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表紙：定期保険市場：成長、将来展望、競合分析、2024年～2032年
市場調査レポート
商品コード
1517824

定期保険市場：成長、将来展望、競合分析、2024年～2032年

Term Insurance Market - Growth, Future Prospects and Competitive Analysis, 2024 - 2032

出版日
ページ情報
英文 179 Pages
納期
即日から翌営業日
価格
価格表記: USDを日本円(税抜)に換算
本日の銀行送金レート: 1USD=144.06円
定期保険市場：成長、将来展望、競合分析、2024年～2032年
出版日: 2024年06月14日
発行: Acute Market Reports
ページ情報: 英文 179 Pages
納期: 即日から翌営業日
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  • 概要
  • 図表
  • 目次
概要

定期保険市場は、定期生命保険を取り扱う保険業界のセグメントを指します。定期保険は、特定の期間（例えば10年、20年、30年）の保障を提供する生命保険の一種です。被保険者がこの期間内に死亡した場合、保険契約は指定された受取人に死亡保険金を支払います。定期保険の主な目的は、保険契約者が不慮の死を遂げた場合に、受取人に経済的な保護と保障を提供することです。定期保険市場は、2024年から2032年にかけてCAGR 8.5%で成長すると予測されています。定期保険市場は、キャリアをスタートさせたばかりの若年層から、家族の経済的安定を求める高齢者まで、幅広い消費者を対象としています。市場は、人口動向、経済情勢、ファイナンシャルプランニングや生命保険に対する消費者の意識、保険業界の技術進歩といった要因の影響を受ける。

促進要因：経済的安定に対する意識とニーズの高まり

定期保険市場は、主に個人におけるファイナンシャルセキュリティに対する意識とニーズの高まりによって牽引されています。経済の不確実性が高まり、特にCOVID-19のパンデミックのような出来事をきっかけに、人生の予測不可能性に対する意識が高まる中、より多くの人々が経済的セーフティネットを持つことの重要性を認識しています。定期保険は、自分の家族や扶養家族が不慮の死を遂げた場合でも経済的に安心できるよう、手頃なソリューションを提供しています。このような経済的責任感の高まりは、家庭を持ち始めたり、住宅ローンやローンなど多額の金銭的債務を抱える若年層で特に顕著です。さらに、消費者金融教育の高まりもこの動向に重要な役割を果たしています。現在では、全体的なファイナンシャルプランニングの一環として定期保険の利点を知る人が増え、市場での需要増につながっています。

機会：技術の進歩とデジタル化

技術の進歩とデジタル化は、定期保険市場に大きなチャンスをもたらしています。テクノロジーの統合は保険加入プロセスを合理化し、消費者の保険加入をより簡単かつ迅速にしました。オンラインプラットフォームやモバイルアプリケーションにより、さまざまな保険を素早く比較したり、オンライン計算機で補償の必要性を見積もったり、手間のかからない購入プロセスが可能になった。また、デジタル化によって、データ分析やAIを利用したパーソナライズされた保険契約の提案も可能になり、顧客体験が向上します。さらに、テクノロジーによる引受プロセスの進歩により、これまで健康状態によって保険に加入できなかった人々を含め、より多くの人々が保険を利用しやすくなっています。

抑制要因：定期保険に対する認識と理解の不足

定期保険の認知度が高まっているにもかかわらず、定期保険市場の大きな抑制要因となっているのは、国民の多くが定期保険を理解・認知していないことです。生命保険の重要性を十分に理解していない人や、定期保険の具体的な内容を誤解している人がまだ多く、投資要素を持つ他のタイプの生命保険と混同しています。このような理解不足は、保険が不十分であったり、保障がまったくなかったりすることにつながります。この課題を克服するには、定期保険の重要性と利点を強調するために、消費者教育や啓蒙キャンペーンに継続的に取り組む必要があります。

課題：規制の変化と市場のボラティリティへの対応

定期保険市場は、規制の変化と市場のボラティリティへの対応という課題に直面しています。保険業界は高度に規制されており、規制と政策の変更は保険会社の事業運営や保険料設定に大きな影響を与える可能性があります。これには保険引受規則、税法、その他の保険関連規制の変更が含まれます。さらに、市場の変動は保険会社の投資ポートフォリオに影響を与え、ひいては保険会社の財務安定性や保険商品の価格設定に影響を与える可能性があります。保険会社は、消費者にとって手頃な価格と価値を維持しながら、こうした課題を乗り越えていかなければならないです。そのためには、リスク管理、コンプライアンス、市場競争力の間で微妙なバランスを保つ必要があります。

タイプの洞察

定期保険市場は、タイプ別に、個人レベル定期保険、団体レベル定期保険、減少型定期保険と分類できます。個人レベル定期保険は、1人を対象とし、保険期間を通じて一定の給付金が支払われるもので、年間平均成長率（CAGR）が最も高いです。この成長の原動力となっているのは、個人のファイナンシャルプランニングに対する消費者の意識の高まりと、手頃で分かりやすい生命保険への要望です。このような高い成長率にもかかわらず、団体レベル定期保険が収益面で最大のシェアを占めています。通常、雇用主、団体、組織を通じて団体に提供されるこの保険タイプは、従業員の福利厚生を提供しようとする企業に魅力的です。その人気は、個人保険に比べて一般的に保険料が安く、従業員が加入しやすいことに起因しています。通常、ローンや住宅ローンの残高が減少するのに合わせて、保険期間中に保障額が減少する減少型定期保険も、特に特定の金銭的負担をカバーしようとする人々の間で、市場で重要な役割を果たしています。

流通チャネルの洞察

市場セグメンテーションには、提携代理店・支店、ブローカー、その他が含まれます。同系列の代理店・支店は、保険会社の代理店として独占的に商品を販売しており、伝統的に最も高い収益を上げています。この優位性は、その確立された存在感と、消費者が代理店との直接対話に寄せる信頼によるものです。しかし、CAGRが最も高いのはブローカーセグメントです。複数の保険会社の商品を提供するブローカーは、消費者に幅広い選択肢を提供し、様々な保険を比較することができます。このような柔軟性と、個々のニーズに合わせた独立したアドバイスに対する消費者の嗜好の高まりが、このセグメントの成長を牽引しています。その他」のカテゴリーには、オンラインでの直接販売やバンカシュアランスなどが含まれ、デジタルプラットフォームが普及し、金融機関がサービス提供を拡大するにつれて牽引力を増しています。全体として、市場セグメンテーションのタイプ別・流通チャネル別は、消費者の多様な嗜好と保険業界の進化する状況を反映しており、各セグメントは市場の成長と収益に貢献しています。

地域の洞察

市場セグメンテーションでは、地域ごとに異なる動向と成長の可能性を明らかにしています。2023年には、アジア太平洋地域が最も高い年間平均成長率（CAGR）を示しました。これは、金融に対する意識の高まり、中流階級の人口増加、インドや中国などの国々における金融包摂を促進する政府の支援政策に後押しされたものです。これらの要因は、この地域の人口の増加と相まって、定期保険製品の広大な未開拓市場を形成しています。しかし、売上高では北米、特に米国が市場を独占しています。この高い収益シェアは、保険業界が確立されていること、定期保険に関する消費者の認知度が高いこと、生命保険への加入を求める高齢化人口が多いことなどに起因しています。

主要プレーヤーの分析

定期保険市場の競争動向と主要企業の観点から見ると、2023年には次のような主要企業が大きな貢献を果たしました。MetLife Services and Solutions, LLC、Aegon Life Insurance Company Limited、Prudential Financial, Inc.、The Northwestern Mutual Life Insurance Company、State Farm Mutual Automobile Insurance Company、Massachusetts Mutual Life Insurance Company、American International Group, Inc.、Lincoln National Corporation、John Hancock、China Life Insurance（Overseas）Company Limited、Bajaj Allianz Life Insurance Co.Ltd.などです。また、フィンテックやインシュアテック企業との協業や提携も、従来の保険モデルの革新と近代化を目指す戦略的な焦点になると予想されます。さらに、競合情勢は、デジタルに精通し、柔軟で透明性の高い保険ソリューションを求める若年層の消費者など、さまざまな層の多様なニーズに対応することに重点が置かれるようになると思われます。こうした戦略的イニシアティブは、進化する消費者の嗜好や規制環境と相まって、市場の軌道を形成し、様々な地域にわたって成長を促進し、新たな機会を提供するものと思われます。

