Group Life Insurance Market By Type, By Enterprise Size, By Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032

Description

List of Tables

Group life insurance is a benefit provided by organizations to their members, usually by employers to their employees. The insurance contract is between the group and the insurance company, and the participating group members receive certificates of coverage with a group life insurance policy. It provides financial protection if the covered individual dies similar to an individual policy. It often has a relatively low coverage amount and should supplement an individual life insurance policy.

The average cost of group life insurance purchased through an employer is usually quite low. For instance, Amazon gives most part-time and full-time employees free basic life insurance equal to two times their annual salary. Employees have the option to buy additional coverage up to 10 times their base annual earnings. For example, a 40-year-old full-time Amazon employee will pay $0.059 for every $1,000 of additional coverage. If that employee wants to purchase $100,000 of additional group life insurance, they have a monthly premium of $5.90.

A growth in awareness of the significance of financial stability and employee well-being has fueled the popularity of group life insurance, which has contributed to an increase in the acceptance of these policies among enterprises. Furthermore, legal support and tax breaks for firms that offer group life insurance contribute to the expansion of the group life insurance industry. Furthermore, economic uncertainty inhibits market growth, which may cause some businesses to decrease costs and, as a result, reduce insurance coverage. However, interest rate variations can affect insurers' returns on investments as well as group life insurance product rates and benefits. Regulatory changes and compliance difficulties present additional obstacles for market players. On the contrary, technology improvements that speed up insurance operations, as well as the opportunity for product innovation to fulfill a wide range of consumer needs, are expected to present the group life insurance market with lucrative growth opportunities. The expansion of insurance industry digital transformation gives a platform for improved customer engagement and operational efficiency, opening new opportunities for growth in the group life insurance market.

The group life insurance market is segmented into type, enterprise size, distribution channel, and region. On the basis of type, the market is bifurcated into contributory plans and non-contributory plans. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of distribution channel, the market is categorized into direct sales, brokers/agents, banks, and others. On the basis of region, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).

The key players operating in the global group life insurance market include MetLife Services and Solutions, LLC, American International Group, Inc., Prudential Financial, Inc., Allianz, AXA SA, Zurich, The Manufacturers Life Insurance Company, Sun Life Assurance Company of Canada, Cigna Healthcare, and New York Life Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the group life insurance industry.

Key Benefits for Stakeholders

The study provides in-depth analysis of the group life insurance market along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the Group life insurance market size are provided in the report.
The Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the group life insurance market from 2022 to 2032 is provided to determine the market potential.

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Investment Opportunities
Market share analysis of players by products/segments
Regulatory Guidelines
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Expanded list for Company Profiles
Market share analysis of players at global/region/country level

Key Market Segments

By Type

Contributory Plans
Non-contributory Plans

By Enterprise Size

Large Enterprises
Small and Medium-sized Enterprises

By Distribution Channel

Direct Sales
Brokers/Agents
Banks
Others

By Region

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa
- Gcc Countries
- South Africa
- Rest of Middle East And Africa

Key Market Players:

MetLife Services and Solutions, LLC
American International Group, Inc.
Prudential Financial, Inc.
Allianz
AXA SA
Zurich
The Manufacturers Life Insurance Company
Sun Life Assurance Company of Canada
Cigna Healthcare
New York Life Insurance Company

Product Code: A14963

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities

CHAPTER 4: GROUP LIFE INSURANCE MARKET, BY TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Contributory Plans
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Non-contributory Plans
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country

CHAPTER 5: GROUP LIFE INSURANCE MARKET, BY ENTERPRISE SIZE

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Large Enterprises
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Small and Medium-sized Enterprises
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country

CHAPTER 6: GROUP LIFE INSURANCE MARKET, BY DISTRIBUTION CHANNEL

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Direct Sales
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Brokers/Agents
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
6.4. Banks
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country

CHAPTER 7: GROUP LIFE INSURANCE MARKET, BY REGION

7.1. Overview
- 7.1.1. Market size and forecast By Region
7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Type
- 7.2.3. Market size and forecast, by Enterprise Size
- 7.2.4. Market size and forecast, by Distribution Channel
- 7.2.5. Market size and forecast, by country
  - 7.2.5.1. U.S.
  - 7.2.5.1.1. Market size and forecast, by Type
  - 7.2.5.1.2. Market size and forecast, by Enterprise Size
  - 7.2.5.1.3. Market size and forecast, by Distribution Channel
  - 7.2.5.2. Canada
  - 7.2.5.2.1. Market size and forecast, by Type
  - 7.2.5.2.2. Market size and forecast, by Enterprise Size
  - 7.2.5.2.3. Market size and forecast, by Distribution Channel
7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Type
- 7.3.3. Market size and forecast, by Enterprise Size
- 7.3.4. Market size and forecast, by Distribution Channel
- 7.3.5. Market size and forecast, by country
  - 7.3.5.1. UK
  - 7.3.5.1.1. Market size and forecast, by Type
  - 7.3.5.1.2. Market size and forecast, by Enterprise Size
  - 7.3.5.1.3. Market size and forecast, by Distribution Channel
  - 7.3.5.2. Germany
  - 7.3.5.2.1. Market size and forecast, by Type
  - 7.3.5.2.2. Market size and forecast, by Enterprise Size
  - 7.3.5.2.3. Market size and forecast, by Distribution Channel
  - 7.3.5.3. France
  - 7.3.5.3.1. Market size and forecast, by Type
  - 7.3.5.3.2. Market size and forecast, by Enterprise Size
  - 7.3.5.3.3. Market size and forecast, by Distribution Channel
  - 7.3.5.4. Italy
  - 7.3.5.4.1. Market size and forecast, by Type
  - 7.3.5.4.2. Market size and forecast, by Enterprise Size
  - 7.3.5.4.3. Market size and forecast, by Distribution Channel
  - 7.3.5.5. Spain
  - 7.3.5.5.1. Market size and forecast, by Type
  - 7.3.5.5.2. Market size and forecast, by Enterprise Size
  - 7.3.5.5.3. Market size and forecast, by Distribution Channel
  - 7.3.5.6. Rest of Europe
  - 7.3.5.6.1. Market size and forecast, by Type
  - 7.3.5.6.2. Market size and forecast, by Enterprise Size
  - 7.3.5.6.3. Market size and forecast, by Distribution Channel
7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Type
- 7.4.3. Market size and forecast, by Enterprise Size
- 7.4.4. Market size and forecast, by Distribution Channel
- 7.4.5. Market size and forecast, by country
  - 7.4.5.1. China
  - 7.4.5.1.1. Market size and forecast, by Type
  - 7.4.5.1.2. Market size and forecast, by Enterprise Size
  - 7.4.5.1.3. Market size and forecast, by Distribution Channel
  - 7.4.5.2. Japan
  - 7.4.5.2.1. Market size and forecast, by Type
  - 7.4.5.2.2. Market size and forecast, by Enterprise Size
  - 7.4.5.2.3. Market size and forecast, by Distribution Channel
  - 7.4.5.3. India
  - 7.4.5.3.1. Market size and forecast, by Type
  - 7.4.5.3.2. Market size and forecast, by Enterprise Size
  - 7.4.5.3.3. Market size and forecast, by Distribution Channel
  - 7.4.5.4. Australia
  - 7.4.5.4.1. Market size and forecast, by Type
  - 7.4.5.4.2. Market size and forecast, by Enterprise Size
  - 7.4.5.4.3. Market size and forecast, by Distribution Channel
  - 7.4.5.5. South Korea
  - 7.4.5.5.1. Market size and forecast, by Type
  - 7.4.5.5.2. Market size and forecast, by Enterprise Size
  - 7.4.5.5.3. Market size and forecast, by Distribution Channel
  - 7.4.5.6. Rest of Asia-Pacific
  - 7.4.5.6.1. Market size and forecast, by Type
  - 7.4.5.6.2. Market size and forecast, by Enterprise Size
  - 7.4.5.6.3. Market size and forecast, by Distribution Channel
7.5. Latin America
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Type
- 7.5.3. Market size and forecast, by Enterprise Size
- 7.5.4. Market size and forecast, by Distribution Channel
- 7.5.5. Market size and forecast, by country
  - 7.5.5.1. Brazil
  - 7.5.5.1.1. Market size and forecast, by Type
  - 7.5.5.1.2. Market size and forecast, by Enterprise Size
  - 7.5.5.1.3. Market size and forecast, by Distribution Channel
  - 7.5.5.2. Argentina
  - 7.5.5.2.1. Market size and forecast, by Type
  - 7.5.5.2.2. Market size and forecast, by Enterprise Size
  - 7.5.5.2.3. Market size and forecast, by Distribution Channel
  - 7.5.5.3. Rest of Latin America
  - 7.5.5.3.1. Market size and forecast, by Type
  - 7.5.5.3.2. Market size and forecast, by Enterprise Size
  - 7.5.5.3.3. Market size and forecast, by Distribution Channel
7.6. Middle East and Africa
- 7.6.1. Key market trends, growth factors and opportunities
- 7.6.2. Market size and forecast, by Type
- 7.6.3. Market size and forecast, by Enterprise Size
- 7.6.4. Market size and forecast, by Distribution Channel
- 7.6.5. Market size and forecast, by country
  - 7.6.5.1. Gcc Countries
  - 7.6.5.1.1. Market size and forecast, by Type
  - 7.6.5.1.2. Market size and forecast, by Enterprise Size
  - 7.6.5.1.3. Market size and forecast, by Distribution Channel
  - 7.6.5.2. South Africa
  - 7.6.5.2.1. Market size and forecast, by Type
  - 7.6.5.2.2. Market size and forecast, by Enterprise Size
  - 7.6.5.2.3. Market size and forecast, by Distribution Channel
  - 7.6.5.3. Rest of Middle East And Africa
  - 7.6.5.3.1. Market size and forecast, by Type
  - 7.6.5.3.2. Market size and forecast, by Enterprise Size
  - 7.6.5.3.3. Market size and forecast, by Distribution Channel

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022

CHAPTER 9: COMPANY PROFILES

9.1. MetLife Services and Solutions, LLC
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
9.2. American International Group, Inc.
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
9.3. Prudential Financial, Inc.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
9.4. Allianz
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
9.5. AXA SA
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
9.6. Zurich
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
9.7. The Manufacturers Life Insurance Company
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
9.8. Sun Life Assurance Company of Canada
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
9.9. Cigna Healthcare
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
9.10. New York Life Insurance Company
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments