Size of the life and non-life insurance market in the United States
The study period | 2020 - 2029 |
Base year for estimation | 2023 |
Market size (2024) | USD 2.02 trillion |
Market size (2029) | USD 2.83 trillion 300x250 300x250 300x250 |
CAGR(2024 - 2029) | 6.95 % |
Market focus | a little |
The main players*Note: The main players are not listed in any particular order |
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Analysis of the life and non-life insurance market in the United States
The USA life and non-life insurance market size in terms of net written premium value is expected to grow from US$2.02 trillion in 2024 to US$2.83 trillion by 2029, at a CAGR of 6.95% during the forecast period (2024). -2029).
The effects of the Coronavirus on the economy are becoming clearer every day, and given the current circumstances, it is difficult to fully understand all the impacts. The industries they support have an impact on insurance as well, so industrial production, healthcare indicators and employment indicators will also have an impact on its potential recovery and expansion.
Reduced catastrophic risk has led to improved commercial and personal auto markets, and improved underwriting discipline, all of which have contributed to higher interest rates over the past several years. In addition, these elements have contributed to the outstanding success of the property and casualty insurance industry in the United States. Because the increase in net losses and loss adjustment expense (LAE) was more than the increase in net premiums received, the segment earned an underwriting benefit of $6.5 billion, significantly less than the $7 billion gain in the same period. The period of the previous year. The benefits from the IPO resulted in net profits of US$34.8 billion when combined with the successful investment results.
Life and non-life insurance market trends in the United States
The growth of insurtech in the US is driving the market
Although the United States has historically dominated insurtech investment, the shift is coming gradually. 46% of all insurance transactions took place in the United States in the third quarter of 2021, an increase of 4% from the previous two years, demonstrating the growing importance of offshore investment centers. There were 11 deals in the UK and six in China, while Lebanon recorded its first insurance deal, since 2017. Lemonade, a US renters and homeowners insurance company, was priced at a pre-cash valuation of more than US$2 billion. , after raising $300 million from Allianz X, General Catalyst, Google Ventures, OurCrowd, Softbank Group, and Thrive Capital.
Increase in merger and acquisition activities
According to a report by GlobalData, merger and acquisition (MA) deals in the US insurance sector amounted to approximately US$1.6 billion. 53% in 2022. The value of M&A deals involving US-based targets more than doubled in 2021 compared to the previous year. The value of deals involving mergers and acquisitions was $1.3 trillion in 2020 and $2.6 trillion in 2021. 300x250 300x250 300x250 Tens of thousands of M&A transactions take place in the United States each year. The value of these transactions exceeds one trillion dollars in a healthy economy. By combining their efforts, companies can become more effective by taking advantage of economies of scale and scope. M&A transactions in North America accounted for about two-thirds of the total value of global M&A transactions in the first five months of 2021. Deals in Europe and Asia-Pacific typically accounted for about half of the total value of deals during the previous 10 months. years, but that percentage decreased to about 30% in the early twenty-first century.
Overview of the life and non-life insurance industry in the United States
The report covers the major players operating in the life and non-life insurance market in the United States. The market is fragmented, and is expected to grow over the forecast period, due to increasing adoption of insurtech in this sector, coupled with several merger and acquisition activities and other factors.
Life and non-life insurance market leaders in the United States
Massachusetts Mutual Life Insurance Company
UnitedHealth Group Incorporated
Berkshire Hathaway Inc.
Cigna Corporation
Metlife Inc.
*Note: The main players are not listed in any particular order
Life and non-life insurance market news in the United States
- In 2022, with a $100 million investment in health worker diversity, United Health Group advanced health equity and achieved its goals to increase access to care, make care more affordable, and achieve better health outcomes.
- In 2021, Cigna introduced its Cigna ID Card that customers can access from anywhere, at any time. 200x250 200x250 200x250 200x250 Where customers can find doctors, care and cost estimates within the network.
US Life and Non-Life Insurance Market Report – Table of Contents
1. Introduction
1.1 Study assumptions and market definition
1.2 Field of study
2. Scientific research methods
3. Executive summary
4. Market insights and dynamics
4.1 Market overview
4.2 Market driving factors
4.3 Market restrictions
4.4 Porter's five forces analysis
4.4.1 Threat of new arrivals
4.4.2 Bargaining power of buyers/consumers
4.4.3 Bargaining power of suppliers
4.4.4 Threat of substitute products
4.4.5 Intensity of competition Competitive
4.5 Insights into the various regulatory trends shaping the market
4.6 Insights into the impact of technology on the market
4.7 Impact of COVID-19 on the market
5. Market segmentation
5.1 Depending on the type of insurance
5.1.1 Life insurance
5.1.1.1 individual
5.1.1.2 Group
5.1.2 Non-life insurance
5.1.2.1 house
5.1.2.2 Engine
5.1.2.3 Insurance other than life
5.2 By distribution channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other distribution channels
6. Competitive landscape
6.1 Market concentration overview
6.2 Company profile
6.2.1 Massachusetts Mutual Life Insurance Company
6.2.2 UnitedHealth Group Incorporated
6.2.3 Berkshire Hathaway Inc.
6.2.4 Cigna Corporation
6.2.5 Metlife Inc.
6.2.6 Prudential Financial Inc.
6.2.7 Aetna Inc.
6.2.8 Centene Corporation
6.2.9 American International Group Inc.
6.2.10 State Farm*
7. Market opportunities and future trends
8. Disclaimer and About Us
Source: https://www.mordorintelligence.com/ar/industry-reports/life-non-life-insurance-market-in-usa
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