本レポートでお答えする主な質問

定期保険市場の成長に影響を与えている主要なミクロ・マクロ環境要因は何か？

現在・予測期間中の製品セグメントと地域に関する主な投資ポケットは？

2032年までの推定推計・市場予測

予測期間中にCAGRが最も速いセグメントは？

市場シェアの大きいセグメントとその理由は？

中低所得国は定期保険市場に投資しているか？

定期保険市場で最大の地域市場はどこか？

アジア太平洋、ラテンアメリカ、中東・アフリカなどの新興市場における市場動向と力学は？

定期保険市場の成長を促進する主要動向は？

世界の定期保険市場で存在感を高めるための主要な競合企業とその戦略とは？

目次

第1章 序文

  • レポート内容
    • レポートの目的
    • 対象者
    • 主な提供
  • 市場セグメンテーション
  • 調査手法
    • フェーズⅠ-二次調査
    • フェーズⅡ-一次調査
    • フェーズⅢ-有識者レビュー
    • 前提条件
    • 採用したアプローチ

第2章 エグゼクティブサマリー

第3章 定期保険市場：競合分析

  • 主要ベンダーの市場ポジショニング
  • ベンダーが採用した戦略
  • 主要な産業戦略
  • ティア分析：2023 vs 2032

第4章 定期保険市場：マクロ分析と市場力学

  • イントロダクション
  • 世界の定期保険市場金額 2022年～2032年
  • 市場力学
    • 市場促進要因
    • 市場抑制要因
    • 主な課題
    • 主な機会
  • 促進要因と抑制要因の影響分析
  • シーソー分析
  • ポーターのファイブフォースモデル
    • サプライヤーパワー
    • バイヤーパワー
    • 代替品の脅威
    • 新規参入業者の脅威
    • 競争企業間の敵対関係
  • PESTEL分析
    • 政治情勢
    • 経済情勢
    • 技術情勢
    • 法的情勢
    • 社会情勢

第5章 定期保険市場：タイプ別 2022年～2032年

  • 市場概要
  • 成長・収益分析：2023 vs 2032
  • 市場セグメンテーション
    • 個人レベル定期生命保険
    • 団体レベル定期生命保険
    • 減少型定期生命保険

第6章 定期保険市場：流通チャネル別 2022年～2032年

  • 市場概要
  • 成長・収益分析：2023 vs 2032
  • 市場セグメンテーション
    • 提携代理店・支店
    • ブローカー
    • その他

第7章 北米の定期保険市場 2022年～2032年

  • 市場概要
  • 定期保険市場：タイプ別 2022年～2032年
  • 定期保険市場：流通チャネル別 2022年～2032年
  • 定期保険市場：地域別 2022年～2032年
    • 北米
      • 米国
      • カナダ
      • その他北米地域

第8章 英国・欧州連合の定期保険市場 2022年～2032年

  • 市場概要
  • 定期保険市場：タイプ別 2022年～2032年
  • 定期保険市場：流通チャネル別 2022年～2032年
  • 定期保険市場：地域別 2022年～2032年
    • 英国・欧州連合
      • 英国
      • ドイツ
      • スペイン
      • イタリア
      • フランス
      • その他欧州地域

第9章 アジア太平洋の定期保険市場 2022年～2032年

  • 市場概要
  • 定期保険市場：タイプ別 2022年～2032年
  • 定期保険市場：流通チャネル別 2022年～2032年
  • 定期保険市場：地域別 2022年～2032年
    • アジア太平洋地域
      • 中国
      • 日本
      • インド
      • オーストラリア
      • 韓国
      • その他アジア太平洋地域

第10章 ラテンアメリカの定期保険市場 2022年～2032年

  • 市場概要
  • 定期保険市場：タイプ別 2022年～2032年
  • 定期保険市場：流通チャネル別 2022年～2032年
  • 定期保険市場：地域別 2022年～2032年
    • ラテンアメリカ
      • ブラジル
      • メキシコ
      • その他ラテンアメリカ地域

第11章 中東・アフリカの定期保険市場 2022年～2032年

  • 市場概要
  • 定期保険市場：タイプ別 2022年～2032年
  • 定期保険市場：流通チャネル別 2022年～2032年
  • 定期保険市場：地域別 2022年～2032年
    • 中東・アフリカ
      • GCC
      • アフリカ
      • その他中東・アフリカ地域

