Insurance Industry (Facts & Figures)

The global life insurance market was valued at $3.1 trillion in 2024.

Hong Kong has the highest life insurance ownership rate globally at 79 percent.

In both Hong Kong and India, 91percent of people believe life insurance is essential.

52percent of individuals cite cost as the main barrier to purchasing a life insurance policy.

72 percent of people overestimate the cost of basic life insurance coverage.

42percent of American adults say they need more life insurance or don’t have enough coverage.

This figure jumps to 56 percent for households earning under $50,000 per year.

45 percent of women report needing more coverage.

Younger generations are also more likely to feel underinsured:

49 percent of Gen Z

46 percent of Millennials

Hong Kong leads the world with a 79 percent life insurance ownership rate, and 84 percent of its residents consider life insurance important.

India and Thailand have the highest proportion of citizens who believe life insurance is essential, both at 91 percent.

57 percent of men report having life insurance, compared to 46 percent of women.

However, 45 percent of women say they need more coverage, compared to 39 percent of men.

This trend shifts for single mothers:

41 percent own life insurance, while 59 percent say they need or need more coverage.

Age plays a key role in life insurance ownership, with older generations more likely to have coverage:

57 percent of Baby Boomers (aged 60–78) have life insurance.

55 percent of Gen X (44–59) report owning a policy.

50 percent of Millennials (28–43) have coverage.

Gen Z, the youngest generation (under 27), has the lowest ownership rate at 36 percent.

The average value of life insurance policies varies by country:

United States: $160,000

Japan: $47,000 (¥7 million)

South Africa: $16,500 (ZAR 300,000)

United Kingdom: $77,600 (£61,000)

Germany: $54,200 (€50,000)

In 2023, 39 percent of consumers reported plans to purchase a life insurance policy.

Younger generations showed a stronger intent:

44 percent of Gen Z adults planned to buy life insurance.

50 percent of Millennials indicated the same.

Overall, 42 percent of the population said they either need coverage or need more coverage.

This need is especially high among single mothers, with 59 percent expressing the need for coverage.

The most common reason for purchasing life insurance is to cover burial and final expenses.

60 percent of policyholders cite this as their primary motivation.

Among single mothers, this rises to 63 percent.

The cost of life insurance is the most frequently cited barrier.

42 percent of people without coverage say it’s too expensive.

However, 72 percent overestimate the cost of a basic term life insurance policy.

This trend is also seen among single mothers:

46 percent of single mothers without life insurance consider it unaffordable, compared to 42 percent of the general population.

In 2023, $831 billion was paid out globally in life insurance claims, up from $812 billion in 2022.

In Germany, life insurers pay out over €160 billion annually in term life insurance benefits to the families of policyholders.

In 2024, the global life insurance market reached an estimated value of $3.1 trillion, up from $1.9 trillion in 2017.

It is projected to grow by approximately 9 percent from 2023 to 2028, reaching $4 trillion by 2028, and $4.8 trillion by 2035.

The United States accounts for nearly 27 percent of global life insurance premiums.

In Germany, the life insurance market peaked in 2020, with €101.1 billion in gross written premiums, representing 3.1 percent of the country’s GDP.

Premiums declined to €97.8 billion in 2022 and €95.8 billion in 2023, but the market returned to growth in 2024.

Between 2025 and 2029, the German life insurance market is expected to grow modestly at a rate of 0.19 percent.