Report Code: A14963 | Pages: NA | Mar 2023 | 1526 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Group Life Insurance Market
Request Now !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 |
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COVID-19 Scenario Analysis
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:
Questions Answered in the Group Life Insurance Market Research Report:Â Â Â
Group Life Insurance Market Report Highlights
Aspects | Details |
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By Type |
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By Distribution Channel |
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By Region |
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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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