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Life insurance & Pension Global Industry Almanac 2020-2029

Life insurance & Pension Global Industry Almanac 2020-2029

Summary

Global Life Insurance & Pension industry profile provides top-line qualitative and quantitative summary information including: market size (value , and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

- Life insurance is the financial cover for a contingency linked with human life, like death, disability, accident, retirement, etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household.
- The market value is measured in terms of gross written premium incomes generated by mortality protection and retirement savings plans. Mortality protection plans provide coverage in the event of death, while retirement savings plans help individuals save for their future.
- The market is segmented into life insurance and pension/annuity. Life insurance is a contract in which an insurer charges a premium to provide coverage for life, like death, disability, or accident described in the policy or bond. A pension/annuity is the amount of money an insurer charges to provide for the payment of a certain amount after retirement every month. When a person chooses to retire, he or she can use the pension fund to buy an annuity. This pays a regular income for the rest of the person's life.
- All market data and forecasts are based on nominal prices, and all currency conversions used in the creation of this report have been calculated using yearly average exchange rates. The USD values may show a declining trend for a few countries, such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of exchange rates considered.
- The global life insurance & pension market recorded gross written premiums of $3,029.2 billion in 2024, representing a compound annual growth rate (CAGR) of 1.9% between 2019 and 2024.
- The life insurance segment accounted for the market's largest proportion in 2024, with total gross written premiums of $2,179.9 billion, equivalent to 72% of the market's overall value.
- In 2024, Asia-Pacific accounted for 37.8% share of the Asia-Pacific life insurance & pension market, followed by Europe with 31.5% share and North America with 27.1% share.

Scope

- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the global life insurance & pension market
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global life insurance & pension market
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the global life insurance & pension market with five year forecasts

Reasons to Buy

- What was the size of the global life insurance & pension market by value in 2024?
- What will be the size of the global life insurance & pension market in 2029?
- What factors are affecting the strength of competition in the global life insurance & pension market?
- How has the market performed over the last five years?
- What are the main segments that make up the global life insurance & pension market?