Group Life Insurance Market Revenue to Attain USD 366.48 Bn by 2033

10 Dec 2024

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Table of Content

1. Group Life Insurance Market Revenue and Trends 2023 to 2033 2. Market Overview 3. Report Highlights of the Group Life Insurance Market  4. Group Life Insurance Market Trends 5. Regional Analysis 6. Group Life Insurance Market Coverage 7. Group Life Insurance Market Key Players 8. Market News

Group Life Insurance Market Revenue and Trends 2023 to 2033

The global group life insurance market revenue reached USD 148.72 billion in 2024 and is predicted to attain around USD 366.48 billion by 2033 with a CAGR of 10.54%. The rising demand to provide financial protection to the employee’s family members is increasing the adoption of the group life insurance market.

Market Overview

Group life insurance provides financial protection and support to the families of the employees or workers of a group in the event of an emergency. It is a single product that extends life insurance to an entire group. This creates an employer-employee relationship, such as in business organizations, and a non-employer-employee relationship, such as in welfare associations. The company does not have to go through the daunting process of filling out applications or conducting medical tests for each applicant. Instead, the employer becomes the applicant and master policyholder for choosing the policy benefits and completing the necessities of buying the insurance.

Report Highlights of the Group Life Insurance Market 

• By type of coverage, the term life insurance segment accounted for the highest share of the market in 2023. The segment is leading with the largest share as it is inexpensive for companies, has various options to pay the premium, is also eligible for all employees, and has no underwriting and customizable benefit amounts.
• By type of coverage, the whole life insurance segment will grow rapidly in the market during the forecast period. The growth of the segment can be linked to permanent life insurance policy that provides coverage for an entire life if premiums are paid.
• By size of group, the large group segment led the market in 2023. An increasing number of small-scale businesses and start-up companies encourages the growth of this segment.
• By size of group, the medium group segment will witness the fastest growth in the market during the predicted period. The growth of this segment is noticed as insurance companies are providing a wide range of benefits, such as health insurance, virtual GP service, and many more.
• By industry sector, the healthcare segment noted the largest share of the market in 2023. The majority of the pre-hospitalization, post-hospitalisation expenses, and pre-existing disease expenses are controlled, which boosts market growth.
• By industry sector, the education segment is projected to witness the fastest growth in the market during the forecast period. The ability to pay child’s fees in case of financial crisis fuels the segment growth.
• By premium payment method, the monthly segment contributed the largest share of the market in 2023. The dominance of this segment is due to its cost-efficient ability, which allows an individual to pay monthly instead of all at once.
• By premium payment method, the quarterly segment will witness the fastest growth in the market during the predicted period, which will lead to lower administrative fees and more affordable payment options.
• By benefit level, the enhanced coverage segment contributed the highest share of the market in 2023. The dominance of this segment is observed as it covers higher death benefits, accidental death, and many more.
• By benefit level, the supplement coverage segment is predicted to witness significant growth in the market over the forecast period. The expansion of this segment is noted due to the increasing popularity of voluntary benefits.

Group Life Insurance Market Trends

The master contract

The master of the contract is the employer or the group organizer in the group life insurance plan and the master will be responsible for making the regular payments of the premium. The master is the sole policyholder. The premium is based on the number of members in the coverage amount, if the member increases, the premium also increases.

Contributory and non-contributory insurance

When the employer provides the employment benefits in the group life insurance to the employee, there is no financial requirement expected from the employee, this is referred to as a non-contributory group. However, when the employee must pay the nominal amount and the rest is paid by the employer is known as contributory insurance.

Regional Analysis

North America led the global group life insurance market in 2023 as the region is driven by factors such as high disposable income, a large insured population, and well-established insurance industries in North America. The United States has the highest life insurance; it is the leading life insurance premium writing country, with USD 600 million.

Asia Pacific is anticipated to witness significant growth in the group life insurance market during the forecasted years. The expansion of this region is noted due to the increasing awareness regarding the importance of life insurance to protect and support their financial future. Additionally, economic growth, interest rates and demographic trends influence the growth of the group life insurance market in the region. China has the second-largest life insurance market.

Group Life Insurance Market Coverage

Group Life Insurance Market Key Players

• Allianz
• Cigna
• American National
• Ping An Insurance
• Allstate
• Axa
• UnitedHealth Group
• Berkshire Hathaway
• MassMutual
• Aditya Birla Sun Life Insurance
• MetLife
• Centene
• Humana Inc
• Elevance Health

Market News

• In December 2024, FINEOS launched the FINEOS Partner Hub to revolutionize employee benefits solutions for insurance carriers. The partner hub enables a more agile, cost-effective approach, allowing carriers to access a broad range of complementary services and tools seamlessly.
• In October 2024, Transamerica unveiled its collaboration with Fringe Benefit Group (FBG) and The Contractors Plant, a USD 2 billion prevailing wage retirement plan program that manages retirement benefits for nearly 1,500 employers and more than 64,500 American workers.

Market Segmentation

By Type of Coverage

• Term Life Insurance
• Whole Life Insurance
• Universal Life Insurance
• Variable Life Insurance

By Size of Group

• Small Group (2-50 Employees)
• Medium Group (51-100 Employees)
• Large Group (101+ Employees)

By Industry Sector

• Healthcare
• Education
• Government
• Manufacturing
• Technology

By Premium Payment Methods

• Monthly
• Quarterly
• Annually 
• Single Premium

By Benefit Level

• Basic Coverage
• Enhanced Coverage
• Supplemental Coverage

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