Group Life Insurance Market By Type (Contributory Plans, Non-contributory Plans), By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), By Distribution Channel (Direct Sales, Brokers/Agents, Banks, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Group life insurance is a benefit provided by organizations to their members, usually by employers to their employees. The insurance contract is between the group and the insurance company, and the participating group members receive certificates of coverage with a group life insurance policy. It provides financial protection if the covered individual dies similar to an individual policy. It often has a relatively low coverage amount and should supplement an individual life insurance policy.
The average cost of group life insurance purchased through an employer is usually quite low. For instance, Amazon gives most part-time and full-time employees free basic life insurance equal to two times their annual salary. Employees have the option to buy additional coverage up to 10 times their base annual earnings. For example, a 40-year-old full-time Amazon employee will pay $0.059 for every $1,000 of additional coverage. If that employee wants to purchase $100,000 of additional group life insurance, they have a monthly premium of $5.90.
A growth in awareness of the significance of financial stability and employee well-being has fueled the popularity of group life insurance, which has contributed to an increase in the acceptance of these policies among enterprises. Furthermore, legal support and tax breaks for firms that offer group life insurance contribute to the expansion of the group life insurance industry. Furthermore, economic uncertainty inhibits market growth, which may cause some businesses to decrease costs and, as a result, reduce insurance coverage. However, interest rate variations can affect insurers' returns on investments as well as group life insurance product rates and benefits. Regulatory changes and compliance difficulties present additional obstacles for market players. On the contrary, technology improvements that speed up insurance operations, as well as the opportunity for product innovation to fulfill a wide range of consumer needs, are expected to present the group life insurance market with lucrative growth opportunities. The expansion of insurance industry digital transformation gives a platform for improved customer engagement and operational efficiency, opening new opportunities for growth in the group life insurance market.
The group life insurance market is segmented into type, enterprise size, distribution channel, and region. On the basis of type, the market is bifurcated into contributory plans and non-contributory plans. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of distribution channel, the market is categorized into direct sales, brokers/agents, banks, and others. On the basis of region, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).
The key players operating in the global group life insurance market include MetLife Services and Solutions, LLC, American International Group, Inc., Prudential Financial, Inc., Allianz, AXA SA, Zurich, The Manufacturers Life Insurance Company, Sun Life Assurance Company of Canada, Cigna Healthcare, and New York Life Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the group life insurance industry.
Key Benefits for StakeholdersThe study provides in-depth analysis of the group life insurance market along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the Group life insurance market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the group life insurance market from 2022 to 2032 is provided to determine the market potential.
Key Market SegmentsBy TypeContributory Plans
Non-contributory Plans
By Enterprise SizeLarge Enterprises
Small and Medium-sized Enterprises
By Distribution ChannelDirect Sales
Brokers/Agents
Banks
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Gcc Countries
South Africa
Rest of Middle East And Africa
Key Market Players
MetLife Services and Solutions, LLC
American International Group, Inc.
Prudential Financial, Inc.
Allianz
AXA SA
Zurich
The Manufacturers Life Insurance Company
Sun Life Assurance Company of Canada
Cigna Healthcare
New York Life Insurance Company
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