Connect with us
Prague Gaming & TECH Summit 2024


Universal Life Insurance Market to Reach $ 280.4 billion globally, by 2032 at 9.3% CAGR: Allied Market Research




Allied Market Research published a report, titled, “Universal Life Insurance Market by Type (Indexed Universal Life Insurance, Variable Universal Life Insurance, and Guaranteed Universal Life Insurance) and Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the universal life insurance market was valued at valued at $ 117.5 billion in 2022 and is projected to reach $ 280.4 billion by 2032, exhibiting a CAGR of 9.3% from 2023 to 2032.
Request Research Report Sample & TOC:
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

125 – Tables
44 – Charts
300 – Pages

Prime determinants of growth
The surge in the adoption of low-cost insurance plans and the ability to accumulate cash value over time boosts the growth of the global universal life insurance market. In addition, factors such as the higher possibility of estate planning and wealth transfer of universal life insurance have positively impacted the growth of the market. However, interest rate sensitivity and complexity and understanding are expected to hamper market growth. On the contrary, the rise in demand for financial planning solutions is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the global universal life insurance market’s growth.
Report coverage & details:

Report Coverage


Forecast Period


Base Year


Market Size in 2022

$ 117.5 billion

Market Size in 2032

$ 280.4 billion


9.3 %

No. of Pages in Report


Segments covered

Type, Distribution Channel, and Region.


Growing adoption of low-cost entry users.
The ability to accumulate cash value
The higher possibility of estate planning and wealth transfer of universal life insurance


Rising demand for financial planning solutions


Interest rate sensitivity and complexity
Complexity and understanding of policy details

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @
COVID-19 Scenario

The COVID-19 pandemic had a mixed impact on the universal life insurance market. On one hand, the heightened awareness of health risks may have increased the demand for life insurance products, including universal life insurance, as individuals sought to secure their financial futures. On the other hand, economic uncertainties, job losses, and financial strain experienced by some consumers may have influenced purchasing decisions, impacting market dynamics.
Moreover, the increased focus on health and financial security may have prompted individuals to reassess their insurance needs. There could be a growing interest in policies that offer comprehensive coverage, flexibility, and investment components. Additionally, the shift towards digital channels for insurance transactions and consultations may have accelerated during the pandemic.

The indexed universal life insurance segment to maintain its leadership status throughout the forecast period.
By type, the Indexed universal life insurance segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue, owing to increase in the adoption of innovative features and riders to enhance policyholder benefits, such as income guarantees, and accelerated death benefits helps to opt for indexed universal life insurance policies in the global market. However, the guaranteed universal life insurance segment is projected to manifest the highest CAGR of 12.2% from 2023 to 2032, owing to increase in demand for stability and predictability in life insurance coverage, which boosts the global market.
The banks segment to maintain its leadership status throughout the forecast period
By distribution channel, the brokers/agents segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue. This is attributed to expanding consumer base seeking comprehensive life insurance solutions with tailored features. However, the banks segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, owing to the increasing convergence of financial services and the rising demand for comprehensive financial solutions.
Get Customized Reports with your Requirements:
Asia-Pacific maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global universal life insurance market revenue, The major factors that drive the growth of the market in this region include the presence of key players and the rise in purchase of used cars. However, Asia-Pacific is expected to witness the fastest CAGR of 29.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.
Leading Market Players: –

Allianz SE,
Allstate Corporation,
Liberty Mutual Insurance,
Mapfre S.A.,
Nationwide Mutual Insurance Company,
Progressive Corporation

The report provides a detailed analysis of these key players of the global Universal life insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Enquiry before Buying:
Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global universal life insurance market analysis from 2023 to 2032 to identify the prevailing global universal life insurance market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global universal life insurance market outlook segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global universal life insurance market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global universal life insurance market trends, key players, market segments, application areas, and market growth strategies.

Universal Life Insurance Market Report Highlights
By Type

Indexed Universal Life Insurance
Variable Universal Life Insurance
Guaranteed Universal Life Insurance

By Distribution Channel

Direct Sales

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):
Health Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021-2028.
Generative AI in Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution, Service), by Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks, Others), by Application (Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection and Prevention, Virtual Assistants and Customer Support, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Flood Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Building Property Coverage, Personal Contents Coverage), by Application (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032.
Dental Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others), Procedure Type (Major, Basic, and Preventive), Demographics (Senior Citizens, Adults, and Minors), and End User (Individuals and Corporates): Global Opportunity Analysis and Industry Forecast, 2020-2027.
Commercial Property Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Coverage (Open Perils, Named Perils), by Distribution Channels (Agents and Brokers, Direct Response, Others), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, Transportation and Logistics , Others ): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The post Universal Life Insurance Market to Reach $ 280.4 billion globally, by 2032 at 9.3% CAGR: Allied Market Research appeared first on HIPTHER Alerts.

Continue Reading


Temporary Wall Systems Las Vegas to announce grand opening at the NAHB International Builders’ Show




Temporary Wall Systems (TWS), the first and leading full-service, temporary containment wall provider in the United States, will announce the grand opening of its new Las Vegas, Nevada, location at the National Association of Home Builders’ (NAHB) International Builders’ Show (IBS) at the Las Vegas Convention Center Feb. 27-29.
“I’m on a mission to transform the local construction landscape,” owner Jennifer Dice said. “Temporary Wall Systems has the perfect solution to elevate the standard of renovation projects in the Las Vegas area. They’re safer, more convenient and more visually appealing than temporary walls made of permanent material. To top it off, they can be reused, so that material doesn’t end up in our landfills.”
Dice will be at the IBS show at Booth No. C8315 and will showcase her Temporary Wall Systems Las Vegas containment wall solutions.
Dice and her husband, Skylar, moved to the area two years ago, and her professional experience includes casino marketing and operations and economic development. She brings the skills she learned at these positions to her Temporary Wall Systems venture.
“Starting a new business will provide me with an ever-evolving learning experience to foster personal and professional growth,” she said. “I’m committed to making a positive impact in my local community by providing a superior containment wall solution. Las Vegas is always growing and expanding, and these walls are perfect for an area that sees a lot of construction and renovation.”
Dice said she chose HomeFront Brands, Temporary Wall Systems’ parent company, as her franchising partner because of its alignment with her goals.
“The TWS team shares my vision, values and goals,” she said. “Working with their team has been both exciting and rewarding.”
Temporary Wall Systems Las Vegas serves the Boulder City, Enterprise, Henderson, Las Vegas, Paradise, Spring Valley, Summerlin, Whitney and Winchester areas.
TWS is part of HomeFront Brands, a family of emerging, franchised residential and commercial property service brands that offers integrated technology, data support, lead generation, business intelligence systems and training to its partners.
The post Temporary Wall Systems Las Vegas to announce grand opening at the NAHB International Builders’ Show appeared first on HIPTHER Alerts.

Continue Reading


ITRI Partners with Mexico’s Sonora to Foster Science Park Development




ITRI has signed a consulting service agreement with the state of Sonora in Mexico for science park planning and counseling, deepening Mexico–Taiwan cooperation in the fields of technology and industry. The effort includes regional coopetition analysis, strategy consulting, business development, capability enabling, and implementation support, aiming to create a competitive and sustainable science park in Sonora. This venture also extends its benefits to Taiwanese manufacturers eyeing expansion opportunities in Mexico.
ITRI’s Senior Vice President Stephen Su emphasized the strategic significance of Mexico in the global supply chain, particularly in the burgeoning electric vehicle industry. He highlighted Mexico’s advantageous geographical location, coupled with competitive production costs and labor expenses, comprehensive automotive manufacturing clusters, rich mineral resources, as well as the privilege of zero tariffs under the United States-Mexico-Canada Agreement (USMCA). This collaboration emerges against the backdrop of Mexico as Taiwan’s largest export market and trading partner in Latin America. Through this partnership, bilateral exchanges in sectors such as semiconductors, electric vehicles, artificial intelligence, and automation industries will be deepened, supporting Taiwanese companies seeking to expand their operations in the thriving Mexican market.
Governor of Sonora Francisco Alfonso Durazo Montaño expressed his pleasure in partnering with ITRI, recognizing ITRI’s role as a key driver in Taiwan’s semiconductor and ICT industries. Sonora, aligning its vision with “Plan Sonora,” the state’s sustainability development strategy, has noted the surge in international companies relocating their supply chains to Mexico. In response, the state has launched the development of the Sonora Science and Technology Park to meet the growing demands of emerging industries such as ICT and electric vehicles. The Governor articulated his hopes that the collaboration with ITRI will enable both entities to leverage their strengths and jointly explore international markets.
The post ITRI Partners with Mexico’s Sonora to Foster Science Park Development appeared first on HIPTHER Alerts.

