Insurance Protection Product Market Research Report - Global Forecast to 2027

Insurance Protection Products Market: Information by Type (Life Insurance, Critical Issues Insurance, Income Protection Insurance, Term Insurance, Long Term Care Insurance and Others), Distribution Channel (Direct and Indirect) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2027

ID: MRFR/HC/8506-HCR | August 2022 | Region: Global | 135 Pages         

Table of Contents

1. EXECUTIVE SUMMARY

1.1. Market Attractiveness Analysis

1.1.1. Global Insurance Protection Products Market, by Type

1.1.2. Global Insurance Protection Products Market, by Distribution Channel

1.1.3. Global Insurance Protection Products Market, by Region

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope of the Study

2.3. Market Structure

3. RESEARCH METHODOLOGY

3.1. Research Process

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

3.5. Forecast Model

3.6. List of Assumptions

4. MARKET DYNAMICS

4.1. Overview

4.2. Drivers

4.2.1. Growing Prevalence of Chronic Diseases

4.2.2. Rising Advantages of Insurance Policies

4.2.3. XXXXXX

4.3. Restraints

4.3.1. XXXXX

4.3.2. XXXXXX

4.4. Opportunities

4.4.1. Opportunity 1

4.5. Protected and Unprotected Population

 

5. MARKET FACTOR ANALYSIS

5.1. Value Chain Analysis/Supply Chain Analysis

5.2. Porter’s Five Forces Model

5.2.1. Bargaining Power of Suppliers

5.2.2. Bargaining Power of Buyers

5.2.3. Threat of New Entrants

5.2.4. Threat of Substitutes

5.2.5. Intensity of Rivalry

5.3. Gap Analysis

5.4. Preferred Insurance Plans

6. GLOBAL INSURANCE PROTECTION PRODUCTS MARKET SIZE ESTIMATION & FORECAST, BY TYPE

6.1. Overview

6.2. Critical Illness Insurance

6.3. Life Insurance

6.4. Income Protection Insurance (Disability)

6.5. Term Insurance

6.6. Long Term Care Insurance

6.7. Others

7. GLOBAL INSURANCE PROTECTION PRODUCTS MARKET SIZE ESTIMATION & FORECAST, BY DISTRIBUTION CHANNEL

7.1. Overview

7.2. Direct Channels

7.2.1. Call Centers

7.2.2. Insurance Agents

7.2.3. Others

7.3. Indirect Channels

7.3.1. Insurance Brokers

7.3.2. Financial Organisations

7.3.3. Others

8. GLOBAL INSURANCE PROTECTION PRODUCTS MARKET SIZE ESTIMATION & FORECAST, BY REGION

8.1. Overview

8.2. Americas

8.2.1. North America

8.2.1.1. US

8.2.1.2. Canada

8.2.2. Latin America

8.3. Europe

8.3.1. Western Europe

8.3.1.1. Germany

8.3.1.2. France

8.3.1.3. UK

8.3.1.4. Italy

8.3.1.5. Spain

8.3.1.6. Rest of Western Europe

8.3.2. Eastern Europe

8.4. Asia-Pacific

8.4.1. China

8.4.2. India

8.4.3. Japan

8.4.4. Australia

8.4.5. South Korea

8.4.6. Rest of Asia-Pacific

8.5. Middle East & Africa

8.5.1. Middle East

8.5.2. Africa

9. COMPETITIVE LANDSCAPE

9.1. Overview

9.2. Competitive Analysis

9.3. Market Share Analysis

9.4. Major Growth Strategy in the Global Insurance Protection Products Market

9.5. Competitive Benchmarking

9.6. Leading Player in terms of Number of Developments in Global Insurance Protection Products Market

9.7. Key Developments & Growth Strategies

9.7.1. New Product Launch/Service Deployment

9.7.2. Merger & Acquisition

9.7.3. Joint Ventures

9.8. Major Players Financial Matrix & Market Ratio

9.8.1. Sales & Operating Income 2018

9.8.2. Major Players R&D Expenditure 2018

10. COMPANY PROFILES

10.1. Allianz

10.1.1. Company Overview

10.1.2. Financial Overview

10.1.3. Product Offered

10.1.4. Key Developments

10.1.5. SWOT Analysis

10.1.6. Key Strategies

10.2. Aviva

10.3. Prudential

10.4. AXA S.A.

10.5. Covea Insurance plc

10.6. MetLife Inc.

10.7. China Life Insurance (Group) Company

10.8. UnitedHealth Group Incorporated

10.9. Aegon Life Insurance Company

10.10. Sun Life Financial

10.11. Others

11. APPENDIX

11.1. References

11.2. Related Reports

11.3. List of Abbreviation

NOTE:

This table of content is tentative and subject to change as the research progresses.

ο‚‘ In section 10, only the top companies will be profiled. Each company will be profiled based on the Market Overview, Financials, Product Portfolio, Business Strategies, and Recent Developments parameters.

ο‚‘ Please note: The financial details of the company cannot be provided if the information is not available in the public domain and or from reliable sources. 

Market Forecast


Insurance Protection Products Market is expected to be valued at USD 154.10 Billion by 2027 and is expected to register a growth of 8.6% from 2020 to 2027.


Market Synopsis


Insurance is a cover for the probable loss in the future to an individual property, material, or events by paying an eligible premium to the insurance company. A policy represents insurance. The insurance company collects small amounts of money from its clients and pools the money together to pay for losses. The insurance companies have witnessed tremendous changes over the years. Previously, insurance companies only provided life insurance, but now a person can get financial protection or everything they own.


Market Influencers



  • COVID-19 is expected to drive the growth of the insurance protection products market.


