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 outlook for the insurance industry in the US remains largely positive. Both the life and non-life sector are expected to record steady premium growth over the forecast period between 2016 and 2020, though the maturity of the market and high levels of competition will keep premium growth in the low single digits. Driving this growth is a generally positive economic outlook, with private consumption set to rise as oil prices fall, household income rates rise and employment rates improve, all of which will lead to increased demand for a number of life and non-life products. Both the life and non-life markets are highly fragmented, indicating scope remains for further consolidation via mergers and acquisitions.

Headline Insurance Forecasts (United States 2013-2020)
2013 2014e 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: National Sources/BMI
Gross life premiums written, USDbn 483.59 490.60 510.18 530.73 552.46 576.00 600.18 625.52
Gross life premiums written, USD, % y-o-y -7.8 1.5 4.0 4.0 4.1 4.3 4.2 4.2
Gross life premiums written, USDbn 483.59 490.60 510.18 530.73 552.46 576.00 600.18 625.52
Gross life premiums written, USD, % y-o-y -7.8 1.5 4.0 4.0 4.1 4.3 4.2 4.2
Gross non-life premiums written, USDbn 721.69 753.70 767.96 799.29 830.28 863.23 896.78 931.75
Gross non-life premiums written, USD, % y-o-y 8.8 4.4 1.9 4.1 3.9 4.0 3.9 3.9
Gross non-life premiums written, USDbn 721.69 753.70 767.96 799.29 830.28 863.23 896.78 931.75
Gross non-life premiums written, USD, % y-o-y 8.8 4.4 1.9 4.1 3.9 4.0 3.9 3.9

Key Updates And Forecasts

  • A number of high-profile mergers are underway in the US insurance industry. One major deal was completed in January 2016 when ACE completed the acquisition of Chubb. ACE reportedly paid around USD29.5bn for Chubb (in cash and stock), and in future ACE will be operating under the Chubb name globally. Other mergers, such as that of Cigna with Anthem and Aetna with Humana, are still awaiting regulatory approval, including at the federal level.

  • We are broadly maintaining our current forecasts for growth in the life sector, with premiums expected to grow by an annual average of 4.2% over the forecast period, increasing from USD530.7bn in 2016 to USD625.5bn in 2020.

  • Somewhat slower annual average growth of 3.5% will be seen in the larger non-life sector, where premiums are currently forecast to grow from USD799.3bn in 2016 to USD931.7bn in 2020 - one of the largest non-life markets in the world.

BMI Industry View
5
Table: Headline Insurance Forecasts (United States 2012-2019)
5
SWOT
6
Insurance
6
Industry Forecast
8
Life Premiums Forecast
8
Table: Life Premiums (United States 2012-2019)
11
Table: Life Insurance Claims (United States 2007-2013)
12
Non-Life Premiums Forecast
12
Table: Non-Life Premiums (United States 2012-2019)
15
Table: Non-Life Insurance Claims (United States 2008-2013)
15
Non-Life Sub-Sector Forecast
16
Table: Non-Life Insurance Premiums by Product Line (United States 2012-2019)
26
Insurance Risk/Reward Index
28
Developed States Insurance Risk/Reward Index
28
Table: Developed States Insurance Risk/Reward Index
29
Market Overview
30
Life Market Overview
30
The Product Offering
30
The Competitive Landscape
31
Table: Life Insurance Market (USDmn) 2009-2013
33
Non Life Market Overview
34
The Product Offering
34
The Competitive Landscape
35
Table: Non-Life Insurance Market (USDmn) 2009-2013
37
Company Profile
39
ACE Group
39
AIG
42
MetLife
45
New York Life
48
State Farm
51
Methodology
54
Industry Forecast Methodology
54
Risk/Reward Index Methodology
57
Table: Indicators
59
Table: Weighting of Indicators
60

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.