Market Overview:
The global permanent life insurance market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for permanent life insurance products across the globe, owing to their various benefits such as tax-advantages, liquidity and estate planning. In addition, the growing awareness about these products among consumers is also contributing towards the growth of this market. The global permanent life insurance market can be segmented on the basis of type into non-participating whole life, participating whole life and other types. The non-participating whole life segment is expected to dominate the global permanent life insurance market during the forecast period due to its low premiums and tax benefits over other types of policies.
Product Definition:
Permanent life insurance is a type of life insurance policy that remains in effect until the death of the insured. Permanent life insurance policies typically have a higher premium than term life policies, but offer greater coverage and more flexibility in terms of how the policy's cash value can be used. The importance of permanent life insurance depends on the individual policyholder's needs and goals. For some people, permanent life insurance can provide financial security for their families in case of an untimely death. Others may use it as a savings vehicle to accumulate tax-free income over time.
Non-participating Whole Life:
Non-participating whole life (NPWL) is a type of permanent life insurance policy. It provides death benefit payments to the beneficiaries without requiring the insured person to exhaust his or her savings or retirement funds. The policy can be taken out at any age and does not require the insured person to live until their designated age in order for benefits to commence.
Participating Whole Life:
Permanent life insurance is a type of insurance that provides death benefit payments to the beneficiaries. The policy holder (the person insured) must be over 18 years of age at the time of purchase and must be a resident of Canada for at least one year immediately prior to applying for coverage.
The participating whole life policyholder can choose how much premium he or she wants to pay towards the death benefit each month.
Application Insights:
The permanent life insurance industry has two major applications, namely agency and brokering. The former includes independent agents as well as those employed by a life insurance company. Agency is the most prominent application segment in North America and Europe while it is the lowest in Asia Pacific owing to different regulatory environments across countries in this region.
In terms of revenue, agencies accounted for 55% of the global market share in 2017 due to various advantages such as flexibility, control over premium rates and selection of policies offered by permanent life insurers. Moreover, increasing penetration of digital channels has enabled customers to directly interact with agents which further fuels demand from this segment.
Regional Analysis:
North America dominated the global permanent life insurance market in 2017. The growth of this region can be attributed to high disposable income, favorable government policies and increasing awareness about these products. Furthermore, a rise in the number of companies offering Permanent Life Insurance (PLI) is expected to drive the regional market over the forecast period.
Asia Pacific is expected to witness significant growth over the next eight years owing to factors such as growing economy and population coupled with improving financial status of individuals across countries like India, China and Japan are anticipated boost demand for PPI products in Asia Pacific during 2018-2030 periods. Moreover, regulatory reforms by Reserve Bank Of India (RBI), Financial Conduct Authority (FCA) & Securities And Exchange Board Of India (SEBI) have improved access for investors which will further fuel regional growth during 2018-2030 time frames.
Growth Factors:
- Increasing life expectancy and growing awareness about the benefits of permanent life insurance policies are the key growth drivers for the global permanent life insurance market.
- The increasing number of nuclear families and rising disposable incomes are also propelling the demand for permanent life insurance products across the globe.
- The growing popularity of online channels for buying insurance policies is aiding in the expansion of this market globally.
- The increasing incidence of chronic diseases is leading to a higher demand for long-term care, which in turn is boosting demand for permanent life insurance products worldwide. 5)The increasing focus on risk management by businesses and individuals is also fueling growth in this market globally
Scope Of The Report
Report Attributes
Report Details
Report Title
Permanent Life Insurance Market Research Report
By Type
Non-participating Whole Life, Participating Whole Life, Other
By Application
Agency, Brokers, Bancassurance, Digital and Direct Channels
By Companies
Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial, Travelers, AIA, Aflac, Legal and General
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
163
Number of Tables & Figures
115
Customization Available
Yes, the report can be customized as per your need.
