- Language: English
- Published: August 2014
- Region: Global
Insurance Carriers in the US
- Published: April 2014
- Region: United States
- 10 Pages
- First Research
Brief Excerpt from Industry Overview Chapter:
Companies in this industry underwrite insurance policies and annuities that are paid out in the case of death, injury, or damage to property. Major companies include AIG, MetLife, Prudential Financial, and State Farm (all based in the US), along with Allianz (Germany), Assicurazioni Generali (Italy), AXA (France), and Japan Post Insurance Company (Japan).
Insurance industry growth rates have been highest in Asia and Latin America. Insurance carriers are expanding into emerging markets such as China, India, and Brazil, where rising middle-class populations have spawned growing demand for insurance products.
The US insurance carriers industry includes about 6,000 companies with combined annual revenue of about $2 trillion.
Providers of title insurance and health insurance, which are included in the industry, are covered in separate industry profiles. Insurance agents and brokers also are covered in a separate profile.
Demand is driven by demographics and commercial transactions, as well as by legal or financial requirements affecting customers. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. The US industry is concentrated: the 50 largest companies generate about 60 percent of revenue.... SHOW LESS READ MORE >
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