Group Life Insurance Global Market Report 2024

Group life insurance is a form of life insurance policy that covers a group of individuals, usually employees of a company or members of an organization. It is commonly included as part of a comprehensive employee benefits package and provides financial protection to beneficiaries in the event of the insured individual's death.

The primary types of group life insurance are contributory plans and non-contributory plans. Contributory plans involve shared premium costs between the employer and employees, allowing employees to obtain life insurance coverage at a lower rate compared to individual policies, leveraging the group's collective bargaining power. These policies are available to various enterprise sizes, including large enterprises and small to medium-sized enterprises, and are distributed through channels such as direct sales, brokers or agents, banks, and others.

The group life insurance market research report is one of a series of new reports that provides group life insurance market statistics, including group life insurance industry global market size, regional shares, competitors with an group life insurance market share, detailed group life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the group life insurance industry. This group life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The group life insurance market size has grown rapidly in recent years. It will grow from $119.99 billion in 2023 to $132.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth during the historic period can be attributed to several factors, including employment growth and corporate benefits, regulatory changes and compliance requirements, demographic shifts towards aging populations, the evolution of employer-sponsored benefits packages, and increasing workforce participation.

The group life insurance market size is expected to see rapid growth in the next few years. It will grow to $196.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth can be attributed to factors such as aging population demographics, enhanced customer experience initiatives, increased awareness and demand for financial security products, expansion of the global workforce, healthcare cost trends, and longevity expectations. Major trends during the forecast period include technological advancements, digital transformation, personalized insurance products, integration of AI, and the adoption of data analytics.

The group life insurance market is expected to experience growth driven by the increasing aging population. This demographic shift refers to a rising proportion of elderly individuals in society, influenced by factors such as declining birth rates, extended life expectancy, and advancements in healthcare that contribute to longer lifespans. Group life insurance plays a critical role in providing financial security by offering death benefits to employees, members, and their families, covering expenses and ensuring peace of mind in the event of loss. According to a July 2022 report from the United Nations, the global population aged 65 and above is projected to increase from 10% in 2022 to 16% by 2050, indicating a significant demographic shift toward older age groups worldwide over the coming decades. Therefore, the growing aging population is poised to propel the expansion 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 2023. 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, 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, 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.


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