Group life insurance market to hit $216.48b by 2029 forecast

Asia-Pacific is forecast to be the fastest-growing region.

The global group life insurance market is projected to grow from $132.3b in 2024 to $146.27b in 2025, reflecting a compound annual growth rate (CAGR) of 10.6%, and is expected to reach $216.48b by 2029 at a CAGR of 10.3%, according to the Business Research Company.

Historic growth has been driven by employment gains, evolving corporate benefits, regulatory changes, and demographic shifts toward older populations.

Future expansion is expected to be supported by rising longevity, greater demand for financial security products, global workforce growth, and healthcare cost trends. 

Technological advances, AI integration, digital transformation, and product personalisation are also set to influence market development. 

North America led the market in 2024, whilst Asia-Pacific is forecast to be the fastest-growing region.