LONDON, June 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Global Equity Indexed Life Insurance Market Report 2023, the market will grow from $3.3 billion in 2022 to $3.7 billion in 2023, at a compound annual growth rate (CAGR) of more than 12%. Further, the market will reach $6.1 billion by 2027, at a CAGR of more than 12%. North America was the largest region in the market in 2022.
The growth of the equity indexed life insurance industry is primarily driven by the increasing accessibility to insurance products and services. The availability of insurance offerings has become more convenient, particularly with the rise of online sales channels for life and health insurance. Moreover, equity indexed life insurance is gaining popularity due to its comparatively lower premiums compared to whole life insurance policies.
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Major equity indexed life insurance companies are AXA Equitable Life Insurance Co., Ping An Insurance Group Co., Swiss Reinsurance Co. Ltd., Prudential Financial Inc., Aviva Plc., Manulife Financial Corp., CPIC Fund Management Co. Ltd., and Aflac Inc.
A key trend in the equity indexed life insurance market is the emergence of product innovations. Key market players are actively focused on developing innovative solutions to enhance their market position.
For instance, Sun Life International, a Canadian financial services organization, introduced a new index universal life insurance product called Sun Global Solis in December 2021. This product offers a blend of long-term protection and upside potential to ultra-high net worth (UHNW) and high net worth (HNW) clients worldwide. It includes unique features such as competitive indexed account cap rate choices, a 2% cumulative guarantee to boost the cash surrender value, access to liquidity through loans and partial surrenders after the first contract anniversary, and no-cost extended issue age and dollar cost averaging.
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The global equity indexed life insurance market is segmented as -
1) By Type: Whole life insurance, Universal life insurance, Variable universal life insurance, Indexed universal life insurance, other types
2) By Mode: Online, Offline
3) By Distribution Channel: Agency, Brokers, Bancassurance, Digital and Indirect Channels
The equity indexed life insurance market report provides an in- depth analysis of the global equity indexed life insurance market, highlighting its anticipated growth trajectory and the factors influencing its expansion. By understanding the market dynamics, trends, and key players, decision-makers can make informed strategic decisions, capitalize on emerging opportunities, and navigate the challenges within this evolving industry.
Equity Indexed Life Insurance Global Market Report 2023 by The Business Research Company provides insights on the equity indexed life insurance market size, equity indexed life insurance market segments, equity indexed life insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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