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The year 2020 has been very uncertain with the onset of the coronavirus pandemic. According to The Business Research Companys research report on the global life insurance providers market, to safeguard the coverage of the policyholder, multiple insurance companies have begun offering protection against diseases caused by viruses that may be a side effect or a result of an epidemic or pandemic. Insurers all around the world have now taken precautions to ensure that they are not caught off-guard again by a pandemic resulting in a high number of deaths. Some of the life insurance companies that include coverage for the coronavirus pandemic include Brighthouse, Lincoln Financial, Prudential, AIG, Banner and Mutual of Omaha.

The life insurance providers market reached a value of nearly $2.86 trillion in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $2.86 trillion in 2020 to $3.55 trillion in 2025 at a rate of 4.4%. This growth is mainly due to the growing awareness about investing in life insurance policies due to an increase in chronic illnesses. The life insurance market size is then expected to grow to $4.27 trillion in 2030 at a CAGR of 3.7%. Asia Pacific has the largest life insurance market share, accounting for 33.5% of the total in 2020.

The Business Research Companys report titled Life Insurance Providers Market Global Report 2020-30: COVID-19 Impact and Recovery covers major life insurance providers companies, life insurance providers market share by company, life insurance providers manufacturers, life insurance providers infrastructure market size, and life insurance providers market forecasts. The report also covers the global life insurance providers market and its segments.

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Apart from coverage for sudden diseases caused by pandemics, life insurance companies are increasingly offering tailored insurance for their healthier clients on the other hand. Insurance companies globally are offering lower premium rates that reward the clients healthy lifestyle. With such life insurance market trends, these companies are also encouraging policyholders to lead a healthy lifestyle. The willing clients are being rewarded with reduced premiums or certain loyalty benefit programs. Apart from this there are various lifestyle apps that have the potential to reimagine and improve the insurer-insured relationships. Application programming interfaces (APIs) will enable the creation of insights-driven offerings as they integrate data from multiple sources to ensure that the beneficiary lives a healthier lifestyle. For example, Vitality, a UK based insurance company offers its clients rewards if they exercise regularly and eat healthy. These clients are also offered discounts on activity trackers and free delivery of healthy food from their partner companies. Other companies such as Max New York Life Insurance offers up to a 36% of reduction of premium for their healthy, non-smoking policyholders. These ideas drive not only the customers health, but also the market.

Life Insurance Providers Market Global Report 2020-30: COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Term Life Insurance Market - By Type Of Insurance (Individual Level Term Life Insurance, Group Level Term Life Insurance, Decreasing Term Life Insurance), By Distribution Channel (Tied Agents And Branches, Brokers, Bancassurance), And By Region, Opportunities And Strategies Global Forecast To 2030

Insurance Providers Global Market Report 2020-30: COVID-19 Impact and Recovery

Insurance Brokers & Agents Global Market Report 2020-30: COVID-19 Impact and Recovery

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The Life Insurance Providers Industry Is Now Including Protection Against Current And Future Pandemics In Their Policies - GlobeNewswire