Kathmandu. The global life insurance market is expected to grow at an annual average of 8.1 percent from 2024 to 2033. According to Allied Market Research, the global life insurance market was valued at $59.7 billion in 2023. The market is expected to reach $132.3 billion by 2033.
The growth of the life insurance industry will likely be driven by the demand for joint investments and protection products, significant tax benefits associated with global life insurance, and the growing need for long-term financial planning amidst uncertain economic conditions.
“However, market volatility, interest rate fluctuations, and stringent compliance requirements can pose potential disruptions,” said the report by Allied Market Research. Nevertheless, the increasing integration with insurtech innovation, personal policy offerings and retirement planning solutions presents significant opportunities for market large players. ’
The global life insurance market in the Asia Pacific region will also witness rapid growth due to increasing financial inclusion, urbanization, and technological advancements. “Countries such as China, India, and Japan are leading this market,” the report said, adding that government policies are promoting insurance access. ’
