Jennifer Rudden
Research Lead Financial Services & Real estate
Life insurance - statistics & facts
The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.
Life insurance is a stable market in established insurance markets, such as the U.S. and the UK, with room to grow in emerging insurance markets, such as China and India.
How does life insurance ownership in the three largest markets compare?
The value of life insurance premiums written in the United States were almost double of those of the next largest country, China. However, life insurance ownership was more popular among Chinese consumers than it was among U.S. consumers in 2024. Health insurance was the most commonly owned insurance product in both countries. Meanwhile, life insurance in the UK was as popular as it was in the U.S. Auto insurance was the most popular insurance product among UK consumers.Which countries lead in Asia and Europe?
The life insurance market in Asia has rapidly grown over the past few years and is led by China. In 2022, income from life insurance premiums in China reached new heights, almost three times the premium income of 2012. Meanwhile, the United Kingdom led in terms of the value of direct life insurance premiums in Europe. France, Italy, and Germany were the next largest European markets.Life insurance is a stable market in established insurance markets, such as the U.S. and the UK, with room to grow in emerging insurance markets, such as China and India.
