Equity Indexed Life Insurance Global Market Report 2020
November 2019
200
About the Report
About the Report
The equity indexed life insurance market consists of sales of equity indexed life insurance that focuses on building a cash value which can be borrowed against or invested and used to cover increases in the cost of the insurance. This results in the elimination of premium payments. Equity-indexed life insurance offers flexibility on the amount of premiums and a cash value which can provide gains equal to that of the stock market.
The global equity indexed life insurance market was valued at about USD 2.1 billion in 2018 and is expected to grow to USD 3.33 billion at a CAGR of 12.3% through 2022.
The equity indexed life insurance market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for equity indexed life insurance and is expected to continue to be the largest market during the forecast period.
The economic growth in the emerging markets drives the equity indexed life insurance market with the economies being exposed to external cyclical factors. Improving global economies, and a positive scenario in interest rates will continue to impact the market positively. For instance, the report by sigma in 2019 shows that the seven largest emerging markets will contribute around 42% of global growth, with China alone contributing 27%. This growth will drive the need to cover businesses with insurances and thereby contribute to the growth of the market.
The equity indexed life insurance market is being restrained by a low awareness about life insurance, which also includes equity indexed life insurance. This results in a fewer number of people buying equity indexed life insurance. For instance, according to a report by Insurance Regulatory and Development Authority conducted in 2016, the life insurance penetration in India was just 3.69%. The complexity of equity indexed life insurance results in even lesser awareness about the product. Even though the awareness levels are increasing recently, they are still very low in some regions, thus restraining the market. Poor advice, wrong information and lack of understanding has a negative influence on the market.
Companies in the equity indexed life insurance market are undergoing transformation through automation of insurance activities. According to a report by McKinsey, about a quarter of full time positions in the insurance industry will be replaced by automation in the next 10 years, due to a higher efficiency and error free tasks possible through automation. The positions that will be replaced include those of IT, operations, administrative support and sales support. For instance, a Scandinavian insurance company has rigorously transformed the claims handling process by the use of automation. In another instance, Haven Life, a life insurance company, has used digital technology for offering life insurance quickly and at a low cost. The company has achieved this through an online application process that needs a maximum of 20 minutes to make an instant decision on term coverage up to USD 1 million.
Major players in the market are Allianz, AXA Equitable, Ping An Insurance, China Life Insurance and Pacific Life.
Products
Products
1) By Application: Agency, Brokers, Bancassurance, Digital and Direct Channels
Companies
Allianz, AXA Equitable, Ping An Insurance, China Life Insurance, Pacific Life, American National, National Life Group, Symetra, Swiss RE, North American Company, Lincoln National, Transamerica, Penn Mutual, Prudential, John Hancock, Minnesota Life, AIG, AIA Group Ltd, Berkshire Hathaway, MetLife, State Farm Group, Generali, Prudential plc, Legal & General, Zurich Insurance Group, Nippon Life Insurance Company, Munich Re
Table of Contents
Table of Contents
1. Executive Summary
2. Equity Indexed Life Insurance Market Characteristics
3. Equity Indexed Life Insurance Market Size And Growth
3.1. Global Equity Indexed Life Insurance Historic Market, 2015-2019, USD Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Equity Indexed Life Insurance Forecast Market, 2019-2022F, 2025F, 2030F, USD Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Equity Indexed Life Insurance Market Segmentation
4.1. Global Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Agency
Brokers
Bancassurance
Digital and Direct Channels
5. Equity Indexed Life Insurance Market Regional And Country Analysis
5.1. Global Equity Indexed Life Insurance Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
5.2. Global Equity Indexed Life Insurance Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
6. Asia-Pacific Equity Indexed Life Insurance Market
6.1. Asia-Pacific Equity Indexed Life Insurance Market Overview
6.2. Asia-Pacific Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
7. China Equity Indexed Life Insurance Market
7.1. China Equity Indexed Life Insurance Market Overview
7.2. China Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F,USD Billion
8. India Equity Indexed Life Insurance Market
8.1. India Equity Indexed Life Insurance Market Overview
8.2. India Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
9. Japan Equity Indexed Life Insurance Market
9.1. Japan Equity Indexed Life Insurance Market Overview
9.2. Japan Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
10. Australia Equity Indexed Life Insurance Market
10.1. Australia Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
11. Indonesia Equity Indexed Life Insurance Market
11.1. Indonesia Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
12. South Korea Equity Indexed Life Insurance Market
12.1. South Korea Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
13. Western Europe Equity Indexed Life Insurance Market
13.1. Western Europe Equity Indexed Life Insurance Market Overview
13.2. Western Europe Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
14. UK Equity Indexed Life Insurance Market
14.1. UK Equity Indexed Life Insurance Market Overview
14.2. UK Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
15. Germany Equity Indexed Life Insurance Market
15.1. Germany Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
16. France Equity Indexed Life Insurance Market
16.3. France Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
17. Eastern Europe Equity Indexed Life Insurance Market
17.1. Eastern Europe Equity Indexed Life Insurance Market Overview
