Variable life insurance set to hit $149.7b market size by 2034

Asia-Pacific had the largest share in 2024.

The variable life insurance market is slated for a compound annual growth rate of 8.1% from 2025 to 2034, Allied Market Research said.

The industry will likely bag $149.7b by 2034, growing from $67.5b 2024.

The market will be driven by an increase in the demand for unit-linked life insurance products that offer both life coverage and wealth-building opportunities. 

In addition, the surge in awareness amongst consumers regarding financial planning, along with the desire for flexible and customisable policies, has significantly contributed to variable life insurance market growth.

The report also said Asia-Pacific had the largest share in 2024.