US Life and Non-life Insurance Industry - Size & Trends (2024)

US Life and Non-life Insurance Market Analysis

The USA Life & Non-Life Insurance Market size in terms of net written premiums value is expected to grow from USD 2.02 trillion in 2024 to USD 2.83 trillion by 2029, at a CAGR of 6.95% during the forecast period (2024-2029).

The effects of COVID on the economy are becoming more apparent every day, and given the current circ*mstances, it is challenging to fully comprehend all of the effects. The industries it supports have an impact on insurance as well, thus industrial production, healthcare indices, and employment indices will also have an effect on the likelihood of its recovery and expansion.

Lower catastrophic risks improved commercial and personal car markets, and improved underwriting discipline have all contributed to rate rises over the past several years. Additionally, these elements have contributed to the US property and casualty insurance industry's outstanding underwriting success. Due to an increase in net losses and LAE (loss adjustment expenses) that was more than the increase in net received premiums, the sector had an underwriting benefit of USD 6.5 billion, which is significantly less than the gain of USD 7 billion in the same period the previous year. The benefit of underwriting resulted in a net profit of USD 34.8 billion when combined with successful investment outcomes.

US Life and Non-life Insurance Market Trends

This section covers the major market trends shaping the USA Life & Non-Life Insurance Market according to our research experts:

Growing Insurtech in the United States is Driving the Market

Although the United States has historically dominated insurtech investment, a shift is gradually coming. 46% of all insurance transactions in the United States took place in Q3 2021, a 4%-point increase from the previous 2 years, demonstrating the growing importance of investment centers outside the country. There were 11 deals in the United Kingdom and six in China, whereas Lebanon registered its first insurance deal, since 2017. Lemonade, a US renters and homeowners' insurance startup, was priced at a pre-money valuation of over USD 2 billion, after raising USD 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 (M&A) deals in the US insurance sector accounted for approx. 53% in 2022. The value of merger and acquisition (M&A) deals involving American-based targets increased twofold in 2021 compared to the previous year. Deals involving mergers and acquisitions were worth 1.3 trillion dollars in 2020 and 2.6 trillion dollars in 2021. Tens of thousands of transactions take place in the merger and acquisition business in the US every year. The value of these transactions exceeds one trillion dollars in a healthy economy. By combining their efforts, businesses can become more effective by utilizing economies of size and scope. North American merger and acquisition (M&A) transactions made up around two thirds of the total value of worldwide M&A transactions in the first five months of 2021. European and Asia-Pacific deals normally made up around half of the overall deal value over the previous ten years, but that percentage dropped to about 30% in the early twenty-first century.

US Life and Non-life Insurance Industry Overview

The report covers the major players operating in the life and non-life insurance market in the United States. The market is fragmented, and it is expected to grow during the forecast period, due to adoption of insurtech is increasing in the sector, along with several merger and acquisition activities and other factors.

US Life and Non-life Insurance Market Leaders

1. Massachusetts Mutual Life Insurance Company

2. UnitedHealth Group Incorporated

3. Berkshire Hathaway Inc.

4. Cigna Corporation

5. Metlife Inc.

*Disclaimer: Major Players sorted in no particular order

See Also

Topic: Global insurance industryUS P&C Insurance Trends to Watch in 2024Statista - The Statistics PortalInsuring Your Home: Market Value vs. Replacement Cost

US Life and Non-life Insurance Market Report - Table of Contents

1. 1. INTRODUCTION

   1. 1.1 Study Assumptions and Market Definition

   2. 1.2 Scope of the Study

2. 2. RESEARCH METHODOLOGY

3. 3. EXECUTIVE SUMMARY

4. 4. MARKET INSIGHTS AND DYNAMICS

   1. 4.1 Market Overview

   2. 4.2 Market Drivers

   3. 4.3 Market Restraints

   4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

   5. 4.5 Insights on Various Regulatory Trends Shaping the Market

      See Also

      capacity

   6. 4.6 Insights on Impact of Technology in the Market

   7. 4.7 Impact of COVID-19 on the Market

5. 5. MARKET SEGMENTATION

   1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

         1. 5.1.1.1 Individual

         2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

         1. 5.1.2.1 Home

         2. 5.1.2.2 Motor

         3. 5.1.2.3 Other Non-life Insurances

   2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

6. 6. COMPETITIVE LANDSCAPE

   1. 6.1 Market Concentration Overview

   2. 6.2 Company Profiles

      1. 6.2.1 Massachusetts Mutual Life Insurance Company

      2. 6.2.2 UnitedHealth Group Incorporated

      3. 6.2.3 Berkshire Hathaway Inc.

      4. 6.2.4 Cigna Corporation

      5. 6.2.5 Metlife Inc.

      6. 6.2.6 Prudential Financial Inc.

      7. 6.2.7 Aetna Inc.

      8. 6.2.8 Centene Corporation

      9. 6.2.9 American International Group Inc.

      10. 6.2.10 State Farm*

   3. *List Not Exhaustive

7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. 8. DISCLAIMER AND ABOUT US

US Life and Non-life Insurance Industry Segmentation

The report aims to provide a detailed analysis of the life and non-life insurance market in the United States. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Additionally, it analyses the key players and the competitive landscape in the market studied. The Life and Non-life Insurance Market in United States is segmented by Insurance Type (Life Insurance and Non-life Insurance) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

US Life and Non-life Insurance Market Research FAQs

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USA Life and Non-life Insurance Industry Report

Statistics for the 2024 USA Life and Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. USA Life and Non-life Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

• USA Life and Non-life Insurance Market Size
• USA Life and Non-life Insurance Market Share
• USA Life and Non-life Insurance Market Trends
• USA Life and Non-life Insurance Companies

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