The Business Research Company's Retirement Income Solutions Fuels Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034
Is the Annuity Insurance Market Set to Witness Substantial Growth?
A promising prediction for the annuity insurance market indicates strong growth in the near future. It is set to expand to $1313.46 billion in 2029 with a compound annual growth rate CAGR of 5.7%. The forecasted growth is due to escalating mobile usage, rising internet usage, growing popularity of purchasing insurance, inclination towards buying insurance online, increasing convenience and accessibility of buying insurance, and expanding awareness of health coverage benefits. The noteworthy trends for the forecast period include an escalating uptake of Internet of Things technology, demand for personalized insurance products, the appearance of mobile apps and AI technologies, the transition of insurance companies from product-based to consumer-centric strategies, and the adoption of InsurTech.
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What Drives The Annuity Insurance Market Growth?
Growing demand for retirement income solutions also contributes significantly to the growth of the annuity insurance market. Retirement income solutions like annuity insurance offer individuals stable and sustainable income during their retirement years, thus ensuring financial stability and peace of mind. Specifically, annuity insurance converts a lump-sum payment into regular payments for a fixed period, effectively mitigating the risk of a financial crunch in retirement.
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Who Are The Key Players In The Annuity Insurance Market?
Major corporations operating in the annuity insurance market, including China Ping An Insurance Group Co. Ltd., Allianz SE, China Life Insurance Company, and Axa S.A., among others, are constantly developing and innovating to meet diverse customer needs. Specifically, they are focusing on product advancements regarding individual or group general annuity savings, which encompass flexible premium payment options, such as single premium, limited premium payment terms, and regular premium payments.
How Is The Annuity Insurance Market Segmented?
An interesting facet of the annuity insurance market is its segmentation. The market is divided based on Type, Application, and Distribution Channel. For instance, under Type, there are Fixed Annuity Insurance, Variable Annuity Insurance, Indexed Annuity Insurance, among Others. Each category is further divided into sub-segments. For example, Variable Annuity Insurance is sub-segmented into Equity-Linked Variable Annuity, Bond-Linked Variable Annuity, and Balanced Variable Annuity.
What Is The Regional Analysis Of Annuity Insurance Market?
Focusing on the geographical scale, North America dominated the annuity insurance market in 2024. However, the market report covers multiple regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Specifically, countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain are highlighted in the report.
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