Global Insurance Report 2025: Growth and relevance in life and beyond

Investment Rating - The report indicates a positive outlook for growth in the global life, retirement, and health insurance sectors, suggesting a need for the industry to explore new growth avenues beyond traditional products [6][8]. Core Insights - The life insurance industry is experiencing a mixed environment with pockets of growth, particularly in individual annuities, while traditional products face stagnation [6][8]. - The aging population presents a significant opportunity for insurers to develop retirement solutions tailored to meet the needs of older consumers [13][14]. - Customer experience is becoming a critical differentiator, with insurers needing to enhance digital capabilities to improve service and engagement [15][17]. Summary by Sections Introduction - The life insurance industry has shown resilience amid macroeconomic challenges, with global GDP growth of 3.2% in 2023 and a significant increase in individual annuity sales in the U.S. [6][8]. Embracing a Changing Landscape - The industry is struggling for relevance, with growth lagging behind global GDP and a need to harness structural forces to drive consumer demand [12]. 'Silver' Population and Redefining Life Insurance - The global "silver" population is expected to double by 2050, creating demand for retirement solutions as social safety nets weaken [13][14]. Customer Experience - Enhancing customer experience can lead to significant increases in new business acquisition and reductions in policy cancellations [15][17]. Divergence in Market Perceptions - Publicly listed insurers are experiencing skepticism compared to private capital, which has invested over $30 billion in the industry [24][30]. Avenues for Growth - Insurers must explore integrated wealth and health solutions, focusing on retirement needs and innovative product offerings [37][46]. Regaining Relevance in Retirement - Higher interest rates and demographic shifts present opportunities for insurers to provide stable retirement income solutions [39][40]. Integrated Wealth and Health Solutions - The convergence of life and wealth solutions is essential as consumers seek comprehensive financial advice [46][50]. New Customer Avenues - There is a growing demand for voluntary products, and insurers should leverage digital platforms to enhance customer engagement [53][56]. Activating the Flywheel - Successful insurers will integrate insurance, asset management, and capital management to create a self-reinforcing growth model [59][64]. Conclusion - The life insurance industry must redefine its role and build new capabilities to address evolving consumer needs and ensure sustained growth [72].