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Insurance Protection Product Market Share

ID: MRFR//8506-HCR | 135 Pages | Author: Kinjoll Dey| May 2024

Establishing a strong market share position in the Insurance Protection Product Market begins with offering a diverse portfolio. Companies can provide a range of insurance products, including life insurance, health insurance, disability insurance, and critical illness coverage, catering to the varied needs and preferences of consumers.
Product design innovation is essential for market competitiveness. However, they should pay more attention to the creation of products with innovative characteristics ‚Äď customized coverage options, fast underwriting operations and peculiar riders.
Digital transformation is strategic. Companies can invest in user-friendly online platforms, mobile apps and digital interfaces that will promote accessibility for clients. Call smoothing the purchasing process, claims submission routine and customer interactions lead to market desirability.
The most important thing is to develop insurance products that have affordable premiums and flexible payment schemes. Companies require innovative approaches in payment plans, bundled coverage discounts and more cost-effective underwriting processes to facilitate a wider customer base.
Segmentation based targeted marketing initiatives lead to market success. Companies can customize their marketing plans towards various segments of the population, highlighting features and benefits relevant to specific demographics.
Strong partnerships with the partners in distribution is a strategy. Companies can work together with insurance brokers, financial advisors as well as affinity groups to extend the reach while also targeting networks already in place hence increasing market visibility and customer acquisition.
Being reactive to regulatory changes is critical. The market forces for insurance companies to keep updating in regulations of incensement must monitor, adapt and act proactively changes of compliances creating competitive advantages.
Market growth is greatly dependent on the development of customer educational programs. Companies can conduct seminars, webinars and educational campaigns to educate the consumers on why insurance protection is necessary; what type of coverage they need among other things plus specific benefits that their products have over others in the market.
The risk management and underwriting skills shown should be strong enough. The business organizations must allocate funds for the proficiency underwriters, advanced risk quantification tools and data analytics to allow more precision in the process of underwriting prices with appropriate pricing as well as managing risks prudently.
Trust is inbuilt. Companies should spend their time and money on image creation through branding, advertising and public relations to ensure that in the minds of consumers there is a positive reliable mental picture which will create trust for insurance protection products.

Continuous product adaptation and innovation are imperative. Companies should actively monitor market trends, consumer feedback, and emerging risks to adapt their insurance protection products, ensuring relevance and competitiveness in the ever-changing insurance landscape.

Insurance Protection Products Market Forecast


Insurance Protection Products Market is expected to be valued at USD 97.65 Billion by 2030 and is expected to register a growth of 7.90% from 2022 to 2030.


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‚Äôs 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


 

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