Global Term Insurance Market to Reach USD 1,881.11 Billion by 2033, Growing at 6.8% CAGR

The global term insurance market size was valued at USD 1,040.57 billion in 2024 and is expected to grow from USD 1,111.33 billion in 2025 to reach USD 1,881.11 billion by 2033, growing at a CAGR of 6.8% during the forecast period (2025-2033).

Market Scope and Research Methodology

This report includes a multi-level regional assessment spanning global, regional, and country-specific markets. The analysis highlights market penetration, regional market leadership, and the strategic approaches adopted by prominent companies. A detailed SWOT analysis identifies the strengths, weaknesses, opportunities, and challenges within the market.

The primary goal of the Term Insurance Market Report is to provide clear insights into market behavior, emerging trends, and the factors influencing market performance. The study evaluates market structure, segmentation, and forecasted market size while examining growth drivers, industry barriers, and opportunities stemming from technological progress, regulatory frameworks, cost efficiencies, and evolving consumer needs.

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Regional Insights

The report presents an in-depth regional assessment of the Term Insurance Market across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each region is analyzed based on key parameters such as market size, growth rate, trade activities, and overall industry development. This segmentation supports a deeper understanding of the competitive dynamics and market potential within each geographical area.

Market Segmentation

1. By Type
   1. Group Level Term Life Insurance
   2. Decreasing Term Life Insurance
2. By Distribution Channel
   1. Tied Agents and Branches
   2. Brokers
   3. Bancassurance
   4. Direct and Other Channels

Key Market Players

1. MetLife
2. Aegon Life Insurance Company
3. Prudential Financial
4. Northwestern Mutual
5. State Farm
6. MassMutual Life Insurance Company
7. AIG
8. Lincoln National
9. John Hancock USA
10. China Life Insurance Company Limited
11. Bajaj Allianz Life Insurance
12. Life Insurance Corporation of India
13. HDFC Standard Life Insurance
14. ICICI Prudential Life Insurance
15. Kotak Life Insurance
16. Ping An Insurance (Group) of China Ltd.
17. China Pacific Insurance (Group) Company Ltd
18. AXA Life Insurance Co. Ltd.
19. FWD Fuji Life insurance Company Limited
20. Medicare Life Insurance Co. Ltd.
21. AEGON Sony Life Insurance Co.Ltd.
22. Allianz Life Insurance Japan Ltd.
23. Tokio Marine & Nichido Life Insurance Co.Ltd.
24. Liverpool Victoria
25. Scottish Widows
26. Aviva
27. Royal London
28. SCOR
29. CNP Assurances
30. Poste Vita

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Key Questions Addressed

• What is Term Insurance Market?
• What was the market size of the Term Insurance Market in 2024?
• What CAGR is expected for the market during the forecast period?
• Which factors are expected to drive market growth?
• What are the major segments of the market?
• Which strategies are companies adopting to strengthen their market presence?
• What emerging applications and trends are shaping the industry?
• Who are the key players in the Term Insurance Market?
• What are the portfolios and competencies of leading market participants?

About Us

For over a decade, Straits Research has been a trusted partner to more than 2,475 small and large enterprises, empowering senior leaders and decision-makers with actionable intelligence to navigate complex markets. Our structured syndicate reports, published year-round, cover critical sectors such as chemicals, materials, food and beverage, healthcare, pharmaceuticals, automotive, technology, aerospace, and defense. Combined with our custom research tailored to client-specific needs, we deliver insights that drive business progress and informed decision-making.