The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising demand for whole life insurance products is likely to spur innovation in the industry, propelling the market over the forecast period.

The global whole life insurance market is expected to grow from $170.72 billion in 2022 to $175.67 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. The global whole life insurance market size is expected to grow to $196.36 billion in 2027 at a CAGR of 2.8%.

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Global Whole Life Insurance Market Segments Include:

• By Type: Non-Participating Whole Life, Participating Whole Life
• By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global whole life insurance market in 2021.

Major Market Players in the whole life insurance market include China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Prudential PLC., Munich Re Group, Zurich Insurance Group Ltd.

Major whole life insurance companies are focusing on incorporating advanced technologies to simplify operations and strengthen their market position. For example, Modern Life Insurance firm Inc., a US-based insurance firm, announced the introduction of its latest technological platform in December 2022, where life insurance advisors can access a number of cutting-edge tools and solutions from the new stack. These benefits include the ability to manage all client and brokerage needs in a single spot, increased consumer interaction, totally digital applications, and comparison and pricing options.

The  Whole Life Insurance Global Market Report 2023  provides a whole life insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The whole life insurance market forecast analyzes whole life insurance market size, whole life insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Whole life insurance, often known as permanent life insurance, refers to life insurance plans with an investing component that are intended to last until death. Unlike term life insurance, which only covers a set number of years, the insurance policy provides a death benefit when the insured dies as long as the required payments are made. The premiums on a whole life insurance policy finance both an investing account and the policy’s guaranteed death benefit.

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