- The availability of term insurance at lower costs with benefits similar to permanent policies proves to be a dynamic growth factor for the term insurance market
- Asia Pacific to bring exponential growth for the global term insurance market across the forecast period of 2020-2030
ALBANY, New York, July 20, 2020 /PRNewswire/ -- The rising need for insurance across the global populace is proving to be a knight in shining armor for the growth of the term insurance market. Furthermore, lower premium costs breathe fresh air of growth across the term insurance market. Term insurance also provides income tax benefits to individuals. The payouts come with tax exemptions according to the concerned tax laws.
The TMR analysts predict the global term insurance market to expand at a CAGR of nearly 4% during the forecast period of 2020-2030. The frequent penetration of the global term insurance market is extrapolated to attain a market value of US$ 353.4 bn by the end of 2030.
Term insurance products are gaining considerable momentum due to the recent coronavirus pandemic. The SARS-CoV-2 outbreak has created an atmosphere of uncertainty, eventually bringing humungous growth prospects for the term insurance market. Moreover, the increasing awareness about insurance policies among the millennial and generation Z segment is anticipated to offer substantial growth for the term insurance market during the forecast period.
Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=77922
Term Insurance Market: Specialist Angle
The analysts at Transparency Market Research (TMR) mention escalating middle-class population in developing areas, ubiquitous availability of various term insurance covers, and the growing influence of digital sales as prime factors of growth. The analysts also predict that even if online sales are low compared to offline sales in the first tranche of the forecast period, the trend may change in the second half of the forecast period.
Analyze Global Term Insurance Market Growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Term Insurance Market: Prominent Findings
- The level term policy segment may observe splendid growth across the forecast period of 2020-2030; unchanging premiums and predictable financial protection are some of the highlights that may support the segment to grow at a rapid rate
- The online aggregators segment may observe a jump in growth during 2020-2030
- Asia Pacific served as a leading growth contributor in 2019 and will continue the same throughout the forecast period of 2020 to 2030
- Europe may also attract good growth for the term insurance market
Explore 93 pages of in-depth research, incisive insights, and detailed country-level projections. Analyze and discover the latest developments in the Term Insurance Market (Type: Level Term Policy, Renewable or Convertible, Annual Renewable Term, and Mortgage Life Insurance; and Buying Channel: Direct Channel [Direct Email, Call Centers, and Online Company Websites] and Indirect Channel [Agency, Brokers, and Online Aggregators]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/term-insurance-market.html
Term Insurance Market: Growth Accelerators
- The ongoing COVID-19 crisis and the looming clouds of uncertainty over a large populace may help in strengthening the growth rate of the global term insurance market to a great extent.
- The overhaul of term insurance product policies may bring extensive growth; the change in the one-size-fits-all approach to a customer-centric approach may prove to be a growth generator for the term insurance market
- Consistent digital advancements will help in burnishing the growth rate of the term insurance market considerably
- Frequent upgrades and amendments in regard to improve the claim settling mechanism may serve as prominent growth enhancer for the term insurance market
Request the Coronavirus Impact Analysis across Insurance Industries and Markets
Short Term COVID-19 Health Policies Hitting Bull's Eye of Growth for Term Insurance Market
Short term COVID-19 health cover policies may serve as a good growth multiplier for the term insurance market across the forecast period. The COVID-19 crisis is deepening at a rapid rate and so is the need for a insurance health cover. Many individuals do not opt for term insurance policies due to unaffordability and long premium terms. The Insurance Regulatory and Development Authority of India (IRDAI) recently allowed health insurance providers to offer short term health policies. Therefore, such developments may invite splendid growth for the term insurance market.
Purchase Premium Research Report on Term Insurance Market @ https://www.transparencymarketresearch.com/checkout.php?rep_id=77922<ype=S
Term Insurance Market: Segmentation
- Level Term Policy
- Renewable or Convertible
- Annual Renewable Term
- Mortgage Life Insurance
By Buying Channel
- Direct Channel
- Direct Email
- Call Centers
- Online Company Websites
- Indirect Channel
- Online Aggregators
- North America
- Asia Pacific
- Middle East and Africa
- South America
Explore Transparency Market Research's award-winning coverage of the Global Consumer Goods & Services Industry:
Corporate Travel Security Market – The corporate travel security market is witnessing a major overhaul, as more number of companies across the world are realizing their moral and legal responsibility to ensure employee safety during business travel. Furthermore, companies are also increasingly focusing on "Duty of Care" programs that are specifically curated to enlighten and assist employees at the time of emergency. Thousands of companies either have already introduced a corporate travel security program or are in the process of formulating one.
Fuel Card Market – The production of smart card is estimated to reach an output of ~300 million units by 2027 in the fuel card market. Hence, manufacturers are making efforts to elevate the personalized experience of customers, based on analytics. They are adopting the omni-channel experience approach to make customer experience more seamless. This approach is complemented with online channels to make the process of customer acquisition easier, time-saving, and cost-efficient. Stakeholders in the fuel card market are developing mobile applications to implement customer servicing, and these apps also help customers locate the nearest fuel station.
Insurance Software Market – Rise in adoption of insurance services in developing countries and by companies in order to enhance their productivity is expected to drive the insurance software market. The solution provider are offering insurance solutions with artificial intelligence technology to boost efficiency of the insurance process and provide more reliable solutions in claim processing and policy management, which in turn is expected to boost the insurance software market
Child Resistant Closures Market – The growth of the global child resistant closures market can be attributed to the rising need for effective reduction of drug intoxication cases. Easy open packaging have led to several reported cases of drug intoxication among children. The introduction of child resistant packaging has been associated with the reduction in mortality rate in the United States. Child resistant closures are designed in accordance with strict pharmaceutical industry regulations, which are aimed at preventing the potential cases of accidental drug intoxication among children.
Gain access to Market Ngage, an AI-powered, real-time business intelligence that goes beyond the archaic research solutions to solve the complex strategy challenges that organizations face today. With over 15,000+ global and country-wise reports across 50,000+ application areas, Market Ngage is your tool for research on-the-go. From tracking new investment avenues to keeping a track of your competitor's moves, Market Ngage provides you with all the essential information to up your strategic game. Power your business with Market Ngage's actionable insights and remove the guesswork in making colossal decisions.
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
SOURCE Transparency Market Research