Term Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2032

Term Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2032

The global term insurance market size is expected to reach USD 2,201.35 billion by 2032, according to a new study by Polaris Market Research. The report “Term Insurance Market Share, Size, Trends, Industry Analysis Report, By Type (Individual Level Term Life Insurance, Group Level Term Life Insurance), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing digital transformation in the insurance sector is poised to open new avenues for market growth. Several factors contribute to this trend, including the rising disposable income of the population, the emergence of InsurTech, and the expanding middle-class population in developing economies. As digital technologies become more ingrained in the insurance industry, they enhance accessibility, streamline processes, and offer innovative solutions. The growing awareness and adoption of term insurance products are closely tied to these broader trends, creating a favourable environment for market expansion.

The anticipated growth of the market is attributed to the increasing involvement of private firms in the global market, reflecting a trend towards greater privatization. For instance, the passage of the General Insurance Business (Nationalization) Amendment Bill 2021 by the Indian government in August 2021. This legislative change signals the end of state control over general insurance companies, paving the way for increased private participation in the insurance industry. The shift towards privatization is expected to introduce more competition and result in better-priced insurance products, contributing to the overall expansion of the market.

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Term insurance providers are embracing state-of-the-art technologies to streamline insurance processes, lower operational costs, and enhance efficiency. This technological integration involves the use of machine learning to automate intricate and high-risk procedures. Additionally, artificial intelligence, including blockchain, robotic process automation, and robot advisors, is being employed to automate various aspects of the insurance workflow. The adoption of these advanced technologies is anticipated to optimize the balance between risk and return for both insurers and policyholders. As a result, it is expected to contribute to the growth of the term insurance market during the forecast period.

The term insurance industry faces significant challenges, including limited public awareness regarding the advantages of term insurance, evolving regulatory standards, intricate underwriting procedures, and the demand for cost-effective yet comprehensive coverage. In response to these challenges, key players in the market are proactively taking steps to simplify insurance policies, enhance customer education initiatives, and adapt to evolving regulations. These strategic efforts are aimed at overcoming barriers and fostering market growth by making term insurance more accessible, understandable, and responsive to the changing needs of consumers.

Term Insurance Market Report Highlights

Individual segment will grow at the rapid pace, due to rise in awareness of financial protection & the desire for affordable coverage

Brokers segment will grow rapidly, as they have ability to customize term products as per customer’s needs

North America dominated the market, on account of rise in adoption of advanced technology to automate the insurance workflow

The key market players include Aegon, American International, Bajaj Allianz, China Life Insurance (Overseas), John Hancock, and Lincoln National.

Polaris Market Research has segmented the term insurance market report based on type, distribution channel, and region:

Term Insurance, Type Outlook (Revenue - USD Billion, 2019 - 2032)

Individual Level Term Life Insurance

Group Level Term Life Insurance

Decreasing Term Life Insurance

Term Insurance, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

Tied Agents & Branches

Brokers

Others

Term Insurance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

• U.S.
• Canada

Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

Latin America

• Argentina
• Brazil
• Mexico

Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa