Term Insurance Market: Introduction
Transparency Market Research delivers key insights on the global term insurance market. In terms of revenue, the global term insurance market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global term insurance market report.
In this market report, TMR predicts that simplicity and management flexibility of term insurance policies will have a noteworthy impact on the overall term insurance market. Term insurance premiums are available at lower rates when compared to permanent policies with same amount benefit. This makes them more suitable for lower income groups across the globe. Additionally, term insurance policies are also relatively simple to understand and provide management flexibility to customers such as easy cancellation and shifting to a permanent policy. These factors are driving the popularity of term insurance policies in rapidly advancing regions, especially among the age group of 25 – 35. These are majorly beginners opting for financially secure insurance policies.
Furthermore, partnerships among policyholders is a key trend in the term insurance industry. Term insurance service providers are becoming partners with the policyholders by accessing their data in order to provide personalized value-added services. Furthermore, term insurance service providers in the market are also taking on the role of a preventer by advising and training their customers to make better healthcare and lifestyle choices.
Request a sample to get extensive insights into the Term Insurance Market https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77922
For instance, AIA Australia linked life and health insurance, along with its wellness program rewards, allowing customers to take proactive actions to understand and improve their health by offering discounted insurance premiums.
In terms of type, the term insurance market has been segmented into level term policy, renewable or convertible, annual renewable term, and mortgage life insurance. During the forecast period, the term insurance market is anticipated to be dominated by the level term policy segment. It provides predictable financial protection, with unchanging premiums or death benefits. This significantly contributes to the level term insurance growth during the future timeline.
Based on buying channel, the term insurance market has been segmented into direct and indirect channel. The direct channel has been further segmented into direct email, call centers, and online company websites. The indirect channel has been segmented into agency, brokers, and online aggregators. The online aggregators segment is anticipated to expand at a significant growth rate during the forecast period, and also contribute to the overall growth of the global term insurance market.
Term Insurance Market: Prominent Regions
Geographically, Asia Pacific led the term insurance market in 2019 and the region is expected to retain its dominance during the forecast period. China and India are considered the major markets for term insurance in the Asia Pacific region. Apart from Asia Pacific, European provinces also significantly contributing to the growth of the global term insurance market.
Ask for Special Discount on Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=77922
Term Insurance Market: Key Players
The competition landscape of the term insurance market is highly fragmented with leading players accounting for nearly 20% of the revenue share. Key players operating in the global term insurance market include AIA Group, AIG, Allianz SE, AXA, Berkshire Hathway, Brighthouse Financial, China Life Insurance, Prudential PLC, United Health Group, and Zurich Insurance Group.
Demand for Term Insurance on Rise amid COVID-19 Pandemic
The ongoing COVID-19 pandemic has had a strong impact on various core industrial sectors. However, one of the few markets that is expected to witness growth amid the ongoing pandemic is the term insurance market. The COVID-19 pandemic has had a strong influence on the term and health insurance segment in several regions around the world. The demand for term insurance policies has witnessed considerable rise in 2020 and as per current observations, term insurance covers are likely to gain further momentum as lockdown norms in several nations are relaxed.
Although rising costs of term insurance covers could pose as a major barrier, market players are strongly emphasizing on revising their interest rates and reinsurance premium rates to increase sales.
Buy an Exclusive Research Report at – https://www.transparencymarketresearch.com/checkout.php?rep_id=77922<ype=S
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Company Name: Transparency Market Research
Contact Person: Mr. Rohit Bhisey
Email: Send Email
Address:90 State Street, Suite 700
State: New York
Country: United States