Market Overview:
The global variable life insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for life insurance products, especially in developing countries, and the rising popularity of variable universal life (VUL) policies. The global variable life insurance market can be segmented on the basis of type into fixed premium insurance and VUL policies. The VUL policy is expected to grow at a higher CAGR than the fixed premium policy during the forecast period owing to its advantages such as tax-deferred growth, liquidity, and death benefits. On the basis of application, the market can be segmented into agency distribution channels, broker distribution channels, bancassurance distribution channels, digital distribution channels, and direct distribution channels.
Product Definition:
Variable life insurance is a form of permanent life insurance that offers the policyholder a choice of investment funds in which to invest their premiums. The death benefit and the premium payments are both variable, meaning they can go up or down depending on the performance of the chosen investment fund. Variable life insurance is important because it allows policyholders to have more control over their policies and how their money is invested.
Fixed Premium Insurance:
Fixed premium insurance is a form of life insurance, which provides death benefit to the beneficiaries on the condition that premiums are paid in advance. The policy holder (the insured) is usually required to pay a set amount every month until the coverage ends, at which point all remaining premiums become due and the policy returns to its original state.
Variable Universal Life Insurance:
Variable universal life insurance is a type of insurance that charges lower premiums based on the death rate. The death rate in most cases will be determined by the gender and age of the person. Men have a higher mortality rate than women, hence they tend to receive higher premium payments from their life insurers.
Application Insights:
The market is segmented based on application into agency, brokers, bancassurance and digital and direct channels. The agency application accounted for the largest share in 2017. This can be attributed to growing penetration of variable life insurance products among agents as well as non-agents consumers. Variable life policies are sold through various distribution channels such as independent financial advisors (IFAs), online brokerages, bank employees or representatives (BEs) and others such as credit unions or mutual funds companies.
Agents¢â‚¬â„¢ role is to find suitable policy for their clients who meet the underwriting requirements of both insurers.
Regional Analysis:
North America dominated the global variable life insurance market in 2017. The growth of this region can be attributed to various factors such as favorable government regulations, high disposable income and awareness about VULCI. Asia Pacific is expected to witness significant growth over the forecast period owing to increasing penetration of digital channels and a large young population with high purchasing power. Furthermore, improving economic conditions are also anticipated to drive demand for VULCI products in this region over the next eight years.
The European market is expected to grow at an estimated CAGR of XX% from 2018 To 2030 due to growing adoption by consumers owingto its features such as protection against inflation, tax benefits.
Growth Factors:
- Increasing life expectancy: The average life expectancy is increasing globally, and this trend is expected to continue in the future. This will lead to an increase in the demand for variable life insurance products, as people want to ensure that their money is available for a longer period of time.
- Rising income levels: As incomes rise, people have more money available to invest in variable life insurance products. This will lead to an increase in the demand for these products and help fuel the growth of the market.
- Growing awareness about risk management: People are becoming increasingly aware of the importance of risk management, and this is leading them to purchase variable life insurance policies as a way of protecting their families and assets against unforeseen events.
- Advances in technology: The development of new technologies has made it easier for people to purchase variable life insurance policies online or through other channels, which is helping fuel market growth.
Scope Of The Report
Report Attributes
Report Details
Report Title
Variable life Insurance Market Research Report
By Type
Fixed Premium Insurance, Variable Universal Life Insurance
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
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Variable life Insurance Market Report Segments:
The global Variable life Insurance market is segmented on the basis of:
Types
Fixed Premium Insurance, Variable Universal Life Insurance
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 Variable 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:
- Fixed Premium Insurance
- Variable Universal Life Insurance
- 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 Variable 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.
How you may use our products:
- Correctly Positioning New Products
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- Product & Brand Management
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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?
Variable life insurance is a type of life insurance that offers you the option to increase or decrease your coverage each year. This type of policy can be a good choice if you want to make changes in your financial situation over time.
Some of the major companies in the variable 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 variable life insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Variable 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 Variable life Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Variable 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 Variable 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 Variable life Insurance Market Size & Forecast, 2018-2028
4.5.1 Variable life Insurance Market Size and Y-o-Y Growth
4.5.2 Variable life Insurance Market Absolute $ Opportunity
Chapter 5 Global Variable 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 Variable life Insurance Market Size Forecast by Type
5.2.1 Fixed Premium Insurance
5.2.2 Variable Universal Life Insurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Variable 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 Variable 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 Variable 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 Variable 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 Variable life Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Variable 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 Variable life Insurance Market Size Forecast by Type
9.6.1 Fixed Premium Insurance
9.6.2 Variable Universal Life Insurance
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 Variable 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 Variable life Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Variable 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 Variable life Insurance Market Size Forecast by Type
10.6.1 Fixed Premium Insurance
10.6.2 Variable Universal Life Insurance
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 Variable 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 Variable life Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Variable 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 Variable life Insurance Market Size Forecast by Type
11.6.1 Fixed Premium Insurance
11.6.2 Variable Universal Life Insurance
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 Variable 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 Variable life Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Variable 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 Variable life Insurance Market Size Forecast by Type
12.6.1 Fixed Premium Insurance
12.6.2 Variable Universal Life Insurance
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 Variable 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) Variable life Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Variable 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) Variable life Insurance Market Size Forecast by Type
13.6.1 Fixed Premium Insurance
13.6.2 Variable Universal Life Insurance
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) Variable 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 Variable life Insurance Market: Competitive Dashboard
14.2 Global Variable 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
