Term Life Insurance Global Market Report 2020 REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The term life insurance market consists of sales of term life insurance products and related services. This is a type of life insurance which provides only a death benefit (through lump-sum, monthly payment or annuity) to the beneficiary only if the person insured dies during a specified term period. If the person insured survives until the end of the term, the coverage ceases without any value (or payments made) and thereafter death claim cannot be made. The global term life insurance market was valued at about USD 172.86 billion in 2018 and is expected to grow to USD 218.23 billion at a CAGR of 6.0% through 2022. The rise in disposable income in emerging countries such as India and China is driving the term life insurance market. Rise in the middle income group supported by increasing employment opportunities is translating to higher disposable income which allows them to invest in term life insurance. Between the years 2001 to 2011, there has been an increase of 15% and 2% in middle income group in China and India respectively, which is expected to grow further during the forecast period. China’s per capita income was USD 4,033 in 2017, an increase of 7.3% compared to 2016. Lack of awareness about term life insurance is one of the major restraint on the market. In developing countries such as India, number of people opting for term life insurance is low due to lack of awareness. According to a survey conducted by Ph.D. Research Bureau in 2016, around 49% of the population in India is not aware on insurance products due to lack of information, thus restraining the term life insurance market. Companies in the term life insurance market are increasingly offering customized insurance models for product differentiation and increased customer satisfaction. The users are allowed to add certain diseases in addition to their current plain term policy or to change their death cover plan. Term life insurance companies such as Edelweiss Tokio provides customizable insurance plans to its customers. Own Risk and Solvency Assessment ORSA is an annual internal process undertaken by insurers intended to manage the risk management characteristics and profile of an insurance company. It is a procedure intended to assess the adequacy of enterprise risk management (ERM) and solvency positions. ORSA was presented as a component of the Solvency II routine in Europe. The Solvency II is a directive in European Union law which regulates the EU insurance, primarily determining the amount of capital that insurance companies must hold to minimize the risk of insolvency. Since then, numerous nations outside of Europe have adopted the idea of the ORSA, either as a feature of a kind of Solvency II routine or as a forerunner to more extensive dissolvability enactment. In March 2018, Paris-headquartered AXA acquired Bermuda-based XL group for USD 15.3 Billion. This transaction is a unique strategic opportunity for AXA to shift its business profile from predominantly L&S business to predominantly Property and Casualty (P&C) Insurance business, and will enable the group to become the top player in global P&C business. XL group was founded in 1986 and is headquartered in Hamilton, Bermuda. Major players in the market are Allianz, AXA, Generali, Ping An Insurance and China Life Insurance. Post Views: 2 Tags: Global Term Life Insurance Market, Global Term Life Insurance Market Analysis, Global Term Life Insurance Market Forecast, Global Term Life Insurance Market Research Report