With Joe Biden and the Democratic Party winning the 2020 presidential elections, there are believed to be good things slated for the insurance industry, especially the health insurance sector. Biden has stated several times in the past that he is fully committed to expanding the Affordable Care Act, and the new administration looks set to push through changes in this field in the coming months.
Getting past the pandemic, it is expected that the US life and non-life insurance sectors should look forward to a stable growth in 2021 and 2022. In such an optimistic scenario, The author analyzes the unprecedented impact of this pandemic on the US insurance industry, and also looks at the performance of the industry in both short-term and long-term.
This report Analyzing the Insurance Industry in the US provides an in-depth analysis of the US insurance industry.
The report covers the following:
- An industry definition.
- An analysis of the global insurance industry through industry statistics, industry value analysis, and an industry forecast. Data included in the report ranges from 2014 till 2025.
- An analysis of the insurance industry in North America, with a focus on both the life insurance and non-life insurance sectors.
- The US insurance industry is analyzed through various industry statistics, analysis of the life insurance and non-life insurance sectors, market value, and industry segmentation. We also analyze the regulatory landscape of the US insurance industry.
- A Porter's Five Forces Analysis of the US insurance industry looks at the various forces that affect competition within the sector. This Porter's analysis is helpful to help you adjust your strategy to improve your profit and help you adapt to your competitive environment. We also include a SWOT framework analysis of the US insurance industry.
- The impact of the COVID-19 pandemic on the US insurance industry is looked at in a comprehensive analysis.
- An in-depth forecast of the US insurance sector, with separate analysis of the life insurance segment, non-life insurance segment, health, property, motor, transport, personal accident insurance, and other non-insurance segments.
- Competition in the US insurance industry is also looked at, with both the life and non-life segments players being looked at. Merger and acquisition activity in the industry is also analyzed.
- The major industry players are analyzed through a corporate snapshot, financial analysis, an analysis of their major business segments, and SWOT analysis.
Table of Contents
A. Executive Summary
B. Industry Definition
C. Global Insurance Industry
C.1 Industry Statistics
C.2 Industry Value Analysis
C.3 Industry Forecast
D. Insurance Industry in North America
D.1 Overview
D.2 Life Insurance Sector
D.3 Non-life Insurance Sector
E. Analysis of the US Insurance Sector
E.1 Market Overview
E.2 Life Insurance Sector
E.3 Non-life Insurance Sector
E.4 Market Value
E.5 Industry Segmentation
F. US Insurance Sector: Porter’s Five Forces Analysis
F.1 Bargaining Power of Buyers
F.2 Bargaining Power of Suppliers
F.3 Competitive Rivalry in the Industry
F.4 Threat of New Entrants
F.5 Threat of Substitutes
F.6 Conclusion
G. Impact of COVID-19 on the US Insurance Sector
H. US Insurance Sector: Regulatory Landscape
I. US Insurance Sector: SWOT Analysis
I.1 Strengths to Build Upon
I.2 Weaknesses to Overcome
I.3 Opportunities to Exploit
I.4 Threats to Overcome
J. Forecast of the US Insurance Sector
J.1 Overview
J.2 Life Insurance Sector
J.3 Non-Life Insurance Sector
J.3.1 Health Insurance Segment
J.3.2 Property Insurance Segment
J.3.3 Motor & Transport Insurance Segment
J.3.4 Personal Accident Insurance Segment
J.3.5 Other Non-Insurance Segments
K. Competition in the US Insurance Sector
K.1 Life Insurance Sector
K.2 Non-Life Insurance Sector
L. Major Industry Players
L.1 Allianz Group
L.1.1 Corporate Analysis
L.1.2 Financial Snapshot
L.1.3 SWOT Analysis
L.2 American International Group (AIG)
L.2.1 Corporate Analysis
L.2.2 Financial Snapshot
L.2.3 SWOT Analysis
L.3 Assurant Inc.
L.3.1 Corporate Analysis
L.3.2 Financial Snapshot
L.3.3 SWOT Analysis
L.4 Aviva Plc
L.4.1 Corporate Analysis
L.4.2 Financial Snapshot
L.4.3 SWOT Analysis
L.5 AXA SA
L.5.1 Corporate Analysis
L.5.2 Financial Snapshot
L.5.3 SWOT Analysis
L.6 Great-West Lifeco Inc.
L.6.1 Corporate Analysis
L.6.2 Financial Snapshot
L.6.3 SWOT Analysis
L.7 ING Group
L.7.1 Corporate Analysis
L.7.2 Financial Snapshot
L.7.3 SWOT Analysis
L.8 Manulife Financial Corporation
L.8.1 Corporate Analysis
L.8.2 Financial Snapshot
L.8.3 SWOT Analysis
L.9 MetLife, Inc.
L.9.1 Corporate Analysis
L.9.2 Financial Snapshot
L.9.3 SWOT Analysis
L.10 New York Life Insurance Company
L.10.1 Corporate Analysis
L.10.2 Financial Snapshot
L.10.3 SWOT Analysis
L.11 Prudential Financial, Inc.
L.11.1 Corporate Analysis
L.11.2 Financial Snapshot
L.11.3 SWOT Analysis
L.12 The Northwestern Mutual Life Insurance Company
L.12.1 Corporate Analysis
L.12.2 Financial Snapshot
L.12.3 SWOT Analysis
L.13 State Farm Mutual Automobile Insurance Company
L.13.1 Corporate Analysis
L.13.2 Financial Snapshot
L.13.3 SWOT Analysis
M. Glossary of Terms
N. Disclaimer
List of Figures
Figure 1: Global Insurance Penetration by Life and Non-life Segments, 1980-2020
Figure 2: Global Insurance Density and Penetration by Country (in USD), 2019
Figure 3: Market Value of the Global Insurance Industry (in USD Billion), 2014-2018
Figure 4: COVID-19 and Total Real Annual Average Growth of Premium in 2020 & 2021
Figure 5: Growth in Real Premium in COVID-19 Pandemic
Figure 6: Forecast of the Global Insurance Industry (in USD Billion), 2018-2023
Figure 7: Forecast of the Insurance Industry in North America (in USD Billion), 2018-2023
Figure 8: Insurance Premiums Written in the US by Sector, 2018-2029
Figure 9: Non-Life Insurance Premiums by Type in the US (in USD Million), 2021
Figure 10: Value of the US Insurance Industry (in USD Billion), 2014-2018
Figure 11: Segmentation of the US Insurance Industry (%), 2018
Figure 12: Share of US in the Global Insurance Industry (%), 2018
Figure 13: Factors Driving Bargaining Power of Buyers in the US Insurance Industry
Figure 14: Factors Driving Bargaining Power of Suppliers in the US Insurance Industry
Figure 15: Competitive Rivalry in the US Insurance Industry
Figure 16: Factors Influencing the Entry of New Players in the US Insurance Industry
Figure 17: Threat of Substitutes in the US Insurance Industry
Figure 18: Competitive Forces Driving the US Insurance Industry
Figure 19: Forecast for Gross Life Insurance Premiums in the US Insurance Industry, 2018-2025
Figure 20: Average Household Income in the US, 2018-2025
Figure 21: Forecast of Gross Non-Life Insurance Premiums, 2018-2025
Figure 22: Forecast of Health Insurance Premiums in the US, 2018-2025
Figure 23: Forecast for Property Insurance Premiums in the US, 2018-2025
Figure 24: Forecast of Motor Premiums in the US, 2018-2025
Figure 25: Forecast of the US Vehicle Fleet Size, 2018-2025
Figure 26: Forecast for Transport Premiums in the US, 2018-2025
Figure 27: Forecast of Personal Accident Insurance Premiums in the US, 2018-2025
Figure 28: Forecast of Credit and Financial Insurance Premiums in the US, 2018-2025
Figure 29: Market Share of the Leading Life Insurance Players in the US (in USD Million), 2019
Figure 30: Market Share of leading Non-Life Insurance Players in the US (in USD Million), 2019
List of Tables
Table 1: Top 10 Countries by Life and Non-life Direct Premiums Written (in USD million), 2019
Table 2: Market Value of the Global Insurance Industry (in USD Billion), 2014-2018
Table 3: Total Premiums Written, 2019-2021
Table 4: Forecast of the Global Insurance Industry (in USD Billion), 2018-2023
Table 5: Forecast of the Insurance Industry in North America (in USD Billion), 2018-2023
Table 6: Gross Insurance Premiums Written in the US, 2018-2023
Table 7: Life Insurance Claims in the US, 2013-2019
Table 8: Non-Life Insurance Claims in the US, 2014-2019
Table 9: Value of the US Insurance Industry (in USD Billion), 2014-2018
Table 10: Forecast of the US Insurance Industry, 2018-2025
Table 11: Forecast of Gross Insurance Premiums Written in the US, 2024-2029
Table 12: Forecast of Life Insurance Premiums in the US, 2018-2025
Table 13: Forecast of Non-Life Insurance Premiums in the US, 2018-2025
Table 14: Forecast of Non-Life Insurance Premiums by Segments in the US, 2018-2025
Table 15: Market Shares of the Leading Players in the US Life Insurance Market (in USD Million), 2014-2019
Table 16: Market Share of leading Non-Life Insurance Players in the US (in USD Million), 2019
Companies Mentioned
- Allianz Group
- American International Group (AIG)
- Assurant Inc.
- Aviva Plc
- AXA SA
- Great-West Lifeco Inc.
- ING Group
- Manulife Financial Corporation
- MetLife, Inc.
- New York Life Insurance Company
- Prudential Financial, Inc.
- The Northwestern Mutual Life Insurance Company
- State Farm Mutual Automobile Insurance Company
