Property and Casualty Insurance Market in United States - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by insurance type (Home, Motor, and Others) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

us property and casualty insurance market size
Study Period: 2016 - 2026
Base Year: 2021
CAGR: <6 %
us property and casualty insurance market major players

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Market Overview

  • The Property and casualty insurance market in the USA is estimated to grow at a CAGR of approximately 6% during the forecast period.
  • Nine-months of 2019 delivered solid underwriting gains and brought the industry surplus to a new record. Net written premium growth seems small when compared against the unusually high nine-months 2018 level, but the two-year average growth rate is the strongest in years. The U.S. property and casualty insurance industry saw its net underwriting gains increase to USD 5.4 billion in the first nine months of 2019 from USD 4.7 billion a year earlier. The industry’s surplus grew in every quarter of 2019 so far, reaching a new all-time-high value of USD 812.2 billion as of September 30, 2019, after USD 802.2 billion as of June 30, 2019, and USD 742.1 billion as of December 31, 2018.
  • In the first nine months of 2019, earned premiums grew 4.7% to USD 463.2 billion, while LLAE (Losses and loss adjustment expenses) grew 5.5% to USD 327.1 billion; other underwriting expenses grew 2.3% to USD 129.2 billion, and policyholders’ dividends increased to USD 1.6 billion from USD 1.5 billion a year earlier. As a result, the industry reported a USD 5.4 billion net underwriting gain, up from the USD 4.7 billion net underwriting gain for nine-months 2018.
  • Net written premiums rose USD 12.8 billion to USD 481.3 billion in nine-months 2019 from USD 468.4 billion in nine-months 2018. Net written premium growth slowed to 2.7% from 11.4% for nine-months 2018. Net earned premium growth was 4.7% in nine-months 2019, slowing from 9.3% for nine-months 2018.

Scope of the Report

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

By Insurance Type
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Others

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Key Market Trends

RPA is Going to Help in Quick Process:

For insurance, Robotic Process Automation (RPA) is described as implementing software robots that can be configured customized for each device, without using code. These software robots support their real-life knowledge-workers with monotonous and repetitive tasks in insurance work, such as data input. Adoption of the RPA in the insurance has specific benefits including faster claims processing, easier policy cancellation, simplified new business onboarding, easy transition many more.

us property and casualty insurance market trends

Increase in net premiums written in P&C sector:

The property and casualty (P&C) sector in 2018, the industry saw net income soar 66% to USD 60 billion, also 10.8% boost in net premiums written and nearly breaking even on underwriting (after losing USD 23.3 billion the year before). U.S. insurer results declined a bit but remained positive in the first half of 2019, with the industry posting an underwriting gain of USD 5.4 billion (down from USD 6.1 billion for the same period in 2018) and a profitable combined ratio of 97.3 (up from 96.2).

us property and casualty insurance market analysis

Competitive Landscape

The report covers the major players operating in the Property and casualty insurance market in the United States. The market is fragmented, Property & Casualty markets continue to present soft rates (i.e., lower insurance premiums), and despite the recent increases to the federal funds rate, interest rates remain near historically low levels. The foregoing factors have adversely impacted revenue and profitability of Property & Casualty insurers, which could encourage consolidation among larger Property & Casualty insurers due to diminished opportunities for organic growth.

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 Home

      2. 5.1.2 Motor

      3. 5.1.3 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 Berkshire Hathaway Inc.

      2. 6.3.2 American International Group, Inc.

      3. 6.3.3 Liberty Mutual Holding Company Inc.

      4. 6.3.4 The Progressive Corporation

      5. 6.3.5 The Travelers Companies Inc

      6. 6.3.6 United Services Automobile Association

      7. 6.3.7 Farmers Group, Inc.

      8. 6.3.8 American Family Mutual Insurance Company, S.I.

      9. 6.3.9 W. R. Berkley Corporation

      10. 6.3.10 American Financial Group, Inc.

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

**Subject to Availability

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Frequently Asked Questions

The Property and Casualty Insurance Market market is studied from 2016 - 2026.

The Property and Casualty Insurance Market is growing at a CAGR of <6% over the next 5 years.

Berkshire Hathaway Inc., American International Group, Inc., Liberty Mutual Holding Company Inc., The Progressive Corporation, The Travelers Companies Inc are the major companies operating in Property and Casualty Insurance Market.

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