Variable Life Insurance Global Market Report 2023: Sector to Reach $156.96 Billion by 2027 at a 6.2% CAGR

DUBLIN, June 6, 2023 /PRNewswire/ -- The "Variable Life Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global variable life insurance market is expected to grow from $115.71 billion in 2022 to $123.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The variable life insurance market is expected to reach $156.97 billion in 2027 at a CAGR of 6.2%.

The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds.

New product development has emerged as the major trend gaining popularity in the variable life insurance market. Major companies operating in the variable life insurance market are introducing new innovative life insurance products to strengthen their position in the market. 

In February 2021, KKR & Co. Inc. a US-based investment management company acquired Global Atlantic Financial Group Limited for an amount of $90 billion. Through this acquisition, KKR & Co. Inc. aims to reinforce its status as a top annuity and life insurance provider in the USA, as well as improve its capability to offer attractive options for clients and secure more long-term funding. Global Atlantic Financial Group Limited is US-based insurance company that offers a wide range of life insurance products.

North America was the largest region in the variable life insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in variable life insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the variable life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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Description:

Where is the largest and fastest growing market for variable life insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The variable life insurance market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope
Markets Covered:

1) By Type: Fixed Premium; Variable Universal Life Insurance
2) By Components: Death benefits; Add-on benefits
3) By End-User: Agency; Brokers; Bancassurance; Digital and Direct Channel

Key Topics Covered:

1. Executive Summary

2. Variable Life Insurance Market Characteristics

3. Variable Life Insurance Market Trends And Strategies

4. Variable Life Insurance Market - Macro Economic Scenario

5. Variable Life Insurance Market Size And Growth

6. Variable Life Insurance Market Segmentation

7. Variable Life Insurance Market Regional And Country Analysis

A selection of companies mentioned in this report includes

• Allianz
• AXA SA
• Generali
• Ping An Insurance
• Aflac
• Prudential PLC
• Munich Re
• Zurich Insurance
• Nippon Life Insurance
• Japan Post Holdings
• Berkshire Hathaway
• Metlife
• Manulife Financial
• Chubb
• AIG
• Aviva
• Allstate
• Swiss RE
• AIA Group

For more information about this report visit https://www.researchandmarkets.com/r/5vv76w

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