60 Insurance Statistics You Must Read: 2024 Market Share Analysis & Data

An insurance policy provides the owner with peace of mind that his life, property, or business will be protected when a covered risk occurs. They can be assured that when something bad happens, they will not be at a total loss and that they can recover financially. Insurance coverage is even more significant as the COVID-19 pandemic wreaks economic havoc on businesses and individuals alike.

In this compilation of insurance statistics, we take a look at various insurance types and provide you with notable figures and updates from different insurance segments. From health insurance statistics to home insurance statistics, this article gives a bird’s eye view of the state of the industry. With the insights given in this article, those in the insurance business can get apprised of information crucial to their industry while existing or potential policyholders can decide whether getting an insurance policy is the right choice for them.

General Insurance Statistics

Before the pandemic, growth in the insurance market was in leaps and bounds since 2009. This has led companies like Prudential Life and State Farm to dominate the market. Meanwhile, insurers like Ategrity and the Texas Republic posted triple-digit year-on-year growth, making them key players in the industry. In addition, consumer opinion about insurance brokers has also shown improvement over the years. However, their satisfaction score is lower than global standards.

Industry Market Leaders

• Prudential Financial is the largest insurance company in the United States in terms of assets. It has assets amounting to $896.55 billion. On the other hand, Berkshire Hathaway has $817.73 billion in assets. Other runners-up are Metlife ($740.46 billion) and American International Group ($525.06 billion). (Statista, 2020)
• The State Farm Group is the top insurance company for all lines of insurance. This ranking is based on countrywide premiums paid in the US and Canada. As of March 2020, State Farm had $65,627,585,590 worth of direct premiums written. Trailing closely is the Berkshire Hathaway Group came in second with $46,106,971,139 of direct premiums written. On the other hand, Progressive Group came in third with $39,222,879,284 premiums written. (National Association of Insurance Commissioners, 2020)
• Ategrity Specialty Insurance Co. is the fastest-growing property and casualty insurer. This ranking is based on year-on-year growth in direct premiums written. Ategrity achieved 818.52% year-on-year growth. They are followed by Cimarron Insurance Co. (426.32%), Trisura Specialty Insurance Co. (379.62%), and Root Insurance Co. (324.04%). (S&P Global Market Intelligence, 2020)
• The fastest-growing life insurer is Texas Republic Life Insurance Co. This ranking is based on growth in total and direct premiums and considerations filed. They achieved a whopping 570.22% year-on-year growth. They are followed by Independent Life Insurance Co. (442.30%), SILAC Inc. (338%), and Investors Preferred Life Insurance Co. (232.81%). (S&P Global Market Intelligence, 2020)

Insurance Industry Statistics

• In 2019, property and casualty insurance premiums written in the US amounted to $637.7 billion. On the other hand, life and annuity premiums written in the US amounted to $678.7 billion. (Statista, 2020)
• Since 2009, the insurance market has been steadily growing in the US. For instance, the value of insurance premiums amounted to $1.32 trillion. This is inclusive of property/casualty premiums and life/annuity premiums in 2019. (Statista)
• In 2020, insurance brokers in the US and Canada had a Net Promoter Score (NPS) of 17%. This figure is lower than insurance overall brokers’ 2019 NPS of 28%. However, NPS for insurance brokers shows an upward trend year on year since 2014. Under NPS global standards, a 50% NPS score is considered excellent and 70% is considered world-class. (ClearlyRated, 2020)

The Cost of Insurance

Home insurance, health insurance, and car insurance are some of the common types of insurance. As the data below shows, in 2019, the value of net premiums for homeowners’ insurance reached over $90 million. When it comes to premiums paid, US policy owners pay significantly more for family coverage versus single-coverage, and employee-sponsored health plans. In the United Kingdom, younger drivers tend to pay higher insurance premiums than older drivers.

• The value of net premiums written by the homeowners’ multiple peril insurance industry reached $92.97 million in 2019. This figure represented a 4.5% increase compared to 2019. (Insurance Information Institute, 2019)
• In 2020, average annual premiums for employer-sponsored health insurance in the US cost $7,470 for single coverage. In contrast, it costs $21,342 on average for family coverage. (Kaiser Family Foundation, 2020)
• On average, annual deductibles for employer-sponsored healthcare insurance in the US amounted to $1,644. (Kaiser Family Foundation, 2020)
• In 2019, artificial intelligence was responsible for underwriting premiums worth an estimated $1.3 billion. By 2024, this figure is predicted to increase to over $20 billion. (Juniper Research, 2019)
• Insurance costs have declined due to drivers making fewer trips due to the COVID-19 pandemic. As a result, the average cost of car insurance in the UK is £460 as of the second quarter of 2020. (NimbleFins, 2021)
• In the UK, the average cost for a driver aged 20 years old to get car insurance is £851. In contrast, the cost for a driver aged 65 years old is £491. There is a perception that younger drivers engage in more risk-taking behavior such as drunk driving. Therefore, they pose a higher risk for insurers justifying the higher premiums. (NimbleFins, 2021; Statista, 2020)

Data on Insurance Claims

The value of insurance claims varies per industry and region. For instance, the value of homeowners insurance claims in the US due to lightning losses amounted to over $900 million. Meanwhile, life insurance had the highest value of claims and benefits paid per capita in Europe. An emerging industry is cyber insurance claims. Companies from the healthcare sector primarily use cyber insurance to protect themselves from the huge costs of data breaches.

• 55% of Americans who have home insurance say that their insurer will pay the replacement costs if they make a claim. Meanwhile, 25% said that they will be paid the actual cash value. On the other hand, 20% said they will be paid the market value. (Insurance Information Institute, 2020)
• In 2019, there were 76,860 claims made in the US for homeowners insurance claims paid due to lightning losses. The value of the claims reached $920.1 million. (Insurance Information Institute, 2020)
• In 2019, insurance providers in Europe paid €997 billion in total claims and benefits. Moreover, the European insurance industry paid €2.73 billion in claims and benefits per day. (Insurance Europe, 2021)
• On average, claims and benefits paid per capita in Europe were €1,046 for life insurance in 2019. Second to this is average claims for health insurance at €203. This is followed by motor insurance €176 and property insurance at €107. (Insurance Europe, 2021)
• About a quarter of cyber insurance claims filed from 2013 to 2019 came from the healthcare sector. In 2019, claims from the healthcare sector comprised 22.7% of claims from all industries. (Willis Towers Watson, 2020)
• The average claim settlement for cyber insurance was $4.88 million in 2019. (Willis Towers Watson, 2020

Life Insurance Statistics

Life insurance statistics show that nearly a quarter of the US population doesn’t own a life insurance policy despite recognizing its necessity. Moreover, ownership of life insurance has dropped in the past 10 years. However, there has been an increase in the intent to buy one in the foreseeable future. Among US consumers who have life insurance, more people have individual life insurance versus group life insurance. One way for insurers to get consumers to purchase life insurance is to provide simplified underwriting.

Attitudes Towards Life Insurance

• 41 million Americans or 16% of US consumers said that they need life insurance but do not own a life insurance policy. (LIMRA Research, 2020)
• Over the past 10 years, ownership of life insurance in the US has dropped by 9 percentage points to 54%. However, 36% of Americans said that they are looking into purchasing life insurance coverage in the next 12 months following July 2020. (LIMRA Research, 2020)
• In a survey, 35% of Americans said that they think that they cannot afford life insurance. On the other hand, 52% of Americans who don’t have life insurance think that it’s too expensive. Other reasons cited were that they don’t need it (17%), not knowing what policy to get (15%), and not knowing how much coverage to get (12%). (SWNS Digital, 2019)
• In 2020, 55% of US consumers said they have individual life insurance. On the other hand, 27% said that they have group life insurance. Meanwhile, 18% said that they have both individual and group life insurance. (LIMRA Research, 2020)
• 41% of US consumers said that they prefer buying life insurance policies online. (LIMRA Research, 2020)
• In 2019, direct premiums written for life insurance amounted to $160,761,616,161. (National Association of Insurance Commissioners, 2020)

Life Insurance Industry Statistics

• There were a total of $19,834,056 in life insurance policies in force in the US during 2019. This represents a 2.2% increase since 2018. (American Council of Life Insurers, 2020)
• Individual life insurance policies had the biggest worth in terms of life insurance policies in force. They were worth $12,388,298 in 2019. It is followed by group life insurance ($7,358,413) and credit life insurance ($87,346). (American Council of Life Insurers, 2020)
• The total reported premiums for life insurance reached $829,775,010,661 in 2019. This figure includes premiums for including annuity considerations, deposit-type contract funds, other considerations, and accident and health insurance, (National Association of Insurance Commissioners, 2020)
• USAA is the leading provider of life insurance in terms of Net Promoter Score. In 2020, USAA achieved an NPS of 63 in a survey of 23 consumer sectors in the US. (NICE Satmetrix, 2020)

Health Insurance Statistics

A small percentage of American adults do not have health insurance. These uninsured Americans are mostly of Hispanic ethnicity and live in non-Medicaid expansion states. Among Americans with health insurance, more people had private health insurance than public coverage. Preferred provider organization (PPO) plans were also more popular among those who have healthcare coverage compared to other plan types.

Health Insurance Coverage Statistics

• There were 26.1 million people or 8% of the Americans that did not have health insurance at any point in 2019. (United States Census Bureau, 2020)
• Of the persons in the US who did not have health insurance, 14.7% were adults aged 18 to 64. These US adults who were uninsured were mostly Hispanic. They comprised 29.7% of the ethnicities surveyed. In addition, 21.2% of people who were uninsured lived in non-Medicaid expansion states. (U.S. Department of Health and Human Services, 2020)
• Private health insurance comprised 68% of coverage in the US. Meanwhile, 34.1% of Americans availed themselves of insurance coverage from public providers. (United States Census Bureau, 2020)
• 55.4% of the US population had employer-provided health insurance. (United States Census Bureau, 2020)
• The most popular type of health plan among covered workers in the US is a preferred provider organization (PPO) plan. PPO plans accounted for 47% of health plan enrollments in 2020. This is followed by high-deductible plans with a savings option (31%), health maintenance organization (HMO) plans (13%), point-of-service plans (8%), and conventional plans (1%). (Kaiser Family Foundation, 2020)

Health Insurance Industry Statistics

• Metlife Inc. is the leading health insurance provider in the US. based on direct premiums written in 2019. The company had $95,079,321 in direct premiums written. It was able to capture 13% of the market share. It is followed by Prudential Financial Inc. with $56,206,131 in direct premiums written. In the third spot is AXA Equitable Holdings Co with $44,721,302 in direct premiums written. (The U.S. Department of the Treasury, 2020)
• On average, annual deductibles for employer-sponsored healthcare insurance in the US amounted to $1,644. (Kaiser Family Foundation, 2020)

Car Insurance Statistics

Car insurance statistics show that the State Farm Group is the market leader when it comes to direct premiums written. However, in terms of customer satisfaction, the industry leader is USAA. USAA achieved the second-highest Net Promoter Score (NPS) in a survey of 23 consumer segments. When it comes to buying car insurance, providers should note that more consumers do comparison shopping than those who don’t. They usually do this when they’re at the point of renewing their policy. This is one of the strategies consumers can use to pay less for car insurance.

• The top insurer for private passenger auto insurance based on direct premiums written in the US and Canada is State Farm Group ($40,878,781,217). It is followed by Berkshire Hathaway Group ($34,892,003,836), and Progressive Group ($31,025,771,905). (National Association of Insurance Commissioners, 2020)
• According to a survey, the auto insurance industry has an average Net Promoter Score of 43. On the other hand, home and contents insurance had an NPS of 43. Meanwhile, life insurance had an NPS of 32, and health insurance had an NPS of 19. (NICE Satmetrix, 2020)
• The United Services Automobile Association (USAA) is the industry leader in NPS for the auto industry. USAA garnered an NPS of 73 in 2020. USAA’s score is the second-highest among industry leaders across all 23 consumer sectors in the US. (NICE Satmetrix, 2020)
• Three out of five or 61% of auto insurance customers compared prices at their last renewal. In contrast, 39% said that they did not compare prices. (Insurance Information Institute, 2020)

Home Insurance Statistics

It cannot be denied that natural disasters are happening more frequently. As a result, more homeowners in the US are securing their property with earthquake insurance and flood insurance. In the same vein as car statistics data, State Farm emerged on top in terms of premiums paid. On the other hand, USAA again emerged as the leading insurer in terms of customer satisfaction.

Home Insurance Coverage Statistics

• In 2020, 27% of homeowners in the US said that they had flood insurance. This percentage is the highest level recorded by the Insurance Information Institute since 2007. This indicates that about a quarter of all homeowners think that floods can damage their homes. (Insurance Information Institute, 2020)
• 23% of homeowners in the US had earthquake insurance in 2020. The highest percentage was recorded in the West at 28%. This is followed by the South at 25%, the Northeast at 21%, and the Midwest at 16%. (Insurance Information Institute, 2020)
• In 2020, 57% of Americans said that they have renters’ insurance. In contrast, only 42% said they have renters insurance in 2019. The number of people in the US who have renters insurance has been steadily increasing since 2012. (Insurance Information Institute, 2020)

Home Insurance Industry Statistics

• The State Farm Group is the top insurer of homeowners’ multiple peril insurance based on countrywide premiums paid in the US and Canada. As of March 2020, they had $18,698,346,990 worth in direct premiums written. The Allstate Insurance Group came in second with $8,723,237,606 direct premiums written and United Services Automobile Association came in third with $6,835,803,795 direct premiums written. (National Association of Insurance Commissioners, 2020)
• USAA is the leading insurer in the home and contents insurance industry space in 2020. USAA garnered an NPS of 72, the third-highest across all 23 consumer sectors in the U.S. (NICE Satmetrix, 2020)

Business Insurance Statistics

Business insurance can provide coverage to organizations for lost income, property damage, lawsuits, and other covered risks. There are many types of business insurance, including professional liability insurance, workers’ compensation insurance, and data breach insurance, to name a few. In the US, Berkshire Hathaway was the leading insurer when it comes to professional liability insurance. Meanwhile, the Travelers Group topped other insurers based on direct premiums written. Moreover, the demand for cyber-liability insurance is likely to grow. However, the challenge is that it is a niche market with largely underinsured risks.

Business Insurance Coverage Statistics

• In 2019, 3,282 deals bound by global firms had representations and warranties insurance. On the other hand, 214 had tax insurance while 35 had litigation or contingent insurance. (AON, 2020)
• 70% of companies expect increased usage of representations and warranties insurance. In addition, 63% expect litigation and contingent policy uptake to increase. (AON, 2020)
• North America posted the strongest growth in the mergers and acquisitions insurance (M&A) market, seeing a 78% increase in policies underwritten by insurance firms. Meanwhile, EMEA and the Asia Pacific are tied at second place with an 11% increase in insurance policies in 2019. (AON, 2020)

Business Insurance Industry Statistics

• The Berkshire Hathaway Group is the top insurer of medical professional liability insurance. This ranking is based on direct premiums written in the US and Canada. As of March 2020, Berkshire Hathaway had $1,660,141,574 in direct premiums written. Coming in second place is Doctors Co. Group with $715,890,147 in direct premiums written. In third place is CNA Insurance Group with $559,454,880 in direct premiums written. (National Association of Insurance Commissioners, 2020)
• The top provider of workers’ compensation insurance is The Travelers Group. This ranking is based on direct premiums written in the US and Canada. The Travelers Group had $4,211,528,800 in direct premiums written. They are followed by Hartford Fire and Gas Group ($3,365,297,798) and Zurich Insurance Group ($2,640,320,129). (National Association of Insurance Commissioners, 2020)
• Companies buying cyber-liability insurance have increased their limits in the past two to three years. Experts predict that global volume for cyber premiums will continue to grow steadily. By 2025, cyber insurance volume is expected to reach $15 to $20 billion. However, cyber liability insurance is a niche market, with risks that are largely underinsured. (McKinsey & Co., 2020)

Insurance Industry During COVID-19 Pandemic

Like all industries, the insurance industry was severely impacted by the COVID-19 pandemic. The pandemic put a damper on decades-long growth. In addition, it caused a double-digit decrease in insurance deal value and volume at the start of 2020 alone. Despite this, the industry has found ways to give back to others also affected by the pandemic. For instance, an insurance consortium has donated millions to charities in response to the pandemic. Meanwhile, auto insurers gave policyholders a return on their premiums due to lessened driving. If there is anything positive that has come out of the health crisis, it is that people have come to realize the importance of getting an insurance policy.

Impact of the Pandemic on Consumers and the Insurance Industry

• The COVID-19 pandemic took a toll on the decades-long growth in merger and acquisition insurance. For instance, in the first quarter of 2020 alone, deal value and volume dropped by around 30%. (AON, 2020)
• Global premiums income shrank by 3.8% in 2020 due to the pandemic. In addition, property and casualty premiums went down by 2.9%. In a similar vein, life insurance premiums were down by 4.4%. (Allianz, 2020)
• According to the National Association of Insurance Commissioners, 83% of all business interruption policies have virus exclusions. Moreover, 98% of such policies include a property damage requirement. But the question that remains is whether or not the virus itself can be equated to physical damage to property. This will likely be thrashed out in a lawsuit against the insurers and decided on a case-per-case basis. (The U.S. Department of the Treasury, 2020)
• Two out of five people in the US who were furloughed due to the pandemic had health coverage through the affected job. Consequently, one out of five people said that they or their spouse or partner are now uninsured as a result of losing the job with health coverage. (The Commonwealth Fund, 2020)

The Brighter Side of the Pandemic

• The Insurance Industry Charitable Foundation donated $280 million to charitable institutions in response to the pandemic. In addition, international insurers and their foundations have donated over $150 million. (Insurance Information Institute, 2020)
• Auto insurers returned more than $14 billion to customers in the US. This is in response to reduced driving during the COVID-19 pandemic. (Insurance Information Institute, 2020)
• Insurers in the US gave policyholders of auto insurance a partial refund or credit for driving less during the COVID-19 pandemic. Three out of five or 60% of auto insurance customers in the US said they received a partial refund or a credit on their next insurance bill from auto insurers. (Insurance Information Institute, 2020)
• The pandemic has caused consumers to become more open about getting insurance. In a survey, 15% of respondents said that they are now more open to getting life insurance. Moreover, other insurance types considered were supplemental health insurance (10%), disability insurance (9%), and critical illness coverage (9%). (PricewaterhouseCoopers, 2020)
• Experts predict that this 2021, total insurance premium volumes will return to pre-pandemic levels. For instance, premiums are expected to grow by 3% for both life and non-life insurance. In emerging markets, growth is expected at 7%. (Swiss Re Institute, 2020)

How can technology improve customer experience in insurance?

In an increasingly digital world, technology has become essential in reshaping customer experience in the insurance industry. Enhanced tools and platforms not only streamline operations but also offer policyholders more personalized and convenient services. Here are some key ways technology is transforming customer experience in insurance:

• AI-Driven Personalization: Artificial intelligence enables insurers to analyze customer data, preferences, and behavior to offer personalized policy recommendations. This helps clients find the most suitable plans, enhancing satisfaction and retention.
• Automated Claims Processing: Automated claims processing shortens response times and minimizes human error. Technologies like optical character recognition (OCR) and natural language processing (NLP) allow insurers to analyze documents quickly, accelerating claims approval and payout processes.
• Telematics and IoT for Usage-Based Insurance: IoT devices, such as car telematics, allow for usage-based insurance models, where premiums reflect individual driving behavior. This creates transparency in pricing and allows safe drivers to benefit from lower premiums.
• Virtual Assistance and Chatbots: AI-driven virtual assistants can handle routine queries, provide quotes, and guide customers through processes, offering support 24/7. Chatbots can answer common questions, leaving human agents to focus on complex customer needs.
• Mobile Apps for Self-Service: Insurers offering mobile apps enable clients to manage their policies, file claims, and track claim statuses independently. Self-service options give customers greater control and reduce wait times, enhancing their overall experience.
• Blockchain for Transparency: Blockchain technology can create transparent and immutable records of transactions, especially valuable for verifying claim histories. This transparency fosters trust between insurers and policyholders.

The Current and Future State of the Insurance Industry

As the insurance statistics above indicate, the insurance industry is a growing sector that has exhibited strong growth in the past decade or so. However, such growth has been hampered by the economic devastation brought about by the COVID-19 pandemic. The pandemic has also made people realize the value of an insurance policy.

But it’s not all gloom and doom for the industry, as it is expected to bounce back this 2021 to single-digit growth. With this, it can be reasonably expected that more people and businesses will seek to protect themselves with insurance, having learned of its importance during the pandemic.

Key Insights

• Industry Growth and Market Leaders:
  • The insurance market has seen substantial growth since 2009, with companies like Prudential Financial and State Farm leading the market in terms of assets and premiums.
  • Ategrity Specialty Insurance Co. and Texas Republic Life Insurance Co. are among the fastest-growing insurers in their respective segments.
• Insurance Premiums and Coverage Costs:
  • In 2019, property and casualty insurance premiums in the US amounted to $637.7 billion, while life and annuity premiums reached $678.7 billion.
  • Average annual premiums for employer-sponsored health insurance in 2020 were $7,470 for single coverage and $21,342 for family coverage.
• Insurance Claims and Benefits:
  • In 2019, life insurance had the highest value of claims and benefits paid per capita in Europe, with an average of €1,046.
  • Cyber insurance claims have become significant, with healthcare sector claims constituting about 22.7% of the total in 2019.
• Consumer Attitudes and Preferences:
  • Despite recognizing the need for life insurance, 41 million Americans do not own a policy, with cost being a major deterrent.
  • The COVID-19 pandemic has increased consumer openness to various types of insurance, including life, supplemental health, and disability insurance.
• Impact of COVID-19 on the Insurance Industry:
  • The pandemic caused a significant decline in global premiums income, with life insurance premiums down by 4.4% and property and casualty premiums by 2.9% in 2020.
  • Insurers responded by donating millions to charities and providing refunds or credits to auto insurance policyholders due to reduced driving.

FAQ

1. What are the primary types of insurance covered in the article? The article covers general insurance, life insurance, health insurance, car insurance, home insurance, and business insurance.
2. Which insurance companies are considered market leaders in the industry? Prudential Financial, Berkshire Hathaway, Metlife, and American International Group are some of the largest insurance companies in terms of assets. State Farm Group and Berkshire Hathaway Group are leaders based on direct premiums written.
3. How has the COVID-19 pandemic affected the insurance industry? The pandemic resulted in a significant drop in premiums income and deal value. However, it also led to increased consumer interest in insurance and charitable contributions from the industry.
4. What are the common reasons Americans cite for not having life insurance? Many Americans believe life insurance is too expensive, and others cite reasons such as not needing it, not knowing what policy to get, and not knowing how much coverage to get.
5. What is the average cost of employer-sponsored health insurance in the US? In 2020, the average annual premium for single coverage was $7,470, while family coverage averaged $21,342.
6. How do insurance claims vary by industry and region? In the US, homeowners insurance claims due to lightning losses reached $920.1 million in 2019. In Europe, life insurance claims had the highest value per capita, with an average of €1,046.
7. What impact has AI had on the insurance industry? In 2019, AI was responsible for underwriting premiums worth $1.3 billion, with this figure projected to exceed $20 billion by 2024.

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By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."