Press Release
Press Release
North America holds a significant market share due to consumer awareness of insurance and high per capita income, which is beneficial for investment purposes. In the US, health spending increased by 4.1% from 2021 to 2022.
The rise was also attributed to rising administration costs, doctor and clinic expenses, long-term care, and medical supplies. According to industrial estimates, the number of Americans 65 and over rose by 47%, from 58 million in 2022 to 82 million in 2050.
Additionally, the share of this age group in the overall population is expected to increase from 17% to 23%. Population growth, an ageing population, and rising healthcare expenses drive the final expense insurance market expansion in the U.S. The availability of various and customised insurance options on online channels and strong marketing gain consumer attention.
In January 2024, in response to customer demand, Prudential Financial, Inc. (NYSE: PRU) and Fidelity InvestmentsTM partnered to provide participants in employment retirement plans with the option to turn their retirement assets into a guaranteed source of income.
Prudential launched Prudential SimplyIncomeSM, a new single-premium instant annuity (SPIA) that is administered by Fidelity Investments, for employer-based retirement plans. One of the four insurers on Fidelity's Guaranteed Income Direct platform, the company provides defined contribution plans such as 401(k)s, 403(b)s, and 457(b)s with an embedded dividend option.
Annuities are now easily included as choices in employer-based retirement plans because of the SECURE Act of 2019, which established a "safe harbor." In response, the financial services sector increased the range of in-plan income options available to allay consumer concerns.
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The major players in the global final expense insurance market are Chubb Corporation, Prudential Financial, Inc., Allianz SE, MetLife, Inc, Zurich Insurance Group, Globe Life and Accident Insurance Company, Liberty Mutual Insurance Company, Aviva plc, and Allstate Insurance Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Age Group |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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