The Asia Pacific life and annuity insurance market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX % during the forecast period, 2023–2031. The growth of the market is attributed to an aging population as they demand retirement and health coverage.
Life insurance is agreement between the policy owner and insurer in which the life insurance policy guarantees that the insurer is expected to pay the nominated beneficiaries when the insured dies in exchange for the premium paid by the policyholder throughout the lifetime. For a life insurance policy to exist, the policyholder must pay a single premium or pay a regular premium over time.
Annuity insurance is agreement between the insurer and the insurance company in which insurer makes a payment at once or in series of payment in return insurer receive a regular money either at the beginning or any point in the future. An annuity can buy by doing a single payment or a series of payments. Income received from the annuity is taxed at regular interval with income tax rates.
Annuity and life insurance both permits insurance holders to expand on a tax-delayed basis. Annuity first takes payments then provides a lifetime income to the policyholder. Qualified annuities are financed with pre-charge fees and non-qualified annuities with post-charge fees. Insurance and annuities both generally have heavy charges.
Life and Annuity Insurance Market Trends, Drivers, Restraints, and Opportunities
- Insurance companies are shifting toward investment and security policies from short-term interest policies, which is expected to drive the market growth.
- Growing awareness about life insurance benefits is anticipated to spur the growth of market.
- The COVID-19 pandemic increased the urge of having life insurance in the region, positively influence the growth of the market.
- Lack of information and awareness can hinder the growth of the market.
- Tendency of investing in traditional investment method and complex insurance product can hamper the growth of the market.
- Huge data collection and rearrangement can create challenges for the market growth. However, the presence of software can surmount the inhibitors in the projected timeline.
- Fact that insurance policies are supplemented after the retirement is expected to boost the market in the coming years.
Scope of Life and Annuity Insurance Market Report
The Asia Pacific life and annuity insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Life and Annuity Insurance Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Insurance Types (Juvenile Insurance, Endowment Insurance, Individual Insurance, Whole Life Insurance, Annuity Insurance, Medical Insurance, and Others)
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Geographical Scope
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India, Japan, China, South Korea, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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China Life Insurance Company; Life Insurance Corporation of India; Muang Thai Life Assurance Public Co Ltd; AIA Group; and Nippon Life Insurance Company
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Asia Pacific Life and Annuity Insurance Market Segment Insights
Whole Life Insurance segment to hold a major market share
In terms of insurance types, the market is categorized as juvenile insurance, endowment insurance, individual insurance, whole life insurance, annuity insurance, medical insurance, and others. The whole life insurance segment is projected to expand at a considerable CAGR during the forecast period due to its beneficial factors such as tax benefits, helps to plan retirement, secure family financial future, and encouraging saving habit. Whole life insurance is use as an income tool as well as insurance instrument.
Japan is anticipated to constitute a key market share
On the basis of geography, the Asia Pacific life and annuity insurance market is categorized as India, Japan, China, South Korea, and Rest of Asia Pacific. Japan is expected to constitute a key share of the market during the projected period. The variable individual annuity insurance amount was JPY 757 billion and that of individual annuity insurance amount was JPY 10,336 billion.
Segments
The Asia Pacific life and annuity insurance market is segmented on the basis of
Insurance Types
- Juvenile Insurance
- Endowment Insurance
- Individual Insurance
- Whole Life Insurance
- Annuity Insurance
- Medical Insurance
- Others
Geography
- India
- Japan
- China
- South Korea
- Rest of Asia Pacific
Key Players
Competitive Landscape
The key players competing in the Asia Pacific life and annuity insurance market are China Life Insurance Company; Life Insurance Corporation of India; Muang Thai Life Assurance Public Co Ltd; AIA Group; and Nippon Life Insurance Company
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