Asia-Pacific to lead USD280bn universal life insurance market

Asia-Pacific is set to lead global growth in the universal life insurance market with a projected CAGR of 29.7% through 2032, driven by rising adoption of mobile telematics in China and India, according to Allied Market Research. The global market is expected to reach USD280.4bn by 2032, growing from USD117.5bn in 2022 at a CAGR of 9.3%. Growth is supported by low-cost insurance offerings, cash value accumulation, and demand for estate planning and wealth transfer tools. However, product complexity and interest rate sensitivity may weigh on expansion. Indexed universal life accounted for nearly 60% of the market in 2022, while guaranteed universal life is projected to grow at 12.2% annually. Brokers dominated distribution, but banks are set to grow fastest.