Market Overview:
The global whole of life assurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into non-participating whole life, participating whole life, and other types. Non-participating whole life policies are those in which no dividends are paid out by the insurer to policyholders; these policies usually offer a higher death benefit than participating whole life policies. Participating whole life policies are those in which dividends are paid out by the insurer to policyholders; these policies usually offer a lower death benefit than non-participating Whole Life Policies but provide tax advantages that can make them more advantageous for some consumers over time. Other types include single premium immediate annuity (SPIA) and variable universal life (VUL). On the basis of application,the market is segmented into agency channel, broker channel Bancassurance channel,, digital and direct channels,. The agency channel comprises insurance agents who represent one or more insurance companies and sell their products directly to consumers or businesses.The broker channel comprises brokers who buy insurance products from insurers or reinsurers for resale primarily through independent agencies.Bancassurance refers to distribution channels where an insurer partners with a bank to sell its products through bank branches.
Product Definition:
Whole of life assurance provides a policy holder with coverage for their entire life, as opposed to term life insurance which only covers the policyholder for a specific period of time. Whole of life assurance is important because it can provide peace of mind in knowing that one's family will be taken care of financially in the event of the policyholder's death.
Non-participating Whole Life:
Non-participating whole life (NPWL) is a type of universal life policy, which provides death benefit coverage without requiring the owner to be an active participant in the business. In other words, it's a policy that allows you to choose how much insurance you want and when you want to withdraw from the contract without having any financial obligation.
Participating Whole Life:
Whole of Life (WOL) insurance is a type of insurance policy that provides death benefit coverage up to a certain age and then continues to pay benefits until the policy holder dies or lives beyond the term of the policy. The main goal of WOL policies is to provide income for as long as possible.
The participating whole life.
Application Insights:
The Agency Whole Life segment dominated the global whole of life assurance market in 2017. This is due to the fact that this type of policy offers a wide range of benefits and services to its customers, which includes accidental death cover, critical illness cover, income protection coverage and more. The growing trend for permanent employment has led to an increase in demand for such products from agencies as these policies offer employees financial security in case they are unable to continue their jobs due to sickness or disability.
The bancassurance segment is expected register the highest CAGR over the forecast period owing to several advantages associated with it including economies of scale resulting into lower rates offered by insurers; reduction on transaction costs as well as administration costs incurred while managing funds through banks; availability of various funding options through banks such as term loans and long-term debt instruments; easy accessability via internet banking facilities which enables customers direct insurance transactions with insurers without visiting a branch office etc.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of companies offering whole life insurance products. In addition, high demand for term and permanent policies is also 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 increasing disposable income levels and improving economic conditions in emerging countries such as India, China, Indonesia, Malaysia and Thailand among others. Furthermore, these markets are anticipated to offer tremendous potential for new business models that would help improve access for individuals who previously could not afford coverage or did not fit within traditional guidelines set by agents or brokers (such as young adults).
Asia Pacific was valued at USD X billion in 2017.
Growth Factors:
- Increasing life expectancy and growing awareness about the benefits of Whole of Life Assurance policies are expected to drive the market growth.
- Rising income levels, coupled with increasing consumer spending on insurance products is also anticipated to fuel market growth.
- Proliferation of digital channels and increasing penetration of internet & smartphones are expected to provide a boost to the market growth over the forecast period.
- Growing demand for retirement planning and estate planning services is projected to create new opportunities for players in the Whole of Life Assurance market over the next few years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Whole of Life Assurance 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
166
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global Whole of Life Assurance Market Report Segments:
The global Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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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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?
Whole of Life Assurance is a type of insurance that provides coverage for a person's lifetime. Whole life policies typically have higher premiums than other types of insurance, but they offer greater protection in the event of death.
Some of the major companies in the whole of life assurance 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 whole of life assurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Whole of Life Assurance 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 Whole of Life Assurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance Market Size & Forecast, 2018-2028
4.5.1 Whole of Life Assurance Market Size and Y-o-Y Growth
4.5.2 Whole of Life Assurance Market Absolute $ Opportunity
Chapter 5 Global Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance Analysis and Forecast
9.1 Introduction
9.2 North America Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance Analysis and Forecast
10.1 Introduction
10.2 Europe Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Whole of Life Assurance 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 Whole of Life Assurance 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 Whole of Life Assurance 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) Whole of Life Assurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Whole of Life Assurance 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) Whole of Life Assurance 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) Whole of Life Assurance 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 Whole of Life Assurance Market: Competitive Dashboard
14.2 Global Whole of Life Assurance 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
