United States Insurance Report

Published 16 June 2015

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

BMI View: The US insurance sector is highly developed, with insurance providers in both the life and non-life segments expected to grow their written premiums at steady rates throughout our 2015-2019 forecast period. The most recent financial results reported by the major players in both segments, as well as their forward guidance, underscore this positive outlook. These leading firms will reap the benefits of a growing demand for insurance products by leveraging their access to capital, economies of scale, broad product portfolios, distribution channels, innovation capability, and brand recognition. In what follows, we discuss factors which underlie the positive outlook.

While we forecast overall growth for the US' insurance sector, the non-life segment - which accounts for roughly 60% of total premiums written - is expected to considerably outperform the life segment in terms of growth prospects in the coming years. This trend will mainly be driven by the rapidly growing health insurance sub-segment as a result of increased accessibility to healthcare provision. Life insurance, by contrast, will grow steadily though less significantly as insurers are tapping into the insurance gap resulting from the 44mn Americans who are currently lacking life insurance coverage. Overall, opportunities for future investment will mainly reside within non-life insurance. Steady growth will be predominantly driven by non-life insurance - the US' largest insurance segment - which is set to grow by more than 3.0% in this year. Continuing growth in healthcare spending, the growth in disease adjusted life years (DALYs - an indicator of morbidity) for older age cohorts, and the spread of health insurance cover due to the Affordable Healthcare Act, will underpin the growth of health insurance. The general recovery in the economy will boost property insurance. However, we envisage that overall life density (premiums per capita) and growth in life premiums will be constrained by...

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 2007-2014)
18
Life Assets
18
Table: Assets (United States 2007-2014)
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
24
Table: Non-Life Insurance Claims (United States 2007-2014)
25
Non-Life Assets
25
Table: Assets (United States 2007-2014)
25
Non-Life Sub-Sector Forecast
26
Motor Insurance
27
Table: Motor Vehicle Insurance (United States 2012-2019)
28
Table: Insurance Key Drivers, Autos (United States 2012-2019)
28
Transport Insurance
29
Table: Transport Insurance (United States 2012-2019)
30
Table: Insurance Key Drivers, Freight Tonnage (United States 2012-2019)
30
Property Insurance
31
Table: Property Insurance (United States 2012-2019)
32
Personal Accident Insurance
32
Table: Personal Accident Insurance (United States 2012-2019)
33
Health Insurance
33
Table: Health Insurance (United States 2012-2019)
33
Table: Insurance Key Drivers, Private Health Expenditure (United States 2012-2019)
34
General Liability Insurance
34
Table: General Liability Insurance (United States 2012-2019)
35
Credit/ Financial Guarantee Insurance
35
Table: Credit/Financial Guarantee Insurance (United States 2012-2019)
36
Industry Risk Reward Ratings
37
Developed States Insurance Risk/Reward Index
37
Table: Developed States Insurance Risk/Reward Index
38
Market Overview
39
Life Market Overview
39
Table: Life Insurance Market (USDmn) 2008-2012
40
Table: Life Insurance Market (%) 2008-2012
43
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
56
State Farm
59
MetLife
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.

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