第12章 企業プロファイル

  • MetLife Services and Solutions LLC.
  • Aegon Life Insurance Company Limited
  • Prudential Financial Inc.
  • The Northwestern Mutual Life Insurance Company
  • State Farm Mutual Automobile Insurance Company
  • Massachusetts Mutual Life Insurance Company
  • American International Group Inc.
  • Lincoln National Corporation
  • John Hancock
  • China Life Insurance（Overseas）Company Limited
  • Bajaj Allianz Life Insurance Co. Ltd.
  • その他の主要企業
図表

List of Tables

  • TABLE 1 Global Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 2 Global Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 3 North America Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 4 North America Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 5 U.S. Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 6 U.S. Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 7 Canada Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 8 Canada Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 9 Rest of North America Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 10 Rest of North America Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 11 UK and European Union Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 12 UK and European Union Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 13 UK Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 14 UK Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 15 Germany Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 16 Germany Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 17 Spain Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 18 Spain Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 19 Italy Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 20 Italy Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 21 France Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 22 France Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 23 Rest of Europe Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 24 Rest of Europe Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 25 Asia Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 26 Asia Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 27 China Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 28 China Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 29 Japan Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 30 Japan Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 31 India Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 32 India Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 33 Australia Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 34 Australia Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 35 South Korea Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 36 South Korea Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 37 Latin America Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 38 Latin America Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 39 Brazil Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 40 Brazil Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 41 Mexico Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 42 Mexico Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 43 Rest of Latin America Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 44 Rest of Latin America Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 45 Middle East and Africa Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 46 Middle East and Africa Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 47 GCC Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 48 GCC Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 49 Africa Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 50 Africa Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)
  • TABLE 51 Rest of Middle East and Africa Term Insurance Market By Type, 2022-2032, USD (Million)
  • TABLE 52 Rest of Middle East and Africa Term Insurance Market By Distribution Channel, 2022-2032, USD (Million)

List of Figures

  • FIG. 1 Global Term Insurance Market: Market Coverage
  • FIG. 2 Research Methodology and Data Sources
  • FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
  • FIG. 4 Global Term Insurance Market: Quality Assurance
  • FIG. 5 Global Term Insurance Market, By Type, 2023
  • FIG. 6 Global Term Insurance Market, By Distribution Channel, 2023
  • FIG. 7 Global Term Insurance Market, By Geography, 2023
  • FIG. 8 Market Geographical Opportunity Matrix - Global Term Insurance Market, 2023

FIG. 9Market Positioning of Key Term Insurance Market Players, 2023

FIG. 10Global Term Insurance Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032

  • FIG. 11 Global Term Insurance Market, By Type, 2023 Vs 2032, %
  • FIG. 12 Global Term Insurance Market, By Distribution Channel, 2023 Vs 2032, %
  • FIG. 13 U.S. Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 14 Canada Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 15 Rest of North America Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 16 UK Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 17 Germany Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 18 Spain Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 19 Italy Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 20 France Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 21 Rest of Europe Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 22 China Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 23 Japan Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 24 India Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 25 Australia Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 26 South Korea Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 27 Rest of Asia Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 28 Brazil Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 29 Mexico Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 30 Rest of Latin America Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 31 GCC Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 32 Africa Term Insurance Market (US$ Million), 2022 - 2032
  • FIG. 33 Rest of Middle East and Africa Term Insurance Market (US$ Million), 2022 - 2032
目次
Product Code: 549-07-24

The term insurance market refers to the segment of the insurance industry that deals with term life insurance policies. Term insurance is a type of life insurance policy that provides coverage for a specific period or "term" (e.g., 10, 20, 30 years). If the insured individual dies within this period, the policy pays a death benefit to the designated beneficiaries. The primary purpose of term insurance is to provide financial protection and security to the beneficiaries in the event of the policyholder's untimely death. term insurance market is estimated to grow at a CAGR of 8.5% from 2024 to 2032. The term insurance market caters to a broad range of consumers, from young adults just starting their careers to older individuals seeking to ensure their families' financial stability. The market is influenced by factors such as demographic trends, economic conditions, consumer awareness about financial planning and life insurance, and technological advancements in the insurance industry.

