edge advanced technology to automate the insurance process, reduce operating costs, and improve efficiency.
  • In August 2023, The Savings Bank Mutual Life Insurance Company of Massachusetts announced the launch of its new solution, AcceleRate. This innovative offering assures distribution partners and customers of rapid processing, dependability, and convenience, coupled with competitive rates on a range of term and whole life insurance products. The launch marks a significant advancement in the company's commitment to providing efficient and value-driven solutions in the insurance market.


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Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Research Methodology
1.3.1. Information Procurement
1.3.2. Information or Data Analysis
1.3.3. Market Formulation & Data Visualization
1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Introduction/Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.2. Manufacturing & Technology Trends
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.2. Market Restraint Impact Analysis
3.3.3. Market Opportunity Impact Analysis
3.4. Industry Analysis Tools
3.4.1. Porter’s Analysis
3.4.2. PESTEL Analysis
Chapter 4. Term Insurance Market: Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Term Insurance Market: Type Movement Analysis, USD Billion, 2023 & 2030
4.3. Individual Level Term Life Insurance
4.3.1. Individual Level Term Life Insurance Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
4.4. Group Level Term Life Insurance
4.4.1. Group Level Term Life Insurance Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
4.5. Decreasing Term Life Insurance
4.5.1. Decreasing Term Life Insurance Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 5. Term Insurance Market: Distribution Channel Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Term Insurance Market: Distribution Channel Movement Analysis, USD Billion, 2023 & 2030
5.3. Tied Agents & Branches
5.3.1. Tied Agents & Branches Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
5.4. Brokers
5.4.1. Brokers Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
5.5. Others
5.5.1. Others Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 6. Term Insurance Market: Regional Estimates & Trend Analysis
6.1. Term Insurance Market: Regional Outlook
6.2. North America
6.2.1. North America term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.2.2. U.S.
6.2.2.1. U.S. term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.2.3. Canada
6.2.3.1. Canada term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.2.4. Mexico
6.2.4.1. Mexico term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.3. Europe
6.3.1. Europe term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.3.2. Germany
6.3.2.1. Germany term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.3.3. UK
6.3.3.1. UK term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.3.4. France
6.3.4.1. France term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4. Asia Pacific
6.4.1. Asia Pacific term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4.2. China
6.4.2.1. China term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4.3. India
6.4.3.1. India term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4.4. Japan
6.4.4.1. Japan term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4.5. South Korea
6.4.5.1. South Korea term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.4.6. Australia
6.4.6.1. Australia term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.5. Latin America
6.5.1. Latin America term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.5.2. Brazil
6.5.2.1. Brazil term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.6. MEA
6.6.1. MEA term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.6.2. Kingdom of Saudi Arabia (KSA)
6.6.2.1. Kingdom of Saudi Arabia (KSA) term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.6.3. UAE
6.6.3.1. UAE term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
6.6.4. South Africa
6.6.4.1. South Africa term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Participant’s Overview
7.2.1 MetLife Services and Solutions, LLC.
7.2.2 Aegon Life Insurance Company Limited
7.2.3 Prudential Financial, Inc.
7.2.4 The Northwestern Mutual Life Insurance Company
7.2.5 State Farm Mutual Automobile Insurance Company
7.2.6 Massachusetts Mutual Life Insurance Company
7.2.7 American International Group, Inc.
7.2.8 Lincoln National Corporation
7.2.9 John Hancock
7.2.10 China Life Insurance (Overseas) Company Limited
7.2.11 Bajaj Allianz Life Insurance Co. Ltd.
7.3. Financial Performance
7.4. Product Benchmarking
7.5. Company Market Positioning
7.6. Company Market Share Analysis, 2023
7.7. Company Heat Map Analysis
7.8. Strategy Mapping
7.8.1. Expansion
7.8.2. Collaborations
7.8.3. Mergers & Acquisitions
7.8.4. New Product Launches
7.8.5. Partnerships
7.8.6. Others
List of Tables
Table 1 Term insurance market, 2017 - 2030 (USD Billion)
Table 2 Global market estimates and forecasts, by region, 2017 - 2030 (USD Billion)
Table 3 Global market estimates and forecasts, by type, 2017 - 2030 (USD Billion)
Table 4 Global market estimates and forecasts, by distribution channel, 2017 - 2030 (USD Billion)
Table 5 Individual level term life insurance term insurance market, by region, 2017 - 2030 (USD Billion)
Table 6 Group level term life insurance term insurance market, by region, 2017 - 2030 (USD Billion)
Table 7 Decreasing term life insurance term insurance market, by region, 2017 - 2030 (USD Billion)
Table 8 Tied agents & branches term insurance market, by region, 2017 - 2030 (USD Billion)
Table 9 Brokers term insurance market, by region, 2017 - 2030 (USD Billion)
Table 10 Others term insurance market, by region, 2017 - 2030 (USD Billion)
Table 11 North America term insurance market, by type, 2017 - 2030 (USD Billion)
Table 12 North America term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 13 U.S term insurance market, by type, 2017 - 2030 (USD Billion)
Table 14 U.S term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 15 Canada term insurance market, by type, 2017 - 2030 (USD Billion)
Table 16 Canada term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 17 Mexico term insurance market, by type, 2017 - 2030 (USD Billion)
Table 18 Mexico term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 19 Europe term insurance market, by type, 2017 - 2030 (USD Billion)
Table 20 Europe term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 21 UK term insurance market, by type, 2017 - 2030 (USD Billion)
