글로벌 임기보험 시장 규모, 점유율 및 추세 분석 보고서 – 산업 개요 및 2031년까지의 예측

임기보험 시장 분석

보험 시장은 기술과 혁신적 방법의 발전으로 인해 상당한 성장을 목격하고 있습니다. 인공지능 (AI)과 머신 러닝은 인수 프로세스를 혁신하고 있습니다. 이러한 기술을 통해 보험사는 방대한 양의 데이터를 보다 효율적으로 분석하여 보다 정확한 위험 평가와 개인화된 정책 가격을 제공할 수 있습니다. 텔레매틱스 는 또 다른 새로운 트렌드로, 웨어러블 기기와 스마트폰에서 수집된 데이터를 통해 보험사가 보험 계약자의 건강과 라이프스타일을 모니터링하고 정책과 보험료를 더욱 맞춤화하는 데 도움이 됩니다.

블록체인 기술은 청구 처리의 투명성과 보안을 강화하고 있습니다. 이는 행정 업무를 간소화하고 사기를 줄이며 정확한 기록 보관을 보장하여 전반적인 시장 효율성에 기여합니다. 또한 디지털 플랫폼과 모바일 애플리케이션을 사용하면 소비자가 기간 보험 정책을 쉽게 비교, 구매 및 관리할 수 있어 접근성과 고객 참여가 증가합니다.

기간 보험 시장의 성장은 금융 보안에 대한 인식이 높아지고 디지털 도구가 점점 더 많이 도입됨에 따라 더욱 뒷받침됩니다. 기술이 계속 발전함에 따라 시장이 확장되어 더욱 맞춤화된 솔루션과 향상된 고객 경험을 제공할 것으로 예상됩니다.

임기보험 시장 규모

글로벌 정기보험 시장 규모는 2023년에 2억 7,827만 달러로 평가되었으며, 2031년까지 3억 6,643만 달러에 도달할 것으로 예상되며, 2024년에서 2031년까지의 예측 기간 동안 CAGR은 3.5%입니다. Data Bridge Market Research에서 큐레이팅한 시장 보고서에는 시장 가치, 성장률, 세분화, 지리적 범위, 주요 업체와 같은 시장 시나리오에 대한 통찰력 외에도 심층적인 전문가 분석, 가격 분석, 브랜드 점유율 분석, 소비자 설문 조사, 인구 통계 분석, 공급망 분석, 가치 사슬 분석, 원자재/소모품 개요, 공급업체 선택 기준, PESTLE 분석, Porter 분석 및 규제 프레임워크가 포함됩니다.

임기보험 시장 동향

“임기보험의 디지털 전환”

기간 보험 시장의 성장을 이끄는 주요 추세는 보험 서비스의 디지털 전환입니다. 보험사는 구매 프로세스를 간소화하고, 고객 경험을 향상시키고, 위험 평가를 개선하기 위해 점점 더 많은 기술을 도입하고 있습니다. AI 기반 챗봇 과 디지털 플랫폼은 고객이 최소한의 서류 작업으로 정책을 비교하고, 개인화된 추천을 받고, 온라인으로 기간 보험을 구매하기 쉽게 만들고 있습니다. Policygenius와 Lemonade와 같은 회사는 이러한 기술을 활용하여 기술에 정통한 소비자를 유치하는 원활하고 사용자 친화적인 서비스를 제공하고 있습니다. 디지털 솔루션으로의 이러한 전환은 시장 도달 범위를 확대하고 기간 보험 상품의 채택을 늘리고 있습니다. 예를 들어, American Council of Life Insurance(ACLI)의 2023 Life Insurance Fact Book에 따르면 2022년에 판매된 모든 신규 생명 보험 정책의 39.3%가 기간 보험 정책이었습니다. 이 상당한 비율은 기간 보험 채택이 더 확대되는 추세를 강조합니다. 기간 정책에 대한 선호도가 증가함에 따라 전반적인 시장 성장이 촉진되고 있으며, 이는 소비자 선택이 더 저렴하고 유연한 보험 옵션으로 이동하고 있음을 반영합니다.

보고서 범위 및 임기 보험 시장 세분화     

Term Insurance Market Definition

Term insurance is a type of life insurance that provides coverage for a specific period, known as the term, typically ranging from 10 to 30 years. During this term, if the insured person passes away, the policy pays a death benefit to the beneficiaries. It is generally more affordable than whole life insurance because it does not include a savings component or accumulate cash value. Term insurance is ideal for those seeking cost-effective coverage for financial responsibilities such as mortgages or dependents. If the insured survives the term, the policy expires without any payout, unless renewed or converted to a permanent policy.

Term Insurance Market Dynamics

Drivers

• Increased Awareness of Financial Security

Growing awareness about the importance of financial planning and security is a significant driver for the term insurance market. As individuals become more conscious of the need to safeguard their families' financial future in case of untimely death, the demand for term insurance rises. For instance, campaigns by insurance companies and financial advisors increasingly highlight the risks of insufficient coverage, leading to more people investing in term policies. A notable example is Prudential's "Bring Your Challenges" campaign, which educates the public on the benefits of term insurance, thereby boosting market growth. This heightened awareness and proactive approach to financial security are pivotal in driving market expansion.

• Growing Population of Working Professionals

The growing number of working professionals, particularly millennials and Gen Z, is significantly driving the term insurance market. As young professionals enter the workforce and begin to build careers, they increasingly recognize the importance of securing their families' financial futures. For instance, a report from the Insurance Information Institute highlights that millennials are increasingly purchasing term insurance to protect their dependents from potential financial burdens. This trend is supported by digital platforms offering easy access to insurance products, making it simpler for young professionals to acquire term insurance policies. Consequently, the expanding workforce contributes to the steady growth of the term insurance market.

