Life and Non-Life insurance market in United States - Growth, Trends, and Forecast (2020 - 2025)

The Life and Non-Life insurance market in United States is segmented by Insurance type (Life, Non-Life) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

CAGR:

Less Than 6 %

Major Players:

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Market Overview

  • The Life and Non-Life insurance market in the United States is estimated to grow at a CAGR of approximately 6% during the forecast period.
  • For the first six months of 2019, the life industry reported an increase of 5% (USD 22 billion) in direct written premiums and deposits to USD 472 billion. Net written premiums and deposits increased 14% (USD 53 billion) to USD 437 billion due to a fall in ceded premiums of 26% (USD 43 billion). Life insurance premiums increased by 12% (USD 15 billion) to USD 143 billion, largely due to an increase of 35% in the assumed premiums, while ceded premiums increased by 15% (USD 8 billion) to USD 61 billion, as compared to the second quarter 2018. Net life insurance premiums increased to USD 82 billion by 10% (USD 7 billion).
  • Improved underwriting discipline continued rate increases, lower catastrophe risks and an improving commercial and personal auto market in the first half of 2019 have led to strong underwriting success in the U.S. property and casualty insurance industry. The industry recorded an underwriting gain of USD 6.5 billion, slightly lower than the gain of USD 7 billion in the prior-year period as net losses and LAE (loss adjustment expenses) rose at a higher rate than net received premiums. Combined with solid investment results the underwriting benefit led to a net profit of USD 34.8 billion. Since factoring in unrealized capital gains, consolidated policyholder surplus rose at an all-new high in June 2019 by 7.6 % to USD 838.9 billion.

Scope of the Report

This report aims to provide a detailed analysis of the Life and Non-Life insurance market in United States. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Life and Non-Life insurance market in United States

By Insurance type
Life Insurance
Individual
Group
Non-Life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Others

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Key Market Trends

Growing Insurtech in United States:

Although the US has historically dominated insurtech investment, a shift is gradually coming. 42% of all insurtech transactions in the U.S. took place in Q2 2019, a 4%-point decline from the previous quarter, demonstrating the growing importance of investment centers outside the U.S. There were 11 deals in the UK, 6 in China, and since Q1 2017 Lebanon registered its first insurtech deal. Lemonade, a US renters and homeowners insurance startup, was priced at a pre-money valuation of over USD 2 billion after raising USD 300 million from Allianz X, General Catalyst, Google Ventures, OurCrowd, Softbank Group and Thrive Capital.

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Increase in M&A activity:

Merger and acquisition (M&A) deals in the U.S. insurance sector increased by 51.2% in Q3 2019 over the previous quarter, says data from GlobalData. In total, the industry’s global deals were valued at USD 4.17 billion, with the U.S. market accounting for the lion’s share with 121 recorded transactions in Q3 4.3% more than the previous four-quarter average. The top M&A transactions of Q3 2019 include: Prudential Financial’s acquisition of Assurance IQ for USD 3.5 billion, the USD 384.25 million acquisition of White Eagle Asset Portfolio by Jade Mountain Partners, the acquisition of The Hagerty Group by Markel for USD 212.5 million, Aspida Financials acquisition of  Pavonia Life Insurance for USD 75 million.

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Competitive Landscape

The report covers the major players operating in the Life and Non-Life insurance market in United States. The market is fragmented, the market is expected to grow during the forecast period due to adoption of insurtech is increasing in the sector and several M&A activities and other few factors.

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-Life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Massachusetts Mutual Life Insurance Company

      2. 6.3.2 Unitedhealth Group Incorporated

      3. 6.3.3 Berkshire Hathaway Inc.

      4. 6.3.4 Cigna Corporation

      5. 6.3.5 Metlife, Inc.

      6. 6.3.6 Prudential Financial, Inc.

      7. 6.3.7 Aetna Inc.

      8. 6.3.8 Centene Corporation

      9. 6.3.9 American International Group, Inc.

      10. 6.3.10 State Farm

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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