Term Insurance Market Size, Share & Trends Analysis Report By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Term Insurance Market Size, Share & Trends Analysis Report By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Term Insurance Market Growth & Trends

The global term insurance market size is expected to reach USD 1,897.40 billion by 2030, growing at a CAGR of 8.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing digital transformation in the insurance sector is expected to create growth opportunities for the market growth. 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 increasing inclusion of private firms in the global market, thus the increasing privatization, is expected to drive the market’s growth over the forecast period. For instance, in August 2021, the Indian government passed the General Insurance Business (Nationalization) Amendment Bill 2021. With this amendment bill, the state control over the general insurance companies is going to end. Such initiatives mark the era of greater private participation in the insurance industry. Moreover, increasing competition and better-priced insurance products are likely to propel the market 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.

The term insurance industry 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

• Based on term insurance, 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
• Based on distribution channel, the brokers 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

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