Opportunities

• Changing Family Structures

As family structures shift towards more nuclear setups, with smaller, independent units rather than extended families, there's a growing need for individual financial protection. In nuclear families, where responsibilities and financial dependencies are concentrated on fewer members, term insurance becomes a critical tool for safeguarding the financial stability of loved ones in the event of the policyholder’s untimely death. For instance, In December 2023, Max Life Insurance Company Ltd. launched the Smart Total Elite Protection Plan, a modern term life insurance plan tailored to evolving consumer needs. This plan is non-linked and non-participating, focusing solely on risk coverage. It offers instant claim payments, cover continuance benefits, and a special exit value, meeting contemporary demands for greater financial security and comprehensive coverage solutions.

• Increase in Awareness about Insurance Products

Enhanced consumer awareness about various insurance products and their benefits significantly boosts the term insurance market. As individuals become more informed about the advantages of term insurance, including its affordability and simplicity compared to whole life insurance, they are more such asly to invest in such plans. For instance, insurance companies such as Prudential and LIC have launched extensive educational campaigns and digital tools to help consumers understand term insurance's value. These initiatives have successfully increased policy uptake by demystifying insurance products and highlighting their financial security benefits. This heightened awareness creates ample opportunities for market growth and innovation.

Restraints/Challenges

• Short-Term Coverage

Term insurance offers protection only for a fixed period, such as 10, 20, or 30 years. This limited timeframe can cause uncertainty among consumers regarding their long-term financial security. If policyholders outlive their term, they may face challenges in obtaining new coverage at higher rates due to age or health changes. This temporary nature of coverage can deter individuals who seek more permanent financial protection for their families. Consequently, the perception of inadequate long-term security and the potential for increased costs upon renewal can negatively impact the attractiveness and growth of the term insurance market.

• Health and Age Factors

Premiums for term insurance typically increase with age and pre-existing health conditions, making it less affordable for older individuals or those with health issues. As people age, the risk of mortality rises, leading insurers to charge higher premiums to mitigate risk. Similarly, individuals with health conditions may face significantly higher premiums or even face denial of coverage. This escalating cost can deter potential customers from purchasing term insurance, thus hindering market growth. The financial burden associated with higher premiums reduces the attractiveness of term insurance, particularly for those who may need it the most as they age or face health challenges.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Term Insurance Market Scope

The market is segmented on the basis of type, level and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Level Term Policy
• Renewable or Convertible
• Annual Renewable Term
• Mortgage Life Insurance

 Level

• Individual Level
• Group Level
• Decreasing

Distribution Channel

• Direct Channel
  • Direct Emails
  • Call Centres
  • Online Company Websites
• Indirect Channel
  • Agency
  • Brokers
  • Online Aggregators

Term Insurance Market Regional Analysis

The market is analyzed and market size insights and trends are provided by type, level and distribution channel as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific is expected to dominate the term insurance market due to robust government initiatives promoting awareness and the region’s substantial middle-class population. These factors drive high demand for term insurance products as consumers seek affordable financial protection. Enhanced regulatory frameworks and targeted educational campaigns further bolster market growth across the region.

Europe is expected to expand at a significant growth rate in the term insurance market due to rising awareness and adoption. Increased consumer preference for affordable, short-term coverage options and favorable regulatory environments are driving market expansion. Additionally, technological advancements in policy management are enhancing customer experience and contributing to market growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Term Insurance Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Term Insurance Market Leaders Operating in the Market Are:

• Xero Limited (New Zealand)
• AlfaStrahovanie Group (Russia)
• Brighthouse Financial Inc (U.S.)
• CNP Assurances (France)
• FWD Fuji Life Insurance Company, Limited (Japan)
• Great-West Lifeco Inc (Canada)
• ASSICURAZIONI GENERALI S.P.A (Italy)
• ICICI Prudential Life Insurance Co. Ltd (India)
• IndiaFirst Life Insurance Company Limited (India)
• Industrial Alliance Insurance and Financial Services Inc(캐나다)
• 존 핸콕(미국)
• MetLife 서비스 및 솔루션, LLC(미국)
• OHIO NATIONAL SEGUROS DE VIDA SA(스페인)
• 중국평안보험(그룹)유한공사(중국)
• RBC Insurance Services Inc(캐나다)
• SBI Life Insurance Company Limited(인도)
• 캐나다 선라이프어슈런스컴퍼니(캐나다)
• Tata AIA Life Insurance Company Ltd(인도)
• Tokio Marine Holdings, Inc(일본)
• Vitality (영국)
• 취리히(스위스)

임기보험 시장의 최신 동향

• 2023년 6월, Policygenius는 Labyrinth Financial Services(LFS)와 협력하여 Policygenius Pro를 LFS의 제공 서비스에 통합했습니다. 이 협력은 LFS 파트너의 정기 생명보험 신청 절차를 간소화하고 간소화된 이행 플랫폼으로 고객 경험을 향상시킵니다. 이 파트너십은 정기 생명보험을 고객에게 더 접근하기 쉽고 사용하기 편리하게 만드는 것을 목표로 합니다.
• 2023년 5월, New York Life는 경쟁력 있는 가격의 다양한 종신보험 상품을 출시했습니다. 여기에는 레벨 종신보험, 연간 갱신 종신보험, 개인과 중소기업 소유자 모두를 위해 설계된 추가 생활 혜택 옵션이 포함됩니다. 이 새로운 제품군은 향상된 가치와 재정적 보호를 제공하여 고객이 불확실성에 대비하고 기회를 잡을 수 있도록 돕는 것을 목표로 합니다.

SKU-65905