Major players in the life insurance providers market are Munich Re, AXA, Generali, Allianz, and China Life Insurance Company Limited. The global life insurance market is expected to grow from $2475.
New York, May 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Life Insurance Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067885/?utm_source=GNW
85 billion in 2020 to $2880.18 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3519.44 billion in 2025 at a CAGR of 5.1%.
The life insurance providers market consists of the sale of life insurance policies.Life insurance providers enter into a legal contract with the insurance policyholder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
The life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities.
In 2019, New York Life agreed to acquire Cigna’s group life and disability insurance business for $6.3 billion. This acquisition increases the value which New York Life can deliver to their policy owners, strengthens their well-defined business model. Cigna Corporation is a global health service company that services for improving health, well-being. Cigna operates in 30 countries and has 165 million customer relationships. Cigna is founded in the year 1982 by the merger of CG and INA.
The rise in disposable income in emerging countries such as India and China is expected to drive the life insurance providers market.Economic growth in the middle-income group translates to higher disposable income which allows them to invest in life insurance products.
According to a report by the Swiss Re Institute, the world’s seven largest emerging markets will contribute 42% of global growth with China contributing 27%. This rising disposable income, especially in emerging countries is expected to increase demand for life insurance plans thereby driving the life insurance providers market.
Lack of awareness about life insurance and complex insurance products are acting as a restraint on the life insurance providers market.A large number of people tend to invest in traditional investment instruments as they are unaware of the benefits of life insurance.
According to a survey conducted by PHD Research Bureau, around 49% of the population in India is not familiar with insurance products and around 57% of the people find insurance products too complicated and difficult to understand. This lack of awareness and information proves to be a restraint on the life insurance providers market.
Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry.Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks, and cross-promote products.
For example, Aditya Birla Sun Life Insurance has launched DISHA 2.0, an Upgraded AI-Enabled ChatBot to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will drive the market.
Life insurance companies are monitored by regulatory bodies such as the National Association of Insurance Commissioners (NAIC) in the USA, the Prudential Regulatory Authority (PRA) in the UK, and the China Insurance Regulatory Commission in China.For instance, the China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision, and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with the law.
CIRC is responsible for licensing, developing regulations on the administration of reinsurance business, and measures on administration of life and health insurance.
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