Global Permanent Life Insurance Market Report Segments:
The global Permanent Life Insurance market is segmented on the basis of:
Types
Non-participating Whole Life, Participating Whole Life, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Agency, Brokers, Bancassurance, Digital and Direct Channels
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- AXA
- Generali
- Ping An Insurance
- China Life Insurance
- Prudential PLC
- Munich Re
- Zurich Insurance
- Nippon Life Insurance
- Japan Post Holdings
- Berkshire Hathaway
- Metlife
- Manulife Financial
- CPIC
- Chubb
- AIG
- Aviva
- Allstate
- Swiss RE
- Prudential Financial
- Travelers
- AIA
- Aflac
- Legal and General
Highlights of The Permanent Life Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Non-participating Whole Life
- Participating Whole Life
- Other
- By Application:
- Agency
- Brokers
- Bancassurance
- Digital and Direct Channels
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Permanent Life Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Permanent life insurance is a type of insurance that provides financial protection for a person or their estate in the event of death. The policy typically lasts for a set period of time, such as 10 or 20 years, and pays out a fixed amount each month if the insured person dies during that time.
Some of the major companies in the permanent life insurance market are Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial, Travelers, AIA, Aflac, Legal and General.
The permanent life insurance market is expected to register a CAGR of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Permanent Life Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Permanent Life Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Permanent Life Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Permanent Life Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Permanent Life Insurance Market Size & Forecast, 2018-2028
4.5.1 Permanent Life Insurance Market Size and Y-o-Y Growth
4.5.2 Permanent Life Insurance Market Absolute $ Opportunity
Chapter 5 Global Permanent Life Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Permanent Life Insurance Market Size Forecast by Type
5.2.1 Non-participating Whole Life
5.2.2 Participating Whole Life
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Permanent Life Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Permanent Life Insurance Market Size Forecast by Applications
6.2.1 Agency
6.2.2 Brokers
6.2.3 Bancassurance
6.2.4 Digital and Direct Channels
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Permanent Life Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Permanent Life Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Permanent Life Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Permanent Life Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Permanent Life Insurance Market Size Forecast by Type
9.6.1 Non-participating Whole Life
9.6.2 Participating Whole Life
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Permanent Life Insurance Market Size Forecast by Applications
9.10.1 Agency
9.10.2 Brokers
9.10.3 Bancassurance
9.10.4 Digital and Direct Channels
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Permanent Life Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Permanent Life Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Permanent Life Insurance Market Size Forecast by Type
10.6.1 Non-participating Whole Life
10.6.2 Participating Whole Life
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Permanent Life Insurance Market Size Forecast by Applications
10.10.1 Agency
10.10.2 Brokers
10.10.3 Bancassurance
10.10.4 Digital and Direct Channels
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Permanent Life Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Permanent Life Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Permanent Life Insurance Market Size Forecast by Type
11.6.1 Non-participating Whole Life
11.6.2 Participating Whole Life
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Permanent Life Insurance Market Size Forecast by Applications
11.10.1 Agency
11.10.2 Brokers
11.10.3 Bancassurance
11.10.4 Digital and Direct Channels
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Permanent Life Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Permanent Life Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Permanent Life Insurance Market Size Forecast by Type
12.6.1 Non-participating Whole Life
12.6.2 Participating Whole Life
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Permanent Life Insurance Market Size Forecast by Applications
12.10.1 Agency
12.10.2 Brokers
12.10.3 Bancassurance
12.10.4 Digital and Direct Channels
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Permanent Life Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Permanent Life Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Permanent Life Insurance Market Size Forecast by Type
13.6.1 Non-participating Whole Life
13.6.2 Participating Whole Life
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Permanent Life Insurance Market Size Forecast by Applications
13.10.1 Agency
13.10.2 Brokers
13.10.3 Bancassurance
13.10.4 Digital and Direct Channels
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Permanent Life Insurance Market: Competitive Dashboard
14.2 Global Permanent Life Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 AXA
14.3.3 Generali
14.3.4 Ping An Insurance
14.3.5 China Life Insurance
14.3.6 Prudential PLC
14.3.7 Munich Re
14.3.8 Zurich Insurance
14.3.9 Nippon Life Insurance
14.3.10 Japan Post Holdings
14.3.11 Berkshire Hathaway
14.3.12 Metlife
14.3.13 Manulife Financial
14.3.14 CPIC
14.3.15 Chubb
14.3.16 AIG
14.3.17 Aviva
14.3.18 Allstate
14.3.19 Swiss RE
14.3.20 Prudential Financial
14.3.21 Travelers
14.3.22 AIA
14.3.23 Aflac
14.3.24 Legal and General
