United States Insurance Report

Published 30 October 2014

  • 76 pages
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  • Includes 3 free updated quarterly reports
 
$1,295.00
United States Insurance Report

BMI View:   The most recent results from the leading players in the life and the non-life segments of the United States' insurance sector confirm that gross written premiums have been growing at steady single-digit rates and   will continue to do so for most lines . These rates are driven forward in the coming years by economic growth, increased activity in particular sectors, firming price s and re lative absence of claims costs. Furthermore, in the life segment, significant opportunities arise from the tens of millions of households who are either uninsured or underinsured - a life insurance gap which is estimated by industry sources at approximately USD15,000bn. Demographic changes are expected to further boost growth in the life segment in the coming years .

US insurance companies will likely benefit from their ability to exploit leadership positions in particular niches: economies of scale, access to capital - regardless of corporate structure, suitably broad portfolios of products, multi-channel distribution, widely recognised brands and innovation in terms of the products that they offer. External trends, such as the recovery in the stock market (and, consequently, improved investment earnings), the sustained growth in the economy and the relentless expansion of health insurance are additional positives.

The prospects for the United States' insurance sector for the coming years are dominated by three themes. First, the sustained, and likely continuous, economic recovery has clearly had a positive impact on gross premiums in a number of sub-sectors. This is at a time that the relative absence of catastrophes, and good control of costs, has elevated the operating profits of many property & casualty insurers.

Furthermore, the expansion of health insurance should make the biggest difference in terms of additional premiums written in 2015 as well as in subsequent years. Growth in health insurance is boosted by the spread of coverage due...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Industry Forecast
13
Total Premiums Forecast
13
Total Premiums
13
Table: Total Gross Premiums Written (United States 2011-2018)
13
Table: Total Net Premiums Written (United States 2011-2018)
14
Reinsurance Premiums
14
Table: Total Reinsurance Premiums Written (United States 2011-2018)
15
Total Claims
15
Table: Total Insurance Claims (United States 2006-2013)
15
Total Assets
16
Table: Total Insurance Assets (United States 2006-2013)
16
Life Premiums Forecast
17
Life Premiums
18
Table: Gross Life Premiums Written (United States 2011-2018)
19
Table: Net Life Premiums Written (United States 2011-2018)
19
Life Reinsurance
20
Table: Reinsurance Life Premiums Written (United States 2011-2018)
20
Life Insurance Claims
20
Table: Life Insurance Claims (United States 2006-2013)
21
Life Insurance Drivers
21
Table: Insurance Key Drivers, Disease Adjusted Life Years (United States 2011-2018)
21
Table: Insurance Key Drivers, Private Health Expenditure (United States 2011-2018)
22
Life Assets
23
Table: Assets (United States 2006-2013)
23
Non-Life Premiums Forecast
24
Non-Life Premiums
25
Table: Gross Non-Life Premiums Written (United States 2011-2018)
25
Table: Net Non-Life Premiums Written (United States 2011-2018)
26
Non-Life Reinsurance
26
Table: Reinsurance Non-Life Premiums Written (United States 2011-2018)
27
Non-Life Claims
27
Table: Non-Life Insurance Claims (United States 2006-2013)
27
Non-Life Assets
28
Table: Assets (United States 2006-2013)
28
Non-Life Sub-Sector Forecast
29
Motor and Transport Insurance
30
Table: Motor Vehicle Insurance (United States 2011-2018)
30
Table: Transport Insurance (United States 2011-2018)
31
Table: Insurance Key Drivers, Autos (United States 2011-2018)
31
Table: Insurance Key Drivers, Freight Tonnage (United States 2011-2018)
33
Property Insurance
33
Table: Property Insurance (United States 2011-2018)
34
Accident and Health Insurance
34
Table: Personal Accident Insurance (United States 2011-2018)
34
Table: Health Insurance (United States 2011-2018)
35
Liability and Credit Insurance
35
Table: General Liability Insurance (United States 2011-2018)
36
Table: Credit/Financial Guarantee Insurance (United States 2011-2018)
36
Industry Risk Reward Ratings
37
Developed States Insurance Risk/Reward Index Q1 2015
37
Table: Developed States Insurance Risk/Reward Index - Q1 2015
38
Market Overview
39
Life Market Overview
39
Table: Life Insurance Market (USDmn) 2008-2012
40
Table: Life Insurance Market (%) 2008-2012
42
Non-Life Market Overview
44
Table: Non-Life Insurance Market (USDmn) 2008-2012
45
Table: Non-Life Insurance Market (%) 2008-2012
48
Company Profile
50
ACE Group
50
AIG
53
New York Life
57
State Farm
60
MetLife
63
Demographic Forecast
66
Table: The United States' Population By Age Group, 1990-2020 ('000)
67
Table: The United States' Population By Age Group, 1990-2020 (% of total)
68
Table: The United States' Key Population Ratios, 1990-2020
69
Table: The United States' Rural And Urban Population, 1990-2020
69
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 Business Monitor International (BMI)'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.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc