The aging population in the developed world and increasing per capita income in developing markets, such as China, are expected to drive the demand for life insurance productsand the global gross premium is expected to reach an estimated US $3,537 billion in 2017 with a CAGR of 4.5% over the next five years.
Lucintel, a leading global Management Consulting and market research firm, has analyzed the Global Life Insurance industry and presents its findings in “Global Life Insurance Industry 2012-2017: Trend, Profit and Forecast Analysis.”
The Life Insurance industry comprises establishments that are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities. Establishments engaged in this activity collect fees, life insurance premiums or annuity, and invest premiums to build a portfolio of financial assets to be used against future claims. The Life Insurance industry is highly fragmented and dominated by companies in the European region.
Lucintel’s study indicates that the high unemployment rate, especially in the developed nations such as US, the UK, Germany, and Canada, are likely to pose a major challenge for the life insurance industry. Population growth, new business development, growing middle class population, and industry deregulations are expected to drive growth to new horizons. APAC is forecast to witness the highest growth during next five years. Increasing numbers of baby boomers in the developed markets and huge population base in emerging economies present huge opportunities for the life insurance segment in the next five years.
This study provides an overview of the Global Life Insurance industry. The report tracks the life segment for four regions of the Global Life Insurance industry. The scope of this study is limited to annual trends for the past five years and forecasts for the next five years. This report includes health insurance premiums. As most insurance company reports combine premiums for life insurance and healthcare, revenues are addressed in this report similarly. Analysis of health insurance is outside the scope of this report.
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