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2023
Group Life Insurance Market

Group Life Insurance Market

by Type (Group Term Life Insurance, Group Gratuity Plan, Investment-linked Insurance Plan, and Others) and Distribution Channel (Insurance Companies, Brokers/Agents, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A14963
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Mar 2023 | 1526 Views
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COVID-19

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An employer or another large-scale entity, such as an association or labor organization generally offers group life insurance to their employees. It is typically covered as part of a larger employer or membership benefit package and has a low coverage amount. In addition, insurance companies can secure much lower costs for each employee by purchasing a group life insurance policy in comparison to an individual policy. Therefore, the rise in demand for insurance policies and easy accessibility for insurance through digitalization is expected to boost the group life insurance market soon.

"The Global group life insurance market is segmented on the basis of Type, Distribution Channel and region. Based on type, the market is divided into Group Term Life Insurance, Group Gratuity Plan, Investment-linked Insurance Plan. In terms of Distribution, the market is categorized into Insurance Companies, Brokers/Agents, Banks. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global group life insurance industry include Insurance Companies, Brokers/Agents, Banks. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global group life insurance market size."

Market Scope and Structure Analysis:

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast units

  Value ($)

  Segments covered

  Type, Distribution Channel, and Region

 

COVID-19 Scenario Analysis

  • During COVID-19  , an increase in COVID-19 insurance claims has increased tremendously for group life insurance, posing a major challenge for insurance companies in terms of maintaining high liquidity to provide monetary assistance to the patients. 
  • Moreover, the pandemic has caused a huge liquidity crisis for businesses, as insurance companies are facing a huge burden of filing claims, owing to lower premiums collected, and thus are unable to fund patients on a large scale.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The massive rise in claims in the life insurance sector, expansion of insuring capacity, and growth in focus on insurers to stabilize losses by limiting risks are major factors driving market growth. However, restricting new companies from entering the market is expected to hamper market expansion. Contrarily, a rise in group life insurance coverage premium with additional benefits, untapped demand in emerging countries, and technological advancements to perform efficiently can be seen as an opportunity for the market.

The group life insurance market trends are as follows:

Massive Rise in Insurance Premium Rates Limits Risk:

Insurers have suffered significant market losses due to an increase in the rate of claims in the group life insurance category. As a result, group life insurers have devised a new set of solutions to deal with these risks and mitigate mounting losses. Due to higher group life insurance claims, several insurers have reported an increase in premium rates in recent years. In addition, insurance companies can better manage risk and perform by keeping premiums high. As a result, insurance companies are likely to raise insurance premiums in response to pressure from life insurers.

Technological Advancements to Perform Efficiently:

Direct to customer (D2C) frameworks, which benefit both general insurers and life insurers, can help to improve relationships between consumers and insurers. Swiss Re, a market leader, has developed a direct-to-customer automated underwriting system known as Magnum. As a result, insurers can streamline their underwriting processes. Such a system enables insurers to access and use large amounts of customer data, allowing insurers to fine-tune risk profiling accuracy. The group life insurance industry is expected to be transformed by a growing number of such innovations which further boost the market growth.

Key Benefits of the Report:

  • This study presents an analytical depiction of the group life insurance market share along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the group life insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the group life insurance market analysis.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Group Life Insurance Market Research Report:    

  • Which are the leading players active in the group life insurance market forecast?
  • What would be the detailed impact of COVID-19 on the group life insurance market?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the group life insurance market?
  • What are the projections for the future that would help in taking further strategic steps?

Group Life Insurance Market Report Highlights

Aspects Details
By Type
  • Group Term Life Insurance
  • Group Gratuity Plan
  • Investment-linked Insurance Plan
  • Others
By Distribution Channel
  • Insurance Companies
  • Brokers/Agents
  • Banks
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Zurich, AFCA, Allianz SE, AXA, Chubb, American International Group, Berkshire Hathaway, Allianz, Ping An Insurance, China Life Insurance Co. Ltd, Aviva PLC.
 

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