North America Life Insurance Market Size & Outlook
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North America life insurance market highlights
- The North America life insurance market generated a revenue of USD 552,435.3 million in 2020.
- The market is expected to grow at a CAGR of 7.5% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, U.S. is expected to register the highest CAGR from 2021 to 2027.
North America data book summary
| Market revenue in 2020 | USD 552,435.3 million |
| Market revenue in 2027 | USD 917,335.5 million |
| Growth rate | 7.5% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data covered | 2016 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, North America region accounted for 52.5% of the global life insurance market in 2020.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 257,885.7 million by 2027.
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Life Insurance Market Scope
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| China Life Insurance Co Ltd Class H | View profile | 100000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | https://www.e-chinalife.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| Lincoln National Corp | View profile | 11024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | https://www.lincolnfinancial.com |
| Prudential Financial Inc | View profile | 40658 | 751 Broad Street, Newark, NJ, United States, 07102 | https://www.investor.prudential.com |
| MetLife Inc | View profile | 45000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | https://www.metlife.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
North America life insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to life insurance market will help companies and investors design strategic landscapes.
Whole life insurance was the largest segment with a revenue share of 34.09% in 2020. Horizon Databook has segmented the North America life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
The North America was the leading segment in 2019 in terms of both the market size and share. It contributed to the largest market share of global life insurance market, accounting for 41.0% in 2019. This is attributed the high rate of life insurance penetration in the region.
In 2018 around, 770 firms were selling life insurance in the U.S. hence, contributing to market growth. The life insurance market in America has stayed weak for many years, however, current advancements are expected to change the scenario.
Presence of developed financial markets, rise in interest rates, increase in economic growth, and rapidly aging population are among the factors anticipated to drive the demand for life insurance products.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America life insurance market, including forecasts for subscribers. This continent databook contains high-level insights into North America life insurance market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
Partial client list
North America life insurance market size, by country, 2016-2027 (US$M)
North America Life Insurance Market Share, 2020 & 2027 (US$M)
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