Driver: Increased Awareness and Need for Financial Security

The term insurance market is primarily driven by the increased awareness and need for financial security among individuals. With growing economic uncertainties and the heightened awareness of life's unpredictability, especially in the wake of events like the COVID-19 pandemic, more people are recognizing the importance of having a financial safety net. Term insurance offers an affordable solution to ensure that one's family and dependents are financially secure in the event of an untimely death. This heightened sense of financial responsibility is particularly noticeable among younger adults who are starting families or have significant financial obligations like mortgages or loans. Additionally, the rise in consumer financial education has played a crucial role in this trend. More people are now informed about the benefits of term insurance as part of their overall financial planning, leading to increased demand in the market.

Opportunity: Technological Advancements and Digitalization

Technological advancements and digitalization present significant opportunities in the term insurance market. The integration of technology has streamlined the insurance process, making it easier and faster for consumers to purchase policies. Online platforms and mobile applications allow for quick comparisons of different policies, online calculators to estimate coverage needs, and hassle-free purchase processes. Digitalization also opens the door for personalized policy recommendations using data analytics and AI, enhancing customer experience. Additionally, advancements in underwriting processes through technology have made insurance more accessible to a wider audience, including those who may have been previously uninsurable due to health conditions.

Restraint: Lack of Awareness and Understanding of Term Insurance

Despite growing awareness, a significant restraint in the term insurance market is the continued lack of understanding and awareness of term insurance among a large section of the population. Many people still do not fully grasp the importance of life insurance, or they misunderstand the specifics of term insurance, confusing it with other types of life policies that have investment components. This lack of understanding can lead to underinsurance or a complete absence of coverage. Overcoming this challenge requires continued efforts in consumer education and awareness campaigns to highlight the importance and benefits of term life insurance.

Challenge: Adapting to Regulatory Changes and Market Volatility

The term insurance market faces the challenge of adapting to regulatory changes and market volatility. The insurance industry is highly regulated, and changes in regulations can have a significant impact on how insurers operate and how policies are priced. This includes changes in underwriting rules, tax laws, and other insurance-related regulations. Additionally, market volatility can affect the investment portfolios of insurance companies, which in turn can impact their financial stability and the pricing of insurance products. Insurers must navigate these challenges while maintaining affordability and value for consumers, which requires a delicate balance between risk management, compliance, and market competitiveness.

Type Insights

In the term insurance market, segmentation by type reveals distinct categories: Individual Level Term Life Insurance, Group Level Term Life Insurance, and Decreasing Term Life Insurance, each exhibiting unique growth and revenue characteristics. Individual Level Term Life Insurance, which covers a single person and has a fixed benefit throughout the term, is experiencing the highest Compound Annual Growth Rate (CAGR). This growth is driven by increasing consumer awareness of personal financial planning and the desire for affordable, straightforward life insurance coverage. Despite this high growth rate, Group Level Term Life Insurance holds the largest share in terms of revenue. Offered to groups, typically through employers, associations, or organizations, this insurance type appeals to businesses seeking to provide employee benefits. Its popularity stems from the typically lower premiums compared to individual policies and the ease of enrollment for employees. Decreasing Term Life Insurance, where the coverage amount decreases over the term, usually aligned with the diminishing balance of a loan or mortgage, also plays a significant role in the market, particularly among those seeking to cover specific financial commitments.

Distribution Channel Insights

Regarding the segmentation by distribution channel, the term insurance market includes Tied Agents & Branches, Brokers, and Others. Tied Agents & Branches, representing insurance companies and selling their products exclusively, have traditionally commanded the highest revenue. This dominance is due to their established presence and the trust consumers place in direct interactions with agents. However, the Broker segment is witnessing the highest CAGR. Brokers, who offer products from multiple insurers, provide consumers with a broader range of options and the ability to compare different policies. This flexibility and the increasing consumer preference for independent advice tailored to individual needs are driving the growth in this segment. The 'Others' category, which includes direct online sales and bancassurance, is gaining traction as digital platforms become more prevalent and financial institutions expand their service offerings. Overall, the term insurance market's segmentation by type and distribution channel reflects the diverse preferences of consumers and the evolving landscape of the insurance industry, with each segment contributing to the market's dynamics in terms of growth and revenue.

