Business Monitor International


United States Insurance Report

Published 01 September 2014

  • 72 pages
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  • Includes 3 free updated quarterly reports
 
$1,295.00
United States Insurance Report

BMI View:   As of mid-2014, the latest results from the leading players in the life and the non-life segments of the United States' massive insurance sector confirm that gross written premiums have been growing at fairly pedestrian single-digit rates and, for most lines, will continue to do so. However, the United States is par excellence an example of an insurance market where the absolute level of premiums and growth therein, is far from the whole story. In the non-life segment, companies are benefiting from the accelerating growth in the economy, the increased activity in particular sectors (such as energy), firming price s and the re lative absence of claims costs. This is at a time when levels of capital (and protection of property & casualty providers by catastrophe bonds) are at record high levels. In the life segment, it is easy to identify opportunities. Due to the tens of millions of households who are uninsured or underinsured, the life insurance gap is estimated by industry sources as amounting to approximately USD15,000bn. Demographic changes remain favourable. Many companies are undertaking initiatives in terms of products and distribution that should boost profits and/or sales.

In the coming year, almost all US insurance companies will benefit from their ability to exploit leadership positions in particular niches: economies of scale, access to capital - regardless of corporate structure, suitably broad portfolios of products, multi-channel distribution, widely recognised brands and innovation in terms of the products that they offer. External trends, such as the recovery in the stock market (and, consequently, improved investment earnings), the sustained growth in the economy and the relentless expansion of health insurance are additional positives. Both the insurance companies themselves and their enormously diverse customers will likely benefit from the changes that are underway.

The prospects for the United States' insurance sector...

Table of Contents

BMI Industry View
7
SWOT
9
Insurance
9
Political
11
Economic
12
Business Environment
13
Industry Forecast
14
Total Premiums Forecast
14
Total Premiums
14
Table: Total Gross Premiums Written (United States 2011-2018)
15
Table: Total Net Premiums Written (United States 2011-2018)
16
Reinsurance Premiums
16
Table: Total Reinsurance Premiums Written (United States 2011-2018)
17
Total Claims
17
Table: Total Insurance Claims (United States 2006-2012)
17
Total Assets
18
Table: Total Insurance Assets (United States 2006-2012)
18
Life Premiums Forecast
19
Life Premiums
20
Table: Gross Life Premiums Written (United States 2011-2018)
21
Table: Net Life Premiums Written (United States 2011-2018)
21
Life Reinsurance
22
Table: Reinsurance Life Premiums Written (United States 2011-2018)
22
Life Insurance Claims
22
Table: Life Insurance Claims (United States 2006-2012)
22
Life Insurance Drivers
23
Table: Insurance Key Drivers, Disease Adjusted Life Years (United States 2011-2018)
23
Table: Insurance Key Drivers, Private Health Expenditure (United States 2011-2018)
25
Life Assets
25
Table: Assets (United States 2006-2012)
25
Non-Life Premiums Forecast
26
Non-Life Premiums
27
Table: Gross Non-Life Premiums Written (United States 2011-2018)
27
Table: Net Non-Life Premiums Written (United States 2011-2018)
28
Non-Life Reinsurance
28
Table: Reinsurance Non-Life Premiums Written (United States 2011-2018)
28
Non-Life Claims
29
Table: Non-Life Insurance Claims (United States 2006-2012)
29
Non-Life Assets
30
Table: Assets (United States 2006-2012)
30
Non-Life Sub-Sector Forecast
31
Motor and Transport Insurance
32
Table: Motor Vehicle Insurance (United States 2011-2018)
32
Table: Transport Insurance (United States 2011-2018)
33
Table: Insurance Key Drivers, Autos (United States 2011-2018)
33
Table: Insurance Key Drivers, Freight Tonnage (United States 2011-2018)
35
Property Insurance
35
Table: Property Insurance (United States 2011-2018)
36
Accident and Health Insurance
36
Table: Personal Accident Insurance (United States 2011-2018)
36
Table: Health Insurance (United States 2011-2018)
37
Liability and Credit Insurance
37
Table: General Liability Insurance (United States 2011-2018)
37
Table: Credit/Financial Guarantee Insurance (United States 2011-2018)
38
Industry Risk Reward Ratings
39
Developed States Insurance Risk/Reward Ratings
39
Table: Developed States Insurance Risk/Reward Ratings
39
Market Overview
41
Life Market Overview
41
Table: Life Insurance Market (USDmn) 2008-2012
42
Table: Life Insurance Market (%) 2008-2012
44
Non-Life Market Overview
46
Table: Non-Life Insurance Market (USDmn) 2008-2012
47
Table: Non-Life Insurance Market (%) 2008-2012
49
Company Profile
51
ACE Group
51
AIG
55
New York Life
59
State Farm
62
MetLife
65
Demographic Forecast
68
Table: The United States' Population By Age Group, 1990-2020 ('000)
69
Table: The United States' Population By Age Group, 1990-2020 (% of total)
70
Table: The United States' Key Population Ratios, 1990-2020
71
Table: The United States' Rural And Urban Population, 1990-2020
71
Methodology
72
Industry Forecast Methodology
72
Risk/Reward Rating Methodology
75
Table: Indicators
77
Table: Weighting of Indicators
78

The United States Insurance Report has been researched at source and features Business Monitor International (BMI)'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.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. 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.

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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