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Insurance in North America - Market Summary, Competitive Analysis and Forecast to 2025

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    Report

  • 47 Pages
  • November 2021
  • Region: North America
  • MarketLine
  • ID: 5526667
Insurance in North America industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

  • The insurance market consists of the non-life and life insurance sectors. The value of the market is shown in terms of gross premium incomes.
  • The North American insurance market had total gross written premiums of $2,688.7bn in 2020, representing a compound annual growth rate (CAGR) of 4.2% between 2016 and 2020.
  • The non-life insurance segment was the market's most lucrative in 2020, with total gross written premiums of $1,998.1bn, equivalent to 74.3% of the market's overall value.
  • The COVID-19 pandemic, which first took hold in North America in early 2020, has had a significant impact on many markets around the world, including insurance. Interest rate cuts have hampered insurance companies’ profits, whilst restrictions on consumers’ movement have reduced demand for certain types of insurance, such as motor and travel.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the insurance market in North America
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in North America
  • Leading company profiles reveal details of key insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the North America insurance market with five year forecasts by both value and volume

Reasons to Buy

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  • How has the market performed over the last five years?
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Frequently Asked Questions about the Insurance Market in North America

What is the estimated value of the Insurance Market in North America?

The Insurance Market in North America was estimated to be valued at $2688.68 Billion in 2020.

What is the growth rate of the Insurance Market in North America?

The growth rate of the Insurance Market in North America is 3.3%, with an estimated value of $3173.98 Billion by 2025.

What is the forecasted size of the Insurance Market in North America?

The Insurance Market in North America is estimated to be worth $3173.98 Billion by 2025.

Who are the key companies in the Insurance Market in North America?

Key companies in the Insurance Market in North America include State Farm Mutual Automobile Insurance Co, Berkshire Hathaway Inc, New York Life Insurance Co and The Progressive Corp.

Table of Contents

1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive Landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID - 19 outbreak impacted the market?
8 Company Profiles
8.1. State Farm Mutual Automobile Insurance Co
8.2. Berkshire Hathaway Inc
8.3. New York Life Insurance Co
8.4. The Progressive Corp
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related Research
10.4. About The Publisher
List of Tables
Table 1: North America insurance market value: $ billion, 2016 - 20
Table 2: North America insurance market category segmentation: $ billion, 2020
Table 3: North America insurance market geography segmentation: $ billion, 2020
Table 4: North America insurance market value forecast: $ billion, 2020 - 25
Table 5: North America insurance market share: % share, by value, 2020
Table 6: State Farm Mutual Automobile Insurance Co: key facts
Table 7: State Farm Mutual Automobile Insurance Co: Key Employees
Table 8: Berkshire Hathaway Inc: key facts
Table 9: Berkshire Hathaway Inc: Annual Financial Ratios
Table 10: Berkshire Hathaway Inc: Key Employees
Table 11: Berkshire Hathaway Inc: Key Employees Continued
Table 12: New York Life Insurance Co: key facts
Table 13: New York Life Insurance Co: Key Employees
Table 14: New York Life Insurance Co: Key Employees Continued
Table 15: The Progressive Corp: key facts
Table 16: The Progressive Corp: Annual Financial Ratios
Table 17: The Progressive Corp: Key Employees
Table 18: The Progressive Corp: Key Employees Continued
Table 19: North America exchange rate, 2016 - 20
List of Figures
Figure 1: North America insurance market value: $ billion, 2016 - 20
Figure 2: North America insurance market category segmentation: % share, by value, 2020
Figure 3: North America insurance market geography segmentation: % share, by value, 2020
Figure 4: North America insurance market value forecast: $ billion, 2020 - 25
Figure 5: Forces driving competition in the insurance market in North America, 2020
Figure 6: Drivers of buyer power in the insurance market in North America, 2020
Figure 7: Drivers of supplier power in the insurance market in North America, 2020
Figure 8: Factors influencing the likelihood of new entrants in the insurance market in North America, 2020
Figure 9: Factors influencing the threat of substitutes in the insurance market in North America, 2020
Figure 10: Drivers of degree of rivalry in the insurance market in North America, 2020
Figure 11: North America insurance market share: % share, by value, 2020

Companies Mentioned

A selection of companies mentioned in this report includes:

  • State Farm Mutual Automobile Insurance Co
  • Berkshire Hathaway Inc
  • New York Life Insurance Co
  • The Progressive Corp