The life insurance policy market in the US has experienced fluctuations in volume over the past decade, with notable declines in 2013 and 2020. As of 2023, the volume stood at 4.19 million units. The period between 2013 and 2023 saw average annual growth variations with a significant drop in 2020. The CAGR over the past five years has been modest at 0.45%. Future volume projections indicate slight but consistent growth, with an expected 0.36% annual growth rate over the next five years leading to a forecasted increase of 1.81% by 2028.
Future trends to watch for include demographic shifts, changes in consumer financial behavior, technological advancements in policy management, and economic factors affecting disposable income. Additionally, regulatory changes and emerging market players may introduce new dynamics into the life insurance market.