Table 22 UK term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 23 Germany term insurance market, by type, 2017 - 2030 (USD Billion)
Table 24 Germany term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 25 France term insurance market, by type, 2017 - 2030 (USD Billion)
Table 26 France term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 27 Asia Pacific term insurance market, by type, 2017 - 2030 (USD Billion)
Table 28 Asia Pacific term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 29 China term insurance market, by type, 2017 - 2030 (USD Billion)
Table 30 China term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 31 India term insurance market, by type, 2017 - 2030 (USD Billion)
Table 32 India term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 33 Japan term insurance market, by type, 2017 - 2030 (USD Billion)
Table 34 Japan term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 35 South Korea term insurance market, by type, 2017 - 2030 (USD Billion)
Table 36 South Korea term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 37 Australia term insurance market, by type, 2017 - 2030 (USD Billion)
Table 38 Australia term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 39 Latin America term insurance market, by type, 2017 - 2030 (USD Billion)
Table 40 Latin America term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 41 Brazil term insurance market, by type, 2017 - 2030 (USD Billion)
Table 42 Brazil term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 43 Middle East & Africa term insurance market, by type, 2017 - 2030 (USD Billion)
Table 44 Middle East & Africa term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 45 Kingdom of Saudi Arabia (KSA) term insurance market, by type, 2017 - 2030 (USD Billion)
Table 46 Kingdom of Saudi Arabia (KSA) term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 47 UAE term insurance market, by type, 2017 - 2030 (USD Billion)
Table 48 UAE term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 49 South Africa term insurance market, by type, 2017 - 2030 (USD Billion)
Table 50 South Africa term insurance market, by distribution channel, 2017 - 2030 (USD Billion)
Table 51 Company Market Share, 2023
Table 52 Company Heat Map Analysis
Table 53 Key companies undergoing expansion
Table 54 Key companies undergoing collaborations
Table 55 Key companies undergoing new product launch
Table 56 Key companies undergoing mergers & acquisitions
Table 57 Key companies undergoing other strategies
List of Figures
Fig. 1 Term insurance market segmentation
Fig. 2 Information procurement
Fig. 3 Data analysis models
Fig. 4 Market formulation and validation
Fig. 5 Data validating & publishing
Fig. 6 Market snapshot
Fig. 7 Segment snapshot
Fig. 8 Competitive landscape snapshot
Fig. 9 Parent market value, 2023 (USD Billion)
Fig. 10 Term insurance market - industry value chain analysis
Fig. 11 Term insurance market dynamics
Fig. 12 Term insurance market: Porter’s analysis
Fig. 13 Term insurance market: PESTEL analysis
Fig. 14 Term insurance market, by type: key takeaways
Fig. 15 Term insurance market, by type: market share, 2023 & 2030
Fig. 16 Term insurance market estimates & forecasts, by individual level term insurance, 2017 - 2030 (USD Billion)
Fig. 17 Term insurance market estimates & forecasts, by group level term insurance, 2017 - 2030 (USD Billion)
Fig. 18 Term insurance market estimates & forecasts, by decreasing term life insurance, 2017 - 2030 (USD Billion)
Fig. 19 Term insurance market, by distribution channel: key takeaways
Fig. 20 Term insurance market, by distribution channel: market share, 2023 & 2030
Fig. 21 Term insurance market estimates & forecasts, by tied agents & branches, 2017 - 2030 (USD Billion)
Fig. 22 Term insurance market estimates & forecasts, by brokers, 2017 - 2030 (USD Billion)
Fig. 23 Term insurance market estimates & forecasts, by others, 2017 - 2030 (USD Billion)
Fig. 24 Term insurance market, by region: key takeaways
Fig. 25 Term insurance market, by region: market share, 2023 & 2030
Fig. 26 North America term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 27 U.S term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 28 Canada term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 29 Mexico term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 30 Europe term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 31 Germany term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 32 UK term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 33 France term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 34 Asia Pacific term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 35 China term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 36 India term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 37 Japan term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 38 South Korea term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 39 Australia term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 40 Latin America term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 41 Brazil term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 42 MEA term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 43 Kingdom of Saudi Arabia (KSA) term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 44 UAE term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 45 South Africa uae term insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 46 Key company categorization
Fig. 47 Company market positioning
Fig. 48 Company market share analysis, 2023
Fig. 49 Strategic framework

Companies Mentioned

  • MetLife Services and Solutions, LLC.
  • Aegon Life Insurance Company Limited
  • Prudential Financial, Inc.
  • The Northwestern Mutual Life Insurance Company
  • State Farm Mutual Automobile Insurance Company
  • Massachusetts Mutual Life Insurance Company
  • American International Group, Inc.
  • Lincoln National Corporation
  • John Hancock
  • China Life Insurance (Overseas) Company Limited
  • Bajaj Allianz Life Insurance Co. Ltd.

Methodology

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Table Information

Report AttributeDetails
No. of Pages120
PublishedJuly 2024
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 1058.08 Billion
Forecasted Market Value ( USD ) by 2030 $ 1897.4 Billion
Compound Annual Growth Rate8.9%
Regions CoveredGlobal
No. of Companies Mentioned11

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