Asia Pacific Life and Annuity Insurance Market

Asia Pacific Life and Annuity Insurance Market by Insurance Types (Juvenile Insurance, Endowment Insurance, Individual Insurance, Whole Life Insurance, Annuity Insurance, Medical Insurance, and Others), and Geography (India, Japan, China, South Korea, and Rest of Asia Pacific) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028.

  • Report ID: BFSI-3657
  • Author: Growth Market Reports
  • Rating: 4.8
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  • No. Of Pages: 177
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The Asia Pacific life and annuity insurance market size is anticipated to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to aging population as they demand for retirement and health coverage.

Asia Pacific Life and Annuity Insurance Market Key Takeaways

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.

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 the 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.

Attributes

Details

Report Title

Life and Annuity Insurance Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Insurance Types (Juvenile Insurance, Endowment Insurance, Individual Insurance, Whole Life Insurance, Annuity Insurance, Medical Insurance, and Others)

Geographical Scope

India, Japan, China, South Korea, and Rest of Asia Pacific

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

China Life Insurance Company; Life Insurance Corporation of India; Muang Thai Life Assurance Public Co Ltd; AIA Group; and Nippon Life Insurance Company

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.

Asia Pacific Life and Annuity Insurance Market By Insurance Types

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

Segments Covered in the Report
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
  • China Life Insurance Company
  • Life Insurance Corporation of India
  • Muang Thai Life Assurance Public Co Ltd
  • AIA Group
  • Nippon Life Insurance Company

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

Asia Pacific Life and Annuity Insurance Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Life and Annuity Insurance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Life and Annuity Insurance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Life and Annuity Insurance Market - Supply Chain
  4.5. Global Life and Annuity Insurance Market Forecast
     4.5.1. Life and Annuity Insurance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Life and Annuity Insurance Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Life and Annuity Insurance Market Absolute $ Opportunity
5. Global Life and Annuity Insurance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Life and Annuity Insurance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Life and Annuity Insurance Demand Share Forecast, 2019-2026
6. North America Life and Annuity Insurance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Life and Annuity Insurance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Life and Annuity Insurance Demand Share Forecast, 2019-2026
7. Latin America Life and Annuity Insurance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Life and Annuity Insurance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Life and Annuity Insurance Demand Share Forecast, 2019-2026
8. Europe Life and Annuity Insurance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Life and Annuity Insurance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Life and Annuity Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Life and Annuity Insurance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Life and Annuity Insurance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Life and Annuity Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Life and Annuity Insurance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Life and Annuity Insurance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Life and Annuity Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Life and Annuity Insurance Market: Market Share Analysis
  11.2. Life and Annuity Insurance Distributors and Customers
  11.3. Life and Annuity Insurance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. China Life Insurance Company Life Insurance Corporation of India Muang Thai Life Assurance Public Co Ltd AIA Group Nippon Life Insurance Company
Segments Covered in the Report
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
  • China Life Insurance Company
  • Life Insurance Corporation of India
  • Muang Thai Life Assurance Public Co Ltd
  • AIA Group
  • Nippon Life Insurance Company

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

Asia Pacific Life and Annuity Insurance Market By Key Players

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