The Business Research Company’s Annuity Insurance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business research company
LONDON, GREATER LONDON, UNITED KINGDOM, September 17, 2024 /EINPresswire.com/ — The annuity insurance market has experienced robust growth in recent years, expanding from $936.97 billion in 2023 to $990.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to a rise in digitalization, reduced operational and administrative costs, heavy discounting on insurance premiums, a high level of internet penetration, and switch from traditional to annuity insurance services.
What Is The Estimated Market Size Of The Global Annuity Insurance Market And Its Annual Growth Rate?
The annuity insurance market is projected to continue its strong growth, reaching $1,242.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing mobile usage, internet usage continuing to rise, increasing popularity for purchasing insurance, people purchasing insurance online, rise in convenience and accessibility of purchasing insurance, and growing awareness of the benefits of having health coverage.
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Growth Driver Of The Annuity Insurance Market
The growing pool of individuals seeking retirement income solutions is expected to propel the growth of the annuity insurance market in the future. Retirement income solutions refer to financial products, strategies, and plans designed to provide individuals with a stable and sustainable income stream during their retirement. Retirement income solutions are attributed to financial products and strategies designed to provide individuals with a steady and reliable income stream during their retirement years, ensuring economic stability and peace of mind. Annuity insurance offers a guaranteed, steady income stream for retirees by converting a lump-sum payment into regular payments for a specified period, ensuring financial stability and mitigating the risk of a money crunch.
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What Are The Dominant Trends In Annuity Insurance Market Growth?
Major companies operating in the annuity insurance market increasingly focus on product advancements to cater to diverse customer needs, whether for individual or group general annuity savings. The annuity saving plan offers flexible premium payment options, including single premium, limited premium payment terms, and regular premium payments.
How Is The Global Annuity Insurance Market Segmented?
1) By Type: Fixed Annuity Insurance, Variable Annuity Insurance, Indexed Annuity Insurance, Other Types
2) By Application: Financial, Manufacturing, Industrial, Travel And Hospitality, Other Applications
3) By Distribution Channel: Insurance Agencies And Brokers, Banks, Other Distribution Channels
Geographical Insights: North America Leading The Annuity Insurance Market
North America was the largest region in the annuity insurance market in 2023. The regions covered in the annuity insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Annuity Insurance Market Definition
Annuity insurance is a financial product offered by insurance companies that provides a series of payments made at equal intervals. These payments can be made either immediately or at some future date, depending on the terms of the annuity contract. he primary purpose of an annuity is to provide a steady income stream, typically for retirees.
Annuity Insurance Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global annuity insurance market report covering trends, opportunities, strategies, and more
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The Business Research Company
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.