Regional Insights

In the term insurance market, geographic segmentation highlights varying trends and growth potential across different regions. In 2023, the Asia-Pacific region exhibited the highest Compound Annual Growth Rate (CAGR), fueled by increasing financial awareness, rising middle-class populations, and supportive government policies promoting financial inclusion in countries like India and China. These factors, combined with the region's large and growing population, present a vast untapped market for term insurance products. However, in terms of revenue, North America, particularly the United States, dominated the market. This high revenue share is attributed to the well-established insurance industry, higher consumer awareness about term insurance, and the presence of a large aging population seeking life insurance coverage.

Analysis of Key Players

In terms of competitive trends and top players in the term insurance market, 2023 saw significant contributions from key companies such as MetLife Services and Solutions, LLC., Aegon Life Insurance Company Limited, Prudential Financial, Inc., The Northwestern Mutual Life Insurance Company, State Farm Mutual Automobile Insurance Company, Massachusetts Mutual Life Insurance Company, American International Group, Inc., Lincoln National Corporation, John Hancock, China Life Insurance (Overseas) Company Limited, Bajaj Allianz Life Insurance Co. Ltd. MetLife, with its extensive global presence and diversified product portfolio, had substantial revenues, reflecting its strong market penetration. Prudential Financial, known for its innovative term insurance solutions, focused on expanding its digital offerings and enhancing customer experience. New York Life Insurance Company, with its robust financial strength and tailored products, continued to hold a significant position in the market. From 2024 to 2032, these players are expected to focus on leveraging technology to enhance their product offerings and customer service. This includes the use of data analytics for personalized insurance solutions, digital platforms for easier policy management, and AI-driven tools for streamlined underwriting processes. Additionally, expanding their presence in emerging markets, particularly in Asia-Pacific, is anticipated to be a key strategy for these companies to tap into the growing demand for term insurance products. Collaborations and partnerships with fintech and insurtech companies are also expected to be a strategic focus, aiming to innovate and modernize the traditional insurance model. Furthermore, the competitive landscape is set to witness increased emphasis on catering to the diverse needs of different demographic segments, including younger consumers who are digitally savvy and looking for flexible and transparent insurance solutions. These strategic initiatives, coupled with the evolving consumer preferences and regulatory environments, are poised to shape the market's trajectory, driving growth and offering new opportunities across various geographic regions.

Historical & Forecast Period

This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Term Insurance market are as follows:

Research and development budgets of manufacturers and government spending

Revenues of key companies in the market segment

Number of end users & consumption volume, price, and value.

Geographical revenues generated by countries considered in the report

Micro and macro environment factors that are currently influencing the Term Insurance market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.

Market Segmentation

Type

    • Individual Level Term Life Insurance
    • Group Level Term Life Insurance
    • Decreasing Term Life Insurance

Distribution Channel

    • Tied Agents & Branches
    • Brokers
    • Others

Region Segment (2022-2032; US$ Million)

North America

U.S.

Canada

Rest of North America

UK and European Union

UK

Germany

Spain

Italy

France

Rest of Europe

Asia Pacific

China

Japan

India

Australia

South Korea

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East and Africa

GCC

Africa

Rest of Middle East and Africa

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Term Insurance market?

What are the key investment pockets concerning product segments and geographies currently and during the forecast period?

Estimated forecast and market projections up to 2032.

Which segment accounts for the fastest CAGR during the forecast period?

Which market segment holds a larger market share and why?

Are low and middle-income economies investing in the Term Insurance market?

Which is the largest regional market for Term Insurance market?

What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Which are the key trends driving Term Insurance market growth?

Who are the key competitors and what are their key strategies to enhance their market presence in the Term Insurance market worldwide?

Table of Contents

1. Preface

  • 1.1. Report Description
    • 1.1.1. Purpose of the Report
    • 1.1.2. Target Audience
    • 1.1.3. Key Offerings
  • 1.2. Market Segmentation
  • 1.3. Research Methodology
    • 1.3.1. Phase I - Secondary Research
    • 1.3.2. Phase II - Primary Research
    • 1.3.3. Phase III - Expert Panel Review
    • 1.3.4. Assumptions
    • 1.3.5. Approach Adopted

2. Executive Summary

  • 2.1. Market Snapshot: Global Term Insurance Market
  • 2.2. Global Term Insurance Market, By Type, 2023 (US$ Million)
  • 2.3. Global Term Insurance Market, By Distribution Channel, 2023 (US$ Million)
  • 2.4. Global Term Insurance Market, By Geography, 2023 (US$ Million)
  • 2.5. Attractive Investment Proposition by Geography, 2023

3. Term Insurance Market: Competitive Analysis

  • 3.1. Market Positioning of Key Term Insurance Market Vendors
  • 3.2. Strategies Adopted by Term Insurance Market Vendors
  • 3.3. Key Industry Strategies
  • 3.4. Tier Analysis 2023 Versus 2032

4. Term Insurance Market: Macro Analysis & Market Dynamics

  • 4.1. Introduction
  • 4.2. Global Term Insurance Market Value, 2022 - 2032, (US$ Million)
  • 4.3. Market Dynamics
    • 4.3.1. Market Drivers
    • 4.3.2. Market Restraints
    • 4.3.3. Key Challenges
    • 4.3.4. Key Opportunities
  • 4.4. Impact Analysis of Drivers and Restraints
  • 4.5. See-Saw Analysis
  • 4.6. Porter's Five Force Model
    • 4.6.1. Supplier Power
    • 4.6.2. Buyer Power
    • 4.6.3. Threat Of Substitutes
    • 4.6.4. Threat Of New Entrants
    • 4.6.5. Competitive Rivalry
  • 4.7. PESTEL Analysis
    • 4.7.1. Political Landscape
    • 4.7.2. Economic Landscape
    • 4.7.3. Technology Landscape
    • 4.7.4. Legal Landscape
    • 4.7.5. Social Landscape

5. Term Insurance Market: By Type, 2022-2032, USD (Million)

  • 5.1. Market Overview
  • 5.2. Growth & Revenue Analysis: 2023 Versus 2032
  • 5.3. Market Segmentation
    • 5.3.1. Individual Level Term Life Insurance
    • 5.3.2. Group Level Term Life Insurance
    • 5.3.3. Decreasing Term Life Insurance

6. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

  • 6.1. Market Overview
  • 6.2. Growth & Revenue Analysis: 2023 Versus 2032
  • 6.3. Market Segmentation
    • 6.3.1. Tied Agents & Branches
    • 6.3.2. Brokers
    • 6.3.3. Others

7. North America Term Insurance Market, 2022-2032, USD (Million)

  • 7.1. Market Overview
  • 7.2. Term Insurance Market: By Type, 2022-2032, USD (Million)
  • 7.3. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
  • 7.4.Term Insurance Market: By Region, 2022-2032, USD (Million)
    • 7.4.1.North America
      • 7.4.1.1. U.S.
        • 7.4.1.1.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 7.4.1.1.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 7.4.1.2. Canada
        • 7.4.1.2.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 7.4.1.2.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 7.4.1.3. Rest of North America
        • 7.4.1.3.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 7.4.1.3.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

8. UK and European Union Term Insurance Market, 2022-2032, USD (Million)

  • 8.1. Market Overview
  • 8.2. Term Insurance Market: By Type, 2022-2032, USD (Million)
  • 8.3. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
  • 8.4.Term Insurance Market: By Region, 2022-2032, USD (Million)
    • 8.4.1.UK and European Union
      • 8.4.1.1. UK
        • 8.4.1.1.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.1.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 8.4.1.2. Germany
        • 8.4.1.2.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.2.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 8.4.1.3. Spain
        • 8.4.1.3.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.3.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 8.4.1.4. Italy
        • 8.4.1.4.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.4.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 8.4.1.5. France
        • 8.4.1.5.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.5.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 8.4.1.6. Rest of Europe
        • 8.4.1.6.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 8.4.1.6.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

9. Asia Pacific Term Insurance Market, 2022-2032, USD (Million)

  • 9.1. Market Overview
  • 9.2. Term Insurance Market: By Type, 2022-2032, USD (Million)
  • 9.3. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
  • 9.4.Term Insurance Market: By Region, 2022-2032, USD (Million)
    • 9.4.1.Asia Pacific
      • 9.4.1.1. China
        • 9.4.1.1.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.1.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 9.4.1.2. Japan
        • 9.4.1.2.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.2.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 9.4.1.3. India
        • 9.4.1.3.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.3.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 9.4.1.4. Australia
        • 9.4.1.4.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.4.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 9.4.1.5. South Korea
        • 9.4.1.5.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.5.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 9.4.1.6. Rest of Asia Pacific
        • 9.4.1.6.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 9.4.1.6.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

