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The North America Insurance Sectors : A Company and Industry Analysis (June 2005)
Mergent, June 2005
This report examines the insurance sectors in the United States and Canada
Current Environment - Key Points
- The underwriting growth experienced by US property and casualty insurers over the last six months has strengthened the industry's current reserve position
- The rise in property values in the US over the last few years has led to the Insurance Information Institute anticipating a rise in the cost of insuring homes by 2.5% in 2005
- The New York Attorney-General's probe into the insurance industry last year is likely to spur merger and acquisition activities
- Canada's economic rebound has reduced the nation's employment insurance (EI) contribution rate since January 2005
- Canada's P&C insurers enjoyed outstanding results over the last six months, due to a healthier business environment over the year
Industry Profile - Key Points
- The life insurance industry is the largest holder of corporate bonds in the US, playing a crucial role in funding the development of infrastructure projects
- Intense competition in the Canadian market means that no insurer has more than 10% market share
- As the US multi-billion insurance industry has matured and grown larger, state regulatory control measures have become complex and anti-competitive
- The Canadian sector has emerged from its weakest period in history over the past five years and is now more resilient and financially stable, with profits rising
- The Canadian P&C industry is the seventh largest in the world, with automobile insurance the largest segment
- Some P&C insurers are losing credibility with the public, reflecting the industry's failure to communicate and educate people about the role of insurance in their lives
Market Trends and Outlook - Key Points
- Colleges and universities in the US are making it compulsory for students to have health insurance coverage to protect college hospitals from mounting uninsured health bills
- Since the 1990s when the US economy started to deteriorate, insurers have sought greater opportunities in emerging markets
- Natural disasters are on top of the industry's agenda due to climate change and the affects of global warming
- Automobile thefts have quadrupled compared with 30 years ago, costing the insurance industry billions of dollars each year
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USA Insurance Market Intelligence: 2011 Edition
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Life, Pension, Health & Disability Insurance Industry - Global Strategic Business Report
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Financial Services - Global Outlook 2009
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