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...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Operational Risk
13
Industry Forecast
14
Total Premiums Forecast
14
Total Premiums
14
Table: Total Gross Premiums Written (United States 2012-2019)
16
Table: Total Net Premiums Written (United States 2012-2019)
17
Reinsurance Premiums
17
Table: Total Reinsurance Premiums Written (United States 2012-2019)
18
Total Claims
18
Table: Total Insurance Claims (United States 2007-2013)
18
Total Assets
19
Table: Total Insurance Assets (United States 2007-2014)
19
Life Premiums Forecast
20
Life Premiums
21
Table: Gross Life Premiums Written (United States 2012-2019)
22
Table: Net Life Premiums Written (United States 2012-2019)
22
Life Reinsurance
23
Table: Reinsurance Life Premiums Written (United States 2012-2019)
23
Life Insurance Claims
23
Table: Life Insurance Claims (United States 2007-2013)
24
Life Insurance Drivers
24
Table: Insurance Key Drivers, Disease Adjusted Life Years (United States 2012-2019)
24
Table: Insurance Key Drivers, Private Health Expenditure (United States 2012-2019)
25
Life Assets
26
Table: Assets (United States 2007-2013)
26
Non-Life Premiums Forecast
27
Non-Life Premiums
28
Table: Gross Non-Life Premiums Written (United States 2012-2019)
29
Table: Net Non-Life Premiums Written (United States 2012-2019)
29
Non-Life Reinsurance
30
Table: Reinsurance Non-Life Premiums Written (United States 2012-2019)
30
Non-Life Claims
31
Table: Non-Life Insurance Claims (United States 2007-2013)
31
Non-Life Assets
31
Table: Assets (United States 2007-2013)
32
Non-Life Sub-Sector Forecast
33
Motor and Transport Insurance
34
Table: Motor Vehicle Insurance (United States 2012-2019)
35
Table: Insurance Key Drivers, Autos (United States 2011-2018)
35
Table: Transport Insurance (United States 2012-2019)
36
Table: Insurance Key Drivers, Freight Tonnage (United States 2012-2019)
37
Property Insurance
37
Table: Property Insurance (United States 2011-2018)
38
Accident and Health Insurance
38
Table: Personal Accident Insurance (United States 2012-2019)
39
Table: Health Insurance (United States 2012-2019)
39
Liability and Credit Insurance
39
Table: General Liability Insurance (United States 2012-2019)
40
Table: Credit/Financial Guarantee Insurance (United States 2012-2019)
41
Industry Risk Reward Ratings
42
Developed States Insurance Risk/Reward Index Q2 2015
42
Table: Developed States Insurance Risk/Reward Index - Q2 2015
43
Market Overview
44
Life Market Overview
44
Table: Life Insurance Market (USDmn) 2008-2012
45
Table: Life Insurance Market (%) 2008-2012
48
Non-Life Market Overview
49
Table: Non-Life Insurance Market (USDmn) 2008-2012
50
Table: Non-Life Insurance Market (%) 2008-2012
53
Company Profile
55
ACE Group
55
AIG
57
New York Life
60
State Farm
63
MetLife
66
Demographic Forecast
68
Table: Population Headline Indicators (United States 1990-2025)
69
Table: Key Population Ratios (United States 1990-2025)
69
Table: Urban/Rural Population & Life Expectancy (United States 1990-2025)
70
Table: Population By Age Group (United States 1990-2025)
70
Table: Population By Age Group % (United States 1990-2025)
71
Methodology
73
Industry Forecast Methodology
73
Risk/Reward Index Methodology
76
Table: Indicators
78
Table: Weighting of Indicators
79

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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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