Continue Reading


ASTRI sets up FinTech and ESG Alliance




The Hong Kong Applied Science and Technology Research Institute (ASTRI) has inaugurated a “FinTech and ESG Alliance” on 22 February to foster a dynamic platform for exchange and knowledge-sharing. This alliance aims to enhance engagement with regulators, policymakers, incubators and accelerators, FinTech start-ups and enterprises, as well as other stakeholders to promote technological collaboration and commercialisation, bolstering Hong Kong’s role as a world-leading green FinTech hub.
ASTRI was honoured to have the Hon Jeffrey Lam, Member, Executive Council and Legislative Council, HKSAR Government, as our Guest-of-Honour, together with over 400 experts and leaders from the academia, FinTech and the green sectors witness this special occasion.  Distinguished representatives from the Hong Kong Monetary Authority, Invest Hong Kong and several financial institutions were invited to address the seminar. The discussion covered various topics such as the digital transformation of banking and insurance industries, digital asset, sustainable finance and related policy, heralding a new era of digital innovation in financial industry.
In the Policy Address 2023, the HKSAR Chief Executive highlighted the government’s commitment to driving green and sustainable finance in Hong Kong. In addition, Financial Secretary said earlier that building Hong Kong as an international green tech and green finance hub is one of the main goals in the coming year, as sustainability is a global agenda. “Alongside promoting the development of technological solutions and providing early-stage funding support for pre-commercialised green FinTech, we’re dedicated to expanding the green FinTech ecosystem and developing Hong Kong into a green FinTech hub,” said the Hon Jeffrey Lam, who also commended ASTRI for its significant contribution in this initiative.
“Our expertise in the financial sector spans a broad spectrum, providing diversified financial products and services in banking, investment, insurance and others, which exemplifies our role as Asia’s green FinTech hub,” he added.
Technology transforms financial services
The financial sector has long been a vital pillar of Hong Kong economy, contributing to over 20% of the city’s GDP. As Hong Kong continues to evolve into an international innovation and technology hub, there is an explosive expansion in the FinTech community.
Ir Sunny Lee, Chairman, ASTRI stressed that national policy supports Hong Kong’s journey to become a global innovation and technology (I&T) hub, with FinTech playing a crucial role in smart city development. “The Alliance serves as an effective communication platform for the industry to explore the utilisation of emerging technologies such as AI and blockchain to revolutionise financial services, enhance operational efficiency, and expedite the I&T adoption to benefit businesses and the public, cementing Hong Kong’s leading role as a financial hub,” he said.
Promote FinTech adoption for ESG
To foster the development of a knowledge-based economy and enhance accessibility to financial services for both the public and businesses, the HKSAR Government actively supports the growth of financial technology. This includes promoting more FinTech services and products to undergo proof-of-concept trials, alongside the enhancement of innovative FinTech infrastructure.
Mr Joseph Chan, Under Secretary for Financial Services and the Treasury, HKSAR Government said:”To better integrate Fintech with green finance and actively expand the green Fintech ecosystem, we will launch a dedicated proof-of-concept subsidy scheme for green Fintech in the first half of this year. This pioneering scheme is designed to stimulate the development of innovative technological solutions in the green sector and to offer early-stage funding support for pre-commercial green Fintech initiatives.”
Aligned with the HKSAR Government’s initiatives, ASTRI has commercialised several self-developed technologies in FinTech & ESG fields. Key projects include: (1) collaborating with Bank for International Settlements (BIS) and Hong Kong Monetary Authority to establish a proof-of-concept CBDC system focusing on safety, flexibility and privacy; (2) creating a privacy-preserving Federated Learning model to enable banks to utilise alternative data for developing new credit models and aiding SMEs in obtaining financing; (3) establishing a sandbox environment to offer private, controlled and quorum-based runtimes for assessing the performance and security of smart contracts.
With the escalation of global climate change, there is a growing demand for environmental, social and governance (ESG) information disclosure from listed companies worldwide. ASTRI’s “Artificial Intelligence ESG Report Analysis” technology leverages artificial intelligence (AI) and deep learning technologies to assist financial institutions in enhancing the efficiency of processing ESG report data. This innovative solution aids in meeting regulatory compliance requirements and information disclosure standard, while minimising compliance cost.
Encourage I&T collaboration
The “FinTech and ESG Alliance” marks ASTRI’s third alliance formation.  Dr Denis Yip, Chief Executive Officer of ASTRI said: “Building on our previous achievements, our goal is to engage with all stakeholders to develop a holistic ecosystem that paves the way for an innovative era of financial services and sustainability. ASTRI remains committed in advancing knowledge transfer and technological innovation, fostering collaboration among Alliance members and the global industry through a range of networking and matchmaking initiatives.”
ASTRI is dedicated to promoting collaboration among government, industry, universities and research sectors. This commitment aims to enhance cooperation across the I&T industry’s upstream, midstream, and downstream segments, while also nurturing Hong Kong’s financial talent pool. Over the past two years, ASTRI has entered into Memorandum of Understanding (MoUs) with six local universities (HKU, CUHK, HKUST, City U, PolyU and BU) and formed two industry alliances: the “Microelectronics Technology Consortium” (November 2022) and “Smart Mobility Technology (C-V2X) Alliance” (April 2023).
The newly established “FinTech and ESG Alliance” is backed by banks, financial institutions and businesses. It aims to foster the convergence of emerging FinTech solutions and drive the digital transformation of conventional financial and insurance services to enhance operational efficiency. The Alliance is set to host a series of events for its members including talks, seminars, technology showcases, overseas missions, to facilitate collaboration among stakeholders and tap into fresh opportunities in the Mainland China and overseas, injecting new impetus into Hong Kong’s economy.
The post ASTRI sets up FinTech and ESG Alliance appeared first on HIPTHER Alerts.

Continue Reading