United States Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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United States Insurance Report
Product Price
$1,295.00

BMI View: The large and well- established insurance market in the US is set to benefit from a positive domestic economy environment, as the US economy is bolstered by lower oil prices, a tightening labour market and improving investor sentiment, although rising external headwinds will see that growth remains relatively subdued. Both the life and non-life insurance sectors are very well- developed in the US where a large number of firms are active in the market with one of the broadest product offerings available globally. Premiums written in both sectors are forecast to increase steadily throughout the forecast period, though faster expansion in the life sector will see it gain some market share from the larger non-life insurance sector by the end of the current forecast period in 2019.

Headline Insurance Forecasts (United States 2012-2019)
Indicator 2012 2013 2014e 2015f 2016f 2017f 2018f 2019f
National Sources/BMI
Gross life premiums written, USDbn 524.72 483.59 501.35 516.37 537.66 560.16 584.55 609.58
Gross life premiums written, USD, % y-o-y 5.2 -7.8 3.7 3.0 4.1 4.2 4.4 4.3
Gross life premiums written, USDbn 524.72 483.59 501.35 516.37 537.66 560.16 584.55 609.58
Gross life premiums written, USD, % y-o-y 5.2 -7.8 3.7 3.0 4.1 4.2 4.4 4.3
Gross non-life premiums written, USDbn 663.10 721.69 737.44 757.04 785.16 812.61 841.85 871.05
Gross non-life premiums written, USD, % y-o-y 1.2 8.8 2.2 2.7 3.7 3.5 3.6 3.5
Gross non-life premiums written, USDbn 663.10 721.69 737.44 757.04 785.16 812.61 841.85 871.05
Gross non-life premiums written, USD, % y-o-y 1.2 8.8 2.2 2.7 3.7 3.5 3.6 3.5

Key Updates A nd Forecasts

  • The health insurance sector has seen the announcement of several mega mergers in 2015, including that of Cigna with Anthem and Aetna with Humana prompting concerns that health insurance premiums in many states will increase rapidly particularly in light of rising pharmaceutical costs - though the House Oversight and Government Reform Committee plans to hold hearings regarding potential capping of drug prices in early 2016.

  • Economic growth in the USA is driving expansion of the already large life insurance sector. We expect life premiums to grow by around 4% annually throughout the forecast period to reach USD600.2bn in 2019, up from USD510.2bn in 2015.

  • The slightly large non-life sector is also expected to record steady growth, albeit at a slightly slower rate of around 3.5% annually. Non-life insurance premiums are therefore forecast to reach USD871.1bn in 2019, up from USD757.0bn in 2015.

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Operational Risk
13
Industry Forecast
14
Life Premiums Forecast
14
Life Premiums
15
Table: Gross Life Premiums Written (United States 2012-2019)
16
Table: Net Life Premiums Written (United States 2012-2019)
16
Life Reinsurance
17
Table: Reinsurance Life Premiums Written (United States 2012-2019)
17
Life Insurance Claims
17
Table: Life Insurance Claims (United States 2007-2013)
18
Life Assets
18
Table: Assets (United States 2007-2013)
18
Life Insurance Drivers
18
Table: Life Expectancy by Gender (United States 2012-2019)
19
Table: Demographic Breakdown (United States 2012-2019)
20
Non-Life Premiums Forecast
21
Non-Life Premiums
22
Table: Gross Non-Life Premiums Written (United States 2012-2019)
23
Table: Net Non-Life Premiums Written (United States 2012-2019)
23
Non-Life Reinsurance
24
Table: Reinsurance Non-Life Premiums Written (United States 2012-2019)
24
Non-Life Claims
25
Table: Non-Life Insurance Claims (United States 2007-2013)
25
Non-Life Assets
25
Table: Assets (United States 2007-2013)
26
Non-Life Sub-Sector Forecast
27
Motor Insurance
28
Table: Motor Vehicle Insurance (United States 2012-2019)
29
Table: Insurance Key Drivers, Autos (United States 2012-2019)
29
Transport Insurance
30
Table: Transport Insurance (United States 2012-2019)
31
Table: Insurance Key Drivers, Freight Tonnage (United States 2012-2019)
31
Property Insurance
32
Table: Property Insurance (United States 2012-2019)
33
Personal Accident Insurance
33
Table: Personal Accident Insurance (United States 2012-2019)
34
Health Insurance
34
Table: Health Insurance (United States 2012-2019)
35
Table: Insurance Key Drivers, Private Health Expenditure (United States 2012-2019)
35
General Liability Insurance
36
Table: General Liability Insurance (United States 2012-2019)
36
Credit/Financial Guarantee Insurance
37
Table: Credit/Financial Guarantee Insurance (United States 2012-2019)
37
Industry Risk Reward Ratings
38
Developed States Insurance Risk/Reward Index
38
Table: Developed States Insurance Risk/Reward Index
39
Market Overview
40
Life Market Overview
40
The Product Offering
40
The Competitive Landscape
41
Table: Life Insurance Market (USDmn) 2009-2013
43
Table: Life Insurance Market (%) 2009-2013
44
Non Life Market Overview
45
The Product Offering
45
The Competitive Landscape
46
Table: Non-Life Insurance Market (USDmn) 2009-2013
48
Table: Non-Life Insurance Market (%) 2009-2013
49
Company Profile
50
ACE Group
50
AIG
53
MetLife
56
New York Life
59
State Farm
62
Demographic Forecast
65
Table: Population Headline Indicators (United States 1990-2025)
66
Table: Key Population Ratios (United States 1990-2025)
66
Table: Urban/Rural Population & Life Expectancy (United States 1990-2025)
67
Table: Population By Age Group (United States 1990-2025)
67
Table: Population By Age Group % (United States 1990-2025)
68
Methodology
70
Industry Forecast Methodology
70
Risk/Reward Index Methodology
73
Table: Indicators
75
Table: Weighting of Indicators
76

The United States Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's United States Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the American insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for United States to test other views - a key input for successful budgeting and strategic business planning in United States's insurance market.
  • Target business opportunities and risks in United States through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.