10. Latin America Term Insurance Market, 2022-2032, USD (Million)

  • 10.1. Market Overview
  • 10.2. Term Insurance Market: By Type, 2022-2032, USD (Million)
  • 10.3. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
  • 10.4.Term Insurance Market: By Region, 2022-2032, USD (Million)
    • 10.4.1.Latin America
      • 10.4.1.1. Brazil
        • 10.4.1.1.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 10.4.1.1.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 10.4.1.2. Mexico
        • 10.4.1.2.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 10.4.1.2.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 10.4.1.3. Rest of Latin America
        • 10.4.1.3.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 10.4.1.3.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

11. Middle East and Africa Term Insurance Market, 2022-2032, USD (Million)

  • 11.1. Market Overview
  • 11.2. Term Insurance Market: By Type, 2022-2032, USD (Million)
  • 11.3. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
  • 11.4.Term Insurance Market: By Region, 2022-2032, USD (Million)
    • 11.4.1.Middle East and Africa
      • 11.4.1.1. GCC
        • 11.4.1.1.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 11.4.1.1.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 11.4.1.2. Africa
        • 11.4.1.2.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 11.4.1.2.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)
      • 11.4.1.3. Rest of Middle East and Africa
        • 11.4.1.3.1. Term Insurance Market: By Type, 2022-2032, USD (Million)
        • 11.4.1.3.2. Term Insurance Market: By Distribution Channel, 2022-2032, USD (Million)

12. Company Profile

  • 12.1. MetLife Services and Solutions, LLC.
    • 12.1.1. Company Overview
    • 12.1.2. Financial Performance
    • 12.1.3. Product Portfolio
    • 12.1.4. Strategic Initiatives
  • 12.2. Aegon Life Insurance Company Limited
    • 12.2.1. Company Overview
    • 12.2.2. Financial Performance
    • 12.2.3. Product Portfolio
    • 12.2.4. Strategic Initiatives
  • 12.3. Prudential Financial, Inc.
    • 12.3.1. Company Overview
    • 12.3.2. Financial Performance
    • 12.3.3. Product Portfolio
    • 12.3.4. Strategic Initiatives
  • 12.4. The Northwestern Mutual Life Insurance Company
    • 12.4.1. Company Overview
    • 12.4.2. Financial Performance
    • 12.4.3. Product Portfolio
    • 12.4.4. Strategic Initiatives
  • 12.5. State Farm Mutual Automobile Insurance Company
    • 12.5.1. Company Overview
    • 12.5.2. Financial Performance
    • 12.5.3. Product Portfolio
    • 12.5.4. Strategic Initiatives
  • 12.6. Massachusetts Mutual Life Insurance Company
    • 12.6.1. Company Overview
    • 12.6.2. Financial Performance
    • 12.6.3. Product Portfolio
    • 12.6.4. Strategic Initiatives
  • 12.7. American International Group, Inc.
    • 12.7.1. Company Overview
    • 12.7.2. Financial Performance
    • 12.7.3. Product Portfolio
    • 12.7.4. Strategic Initiatives
  • 12.8. Lincoln National Corporation
    • 12.8.1. Company Overview
    • 12.8.2. Financial Performance
    • 12.8.3. Product Portfolio
    • 12.8.4. Strategic Initiatives
  • 12.9. John Hancock
    • 12.9.1. Company Overview
    • 12.9.2. Financial Performance
    • 12.9.3. Product Portfolio
    • 12.9.4. Strategic Initiatives
  • 12.10. China Life Insurance (Overseas) Company Limited
    • 12.10.1. Company Overview
    • 12.10.2. Financial Performance
    • 12.10.3. Product Portfolio
    • 12.10.4. Strategic Initiatives
  • 12.11. Bajaj Allianz Life Insurance Co. Ltd.
    • 12.11.1. Company Overview
    • 12.11.2. Financial Performance
    • 12.11.3. Product Portfolio
    • 12.11.4. Strategic Initiatives
  • 12.12. Other Notable Players
    • 12.12.1. Company Overview
    • 12.12.2. Financial Performance
    • 12.12.3. Product Portfolio
    • 12.12.4. Strategic Initiatives