- The availability of term insurance at lower costs with benefits similar to permanent policies proves to be a dynamic growth factor for the term insurance market
- Asia Pacific to bring exponential growth for the global term insurance market across the forecast period of 2020-2030
ALBANY, New York, July 20, 2020 /PRNewswire/ -- The rising need for insurance across the global populace is proving to be a knight in shining armor for the growth of the term insurance market. Furthermore, lower premium costs breathe fresh air of growth across the term insurance market. Term insurance also provides income tax benefits to individuals. The payouts come with tax exemptions according to the concerned tax laws.
The TMR analysts predict the global term insurance market to expand at a CAGR of nearly 4% during the forecast period of 2020-2030. The frequent penetration of the global term insurance market is extrapolated to attain a market value of US$ 353.4 bn by the end of 2030.
Term insurance products are gaining considerable momentum due to the recent coronavirus pandemic. The SARS-CoV-2 outbreak has created an atmosphere of uncertainty, eventually bringing humungous growth prospects for the term insurance market. Moreover, the increasing awareness about insurance policies among the millennial and generation Z segment is anticipated to offer substantial growth for the term insurance market during the forecast period.
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Term Insurance Market: Specialist Angle
The analysts at Transparency Market Research (TMR) mention escalating middle-class population in developing areas, ubiquitous availability of various term insurance covers, and the growing influence of digital sales as prime factors of growth. The analysts also predict that even if online sales are low compared to offline sales in the first tranche of the forecast period, the trend may change in the second half of the forecast period.
Analyze Global Term Insurance Market Growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Term Insurance Market: Prominent Findings
- The level term policy segment may observe splendid growth across the forecast period of 2020-2030; unchanging premiums and predictable financial protection are some of the highlights that may support the segment to grow at a rapid rate
- The online aggregators segment may observe a jump in growth during 2020-2030
- Asia Pacific served as a leading growth contributor in 2019 and will continue the same throughout the forecast period of 2020 to 2030
- Europe may also attract good growth for the term insurance market
Explore 93 pages of in-depth research, incisive insights, and detailed country-level projections. Analyze and discover the latest developments in the Term Insurance Market (Type: Level Term Policy, Renewable or Convertible, Annual Renewable Term, and Mortgage Life Insurance; and Buying Channel: Direct Channel [Direct Email, Call Centers, and Online Company Websites] and Indirect Channel [Agency, Brokers, and Online Aggregators]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/term-insurance-market.html
Term Insurance Market: Growth Accelerators
- The ongoing COVID-19 crisis and the looming clouds of uncertainty over a large populace may help in strengthening the growth rate of the global term insurance market to a great extent.
- The overhaul of term insurance product policies may bring extensive growth; the change in the one-size-fits-all approach to a customer-centric approach may prove to be a growth generator for the term insurance market
- Consistent digital advancements will help in burnishing the growth rate of the term insurance market considerably
- Frequent upgrades and amendments in regard to improve the claim settling mechanism may serve as prominent growth enhancer for the term insurance market
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Short Term COVID-19 Health Policies Hitting Bull's Eye of Growth for Term Insurance Market
Short term COVID-19 health cover policies may serve as a good growth multiplier for the term insurance market across the forecast period. The COVID-19 crisis is deepening at a rapid rate and so is the need for a insurance health cover. Many individuals do not opt for term insurance policies due to unaffordability and long premium terms. The Insurance Regulatory and Development Authority of India (IRDAI) recently allowed health insurance providers to offer short term health policies. Therefore, such developments may invite splendid growth for the term insurance market.
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Term Insurance Market: Segmentation
- Level Term Policy
- Renewable or Convertible
- Annual Renewable Term
- Mortgage Life Insurance
By Buying Channel
- Direct Channel
- Indirect Channel
- North America
- Asia Pacific
- Middle East and Africa
- South America
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