Equity Indexed Life Insurance Market Growth Insights to 2031
The equity indexed life insurance market size is expected to grow from US$ 4.13 billion in 2023 to US$ 11.58 billion by 2031; it is anticipated to expand at a CAGR of 13.8% from 2023 to 2031. The equity indexed life insurance market includes growth prospects owing to the current equity indexed life insurance market trends and their foreseeable impact during the forecast period. The equity indexed life insurance market is a large and expanding sector. The equity indexed life insurance market is growing due to increasing economic growth, rising consumer awareness and education, and increased insurance accessibility.
Equity Indexed Life Insurance Market Analysis
Equity indexed life insurance is a type of life insurance policy that combines features of both traditional life insurance and investment products. With equity indexed life insurance, a portion of one’s premium payments goes toward providing a death benefit to beneficiaries, similar to regular life insurance. However, another portion of one’s premium is invested in indexed accounts tied to stock market performance. The equity indexed life insurance market is driven by factors such as economic conditions, regulatory changes, and consumer demand for insurance and investment products.
Equity Indexed Life Insurance Market Industry Overview
- The equity indexed life insurance industry is a sector within the broader insurance market that offers a blend of life insurance protection and investment opportunities.
- These policies provide policyholders with the potential for higher returns compared to traditional life insurance policies because they allow them to participate in the gains of the stock market. However, they also come with a guaranteed minimum interest rate, safeguarding the investment against market downturns.
- The industry caters to individuals who seek life insurance coverage while also wanting to grow their savings through investments.
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Equity Indexed Life Insurance Market: Strategic Insights
Market Size Value in US$ 4.13 billion in 2023 Market Size Value by US$ 11.58 billion by 2031 Growth rate CAGR of 13.8% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Equity Indexed Life Insurance Market: Strategic Insights
| Market Size Value in | US$ 4.13 billion in 2023 |
| Market Size Value by | US$ 11.58 billion by 2031 |
| Growth rate | CAGR of 13.8% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Equity Indexed Life Insurance Market Driver
Increased Insurance Accessibility To Drive The Equity Indexed Life Insurance Market
- Increasing accessibility to insurance products can significantly boost the equity indexed life insurance market. By making insurance easier to obtain, more people can participate in investment opportunities.
- Increased accessibility means more individuals can benefit from the potential returns and protection offered by equity indexed life insurance policies
- With a larger customer base, insurance companies are incentivized to innovate and compete more aggressively, leading to the development of new products, improved services, and potentially lower costs for consumers.
- Thus, increasing accessibility to insurance, including equity indexed life insurance, will drive market growth.
Equity Indexed Life Insurance Market Report Segmentation Analysis
- Based on mode, the equity indexed life insurance market is segmented into online and offline. The online segment is expected to hold a substantial equity indexed life insurance market share in 2023.
- The online segment is also expected to hold the highest CAGR over the forecast period.
Equity Indexed Life Insurance Market Share Analysis By Geography
The scope of the equity indexed life insurance market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant equity indexed life insurance market share. The equity indexed life insurance market in North America has been experiencing steady growth. These policies offer a combination of life insurance protection and the potential for cash value accumulation linked to the performance of a stock market index. However, evolving market conditions might affect market growth in North America.
Equity Indexed Life Insurance Market Report Scope
The "Equity Indexed Life Insurance Market Analysis" was carried out based on type, mode, distribution channel, and geography. On the basis of type, the market is segmented into whole life insurance, universal life insurance, variable universal life insurance, indexed universal life insurance, and others. On the basis of mode, the market is segmented into online and offline. Based on distribution channels, the market is segmented into insurance companies, agencies and brokers, and banks. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Equity Indexed Life Insurance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the equity indexed life insurance market. A few recent key market developments are listed below:
- In January 2024, Ameritas and Ethos introduced a new index, universal life insurance, providing customers with the speed and convenience of a web-based process alongside the guidance of an agent. The new index universal life insurance will be offered exclusively through Ethos.
[Source: Ameritas, Company Website]
- In February 2024, Private life insurers Bajaj Allianz Life and non-banking finance corporation - microfinance institution (NBFC-MFI) Satin Creditcare Network Limited announced a strategic partnership with insurance broker Coverfox to boost life insurance accessibility in rural areas. Through this strategic partnership, customers of Satin Creditcare will be able to secure their loans with Bajaj Allianz Life’s insurance plans.
[Source: Bajaj Allianz Life, Company Website]
Equity Indexed Life Insurance Market Report Coverage & Deliverables
The equity indexed life insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Equity Indexed Life Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Mode, Distribution Channel and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The increasing economic growth and rising consumer awareness and education are the major factors that propel the global equity indexed life insurance market.
The global equity indexed life insurance market is expected to reach US$ 11.58 billion by 2031.
Product innovation is anticipated to play a significant role in the global equity indexed life insurance market in the coming years.
The key players holding majority shares in the global equity indexed life insurance market are Prudential Financial, Inc; American International Group, Inc; Symetra Life Insurance Company; AXA; and MetLife Services and Solutions, LLC.
The global equity indexed life insurance market was estimated to be US$ 4.13 billion in 2023 and is expected to grow at a CAGR of 13.8% during 2023 - 2031.
- Prudential Financial, Inc
- Penn Mutual
- American International Group, Inc
- Equitable Holdings, Inc
- MetLife Services and Solutions, LLC
- Symetra Life Insurance Company
- Protective Life Corporation
- John Hancock
- Mutual of Omaha Insurance Company
- Progressive Casualty Insurance Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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