Annuity insurance market to grow 4% annually, reaching $1.5t by 2032

But high cost of annuities and other constraints hinder market growth to some extent. 

The global annuity insurance market is projected to grow from $1.0t in 2023 to $1.5t by 2032, according to a new report by Allied Market Research. 

This reflects a compound annual growth rate of 4.0% from 2024 to 2032.

The market is influenced by the rise in awareness and education about retirement planning & income strategies, robust growth in the financial market, and the growing regulatory support and incentives in the insurance industry. 

But, the high cost of annuities, longevity risk management, and liquidity constraints hinder market growth to some extent. 

Also, a surge in the trend toward financial wellness programs and ongoing strategies for innovative investments in developing countries offers remunerative opportunities for the expansion of the global annuity insurance market.