Market Drivers



  • Growing prevalence of chronic diseases:


    • The insurance protection products market in the Americas is expected to witness notable growth in the near future owing to the rapid spread of COVID-19.




  • Rising advantage of insurance policies:


    • Insurance companies have also begun providing insurance in other fields such as individual healthcare insurance, private healthcare insurance, maternity health insurance scheme, and personal accident covers.




  • Competition among different insurance companies:


    • Currently, insurance companies offer almost all types of insurance. Thus, people find it easy to secure their entities with insurance.



Restraints



  • Threat of substitution

  • Threat of new entrants in the market


Segmentation


Insurance Protection Products Market, By Type: Life insurance is the largest segment in the global market as the prevalence of chronic diseases is increasing.



  • Critical Issues Insurance: This offers additional coverage to medical emergencies such as heart attack or cancer. These policies pay out cash to help cover the overruns where traditional health insurance may fall short.


    • Life Insurance: This offers protection against the life of a person. An insurance company promises a death benefit in exchange for premiums paid by the policyholder. The life insurance segment is further sub-segmented into term life insurance, whole life insurance, universal life insurance, and variable life insurance.

    • Income Protection Insurance: Income Protection Insurance (IPI) is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the UK. It pays benefits to policyholders who are incapacitated and hence unable to work due to illnessor accident. IPI policies were formerly called Permanent Health Insurance (PHI). IPI is further sub-segmented into disability insurance, long-term disability insurance, disability overhead insurance, total permanent disability insurance, and workers' compensation.




  • Term Insurance: Term insurance is a type of life insurance policy that provides coverage for a certain period or a specified "term" of years.



  • Long Term Care Insurance: Long-term care insurance is an insurance product sold in the US, the UK, and Canada, which helps pay for the costs associated with long-term care.



  • Others


Insurance Protection Products Market, By Distribution Channel



  • Based on the distribution channel, the global market is classified into direct and indirect.



  • Life insurance products are sold through individual agents, and many of them have this as their only career occupation. General insurance products are sold through individual agents, corporate agents, and brokers.



  • Direct Channel: The insurance company directly sells insurance policies to the customers.



  • Indirect Channel: This segment includes the insurance policies sold through agents and brokers assigned by companies.



  • Agents and brokers are licensed by the Insurance Regulatory Development Authority (IRDA).


 Insurance Protection Products Market, By Region: The US is expected to hold the largest share of the insurance protection market, followed by China, Japan, the UK, France, Germany, and South Korea.



  • Americas: The US holds the largest share of the insurance protection products market, accounting for 28.29% of the total world premium. A rise in the prevalence of chronic diseases and governmental regulations regarding insurance policies is expected to drive the growth of the regional market. Latin America is expected to witness notable Insurance Protection Products Market growth during the forecast period.



  • Europe: The technological disruption in the European insurance industry due to the evolution of insurtech companies is increasing the use of third-party price-comparison websites. This because consumers look for better ease of convenience compared to the traditional models. The market in the UK is the most digitally influenced market, where approximately 70% of the buyers purchase insurance through online channels.



  • Asia-Pacific: The rapidly expanding middle-income group in Asia-Pacific’s developing market is triggering a demand for insurance. Deregulations in China, India, and other countries in the region have lifted barriers to foreign ownership, creating new openings for multinational insurers. Digitization of the sales force and more effective use of technology not only enhances customer experience but also creates a more productive agent that eventually leads to more revenue.



  • Middle East & Africa: Cybercrime insurance is a newly launched type of insurance that is gaining traction in this area as steps are being taken in many markets to reduce fraudulent activities. The regional market is likely to expand as the pool of first-time buyers grows, and existing buyers increase the amounts purchased. The insurance protection products market in Africa reached a value of USD 61.1 billion in 2019. The development of the bancassurance model in some areas of the region is expected to encourage the growth of the regional life insurance protection products market.


Insurance Protection Products Market Key Players



  • Allianz (Germany)

  • Aviva (UK)

  • Prudential (US)

  • AXA A.S (France)

  • Covea Insurance plc (UK)

  • Metlife Inc. (US)

  • China Life Insurance Company (China)

  • United Health Group Incorporated (US)

  • Aegon Life Insurance Company (India)

  • Sun Life Financial (Canada)

  • others


 



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 154.10 Billion
  CAGR   8.6% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and Distribution Channel
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Allianz (Germany), Aviva (UK), Prudential (US), AXA A.S (France), Covea Insurance plc (UK), MetLife Inc. (US), China Life Insurance Company (China), United Health Group Incorporated (US), Aegon Life Insurance Company (India), and Sun Life Financial (Canada).
  Key Market Opportunities   Rising Advantage of Insurance Policies.
  Key Market Drivers

  • COVID-19 is expected to drive the growth of the Global Insurance Protection Products Market.
  • Growing Prevalence of Chronic Diseases.
  • Competition among different Insurance Companies.


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    Frequently Asked Questions (FAQ) :

    The growth period for the Global Insurance Protection Products Market is 2020 to 2027.

    The revenue for the Global Insurance Protection Products Market would be USD 154.10 Billion by 2027.

    The market drivers for Global Insurance Protection Products Market are the mounting prevalence of chronic diseases, competition among different insurance companies, and intensifying advantage of insurance policies.

    Metlife Inc. (U.S.), Allianz (Germany), Covea Insurance plc (U.K.), Prudential (U.S.), Aviva (U.K.) and AXA A.S (France) are the key players of Global Insurance Protection Products Market.

    The main regions that gained the highest share of the Global Insurance Protection Products Market are the Americas, Europe, as well as Asia-Pacific.