17.2. Eastern Europe Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
18. Russia Equity Indexed Life Insurance Market
18.1. Russia Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
19. North America Equity Indexed Life Insurance Market
19.1. North America Equity Indexed Life Insurance Market Overview
19.2. North America Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
20. USA Equity Indexed Life Insurance Market
20.1. USA Equity Indexed Life Insurance Market Overview
20.2. USA Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
21. South America Equity Indexed Life Insurance Market
21.1. South America Equity Indexed Life Insurance Market Overview
21.2. South America Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
22. Brazil Equity Indexed Life Insurance Market
22.1. Brazil Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
23. Middle East Equity Indexed Life Insurance Market
23.1. Middle East Equity Indexed Life Insurance Market Overview
23.2. Middle East Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
24. Africa Equity Indexed Life Insurance Market
24.1. Africa Equity Indexed Life Insurance Market Overview
24.2. Africa Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
25. Equity Indexed Life Insurance Market Competitive Landscape And Company Profiles
25.1. Equity Indexed Life Insurance Market Competitive Landscape
25.2. Equity Indexed Life Insurance Market Company Profiles
25.2.1. Allianz
25.2.1.1. Overview
25.2.1.2. Products and Services
25.2.1.3. Strategy
25.2.1.4. Financial Performance
25.2.2. AXA Equitable
25.2.2.1. Overview
25.2.2.2. Products and Services
25.2.2.3. Strategy
25.2.2.4. Financial Performance
25.2.3. Ping An Insurance
25.2.3.1. Overview
25.2.3.2. Products and Services
25.2.3.3. Strategy
25.2.3.4. Financial Performance
25.2.4. China Life Insurance
25.2.4.1. Overview
25.2.4.2. Products and Services
25.2.4.3. Strategy
25.2.4.4. Financial Performance
25.2.5. Pacific Life
25.2.5.1. Overview
25.2.5.2. Products and Services
25.2.5.3. Strategy
25.2.5.4. Financial Performance
26. Key Mergers And Acquisitions In The Equity Indexed Life Insurance Market
27. Equity Indexed Life Insurance Market Trends And Strategies
28. Equity Indexed Life Insurance Market Future Outlook and Potential Analysis
29. Appendix
29.1. Abbreviations
29.2. Currencies
29.3. Research Inquiries
29.4. The Business Research Company
29.5. Copyright And Disclaimer
List of Figure
Figure 1: Global Historic Market Growth, 2015-2019, USD Billion
Figure 2: Global Forecast Market Growth, 2015-2022F, 2025F, 2030F, USD Billion
Figure 3: Global Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 4: Global Equity Indexed Life Insurance Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 5: Global Equity Indexed Life Insurance Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 6: Asia-Pacific, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 7: China, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 8: India, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 9: Japan, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 10: Australia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 11: Indonesia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 12: South Korea, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 13: Western Europe, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 14: UK, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 15: Germany, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 16: France, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 17: Eastern Europe, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 18: Russia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 19: North America, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 20: USA, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 21: South America, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 22: Brazil, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 23: Middle East, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 24: Africa, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Figure 25: Allianz Financial Performance
Figure 26: AXA Equitable Financial Performance
Figure 27: Ping An Insurance Financial Performance
Figure 28: China Life Insurance Financial Performance
Figure 29: Pacific Life Financial Performance
List of Table
Table 1: Global Historic Market Growth, 2015-2019, USD Billion
Table 2: Global Forecast Market Growth, 2015-2022F, 2025F, 2030F, USD Billion
Table 3: Global Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 4: Global Equity Indexed Life Insurance Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 5: Global Equity Indexed Life Insurance Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 6: Asia-Pacific, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 7: China, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 8: India, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 9: Japan, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 10: Australia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 11: Indonesia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 12: South Korea, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 13: Western Europe, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 14: UK, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 15: Germany, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 16: France, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 17: Eastern Europe, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 18: Russia, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 19: North America, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 20: USA, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 21: South America, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 22: Brazil, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 23: Middle East, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 24: Africa, Equity Indexed Life Insurance Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, USD Billion
Table 25: Allianz Financial Performance
Table 26: AXA Equitable Financial Performance
Table 27: Ping An Insurance Financial Performance
Table 28: China Life Insurance Financial Performance
Table 29: Pacific Life Financial Performance
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