Term Insurance Market Size, Share, & Growth Forecast by 2033

Research Methodology – Term Insurance Market

At Straits Research, we adopt a rigorous 360° research approach that integrates both primary and secondary research methodologies. This ensures accuracy, reliability, and actionable insights for stakeholders. Our methodology for the Term Insurance Market comprises the following key stages:

Market Indicator & Macro-Factor Analysis

Our baseline thesis for the Term Insurance Market is developed by integrating key market indicators and macroeconomic variables. These include:

Factors considered while calculating market size and share

The population size of the market in interested regions.
The percentage of the population that can potentially use Term Insurance.
Level of income and purchasing power of the potential market.
The number of potential customers interested in buying term insurance plans.
Competitor's market shares and strategies in the term insurance sector.
The volume and value of the term insurance sales.
Market penetration of the term insurance in different regions or countries.
The pricing strategies and offerings of term insurance companies.

Key Market Indicators

Rate of new policies sold year on year.
Claims rate and average claim processing time.
Renewal rates and policy lapse rates.
Market players and their respective market shares.
Annual Premium Equivalent (APE) growth rate.
Insurer-wise Gross Written Premium (GWP).
Consumer demographics and policyholder characteristics.
Under-insurance and insurance coverage gaps.

Growth Trends

Growth of digital insurance platforms.
Innovation and customization in insurance product offerings.
Inclusion of add-on benefits and riders.
Increasing awareness about the importance of insurance due to unexpected occurrences.
Increasing population with higher disposable income and awareness of financial planning.
The introduction of favourable government policies and regulations promoting insurance.
Increasing partnerships with tech companies offering predictive analytics and automated insurance solutions.
Growth in the working population and increase in urbanization.

Secondary Research

Our secondary research forms the foundation of market understanding and scope definition. We collect and analyze information from multiple reliable sources to map the overall ecosystem of the Term Insurance Market. Key inputs include:

Company-Level Information

Annual reports, investor presentations, SEC filings
Company press releases and product launch announcements
Public executive interviews and earnings calls
Strategy briefings and M&A updates

Industry and Government Sources

Country-level industry associations and trade bodies
Government dossiers, policy frameworks, and official releases
Whitepapers, working papers, and public R&D initiatives
Relevant Associations for the Term Insurance Market

Market Intelligence Sources

Broker reports and financial analyst coverage
Paid databases (Hoovers, Factiva, Refinitiv, Reuters, Statista, etc.)
Import/export trade data and tariff databases
Sector-specific journals, magazines, and news portals

Macro & Consumer Insights

Global macroeconomic indicators and their cascading effect on the industry
Demand–supply outlook and value chain analysis
Consumer behaviour, adoption rates, and commercialization trends

Primary Research

To validate and enrich our secondary findings, we conduct extensive primary research with industry stakeholders across the value chain. This ensures we capture both qualitative insights and quantitative validation. Our primary research includes:

Expert Insights & KOL Engagements

Key Opinion Leader (KOL) Engagements
Structured interviews with executives, product managers, and domain experts
Paid and barter-based interviews across manufacturers, distributors, and end-users

Focused Discussions & Panels

Discussions with stakeholders to validate demand-supply gaps
Group discussions on emerging technologies, regulatory shifts, and adoption barriers

Data Validation & Business POV

Cross-verification of market sizing and forecasts with industry insiders
Capturing business perspectives on growth opportunities and restraints

Data Triangulation & Forecasting

The final step of our research involves data triangulation ensuring accuracy through cross-verification of:

Demand-side analysis (consumption patterns, adoption trends, customer spending)
Supply-side analysis (production, capacity, distribution, and market availability)
Macroeconomic & microeconomic impact factors

Forecasting is carried out using proprietary models that combine: