Life Insurance in the the US, Key Trends and Opportunities to 2017

Life Insurance in the the US, Key Trends and Opportunities to 2017

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In terms of gross written premium, the life insurance segment was the largest in the US insurance industry during the review period (2008-2012), accounting for 35.7% of the total written premiums generated in 2012. The total written premium value of the segment increased at a CAGR of 0.1% during the review period. The increase was attributed to a recovery employment levels which heightened the demand for group life insurance . However, low investment returns represented a loss of earnings in product categories such as term life. According to the Federal Reserve, since 1930, life and annuity insurers have been the largest investors in the US capital market, and consequently are highly exposed to bond financing and real estate investments. As a result, the investment incomes of life insurers declined sharply in 2009 due to the collapse of the financial market and the subprime mortgage crisis. Volatility in the stock market reduced demand for annuity products.

Report Highlights
  • The US life insurance segment is the largest in the world, contributing more than 20% of the world's life insurance written premium in 2012
  • Favorable demographic factors such as an increase in life expectancy and low life insurance penetration, which stood at 4.07% in 2012 compared to the UK's 8.5%, is likely to increase demand for annuity products
  • US insurers have increased their focus on cost-saving distribution channels such e-commerce and mobile web
  • Agencies was the largest channel in the segment and accounted for 39.0% of the total new business written premiums in 2012
  • The US has one the largest and most advanced life insurance segments in the world. It is highly competitive and concentrated with the 10 leading companies accounting for of 64.4% of the segment's gross written premium
Report Scope

This report provides a comprehensive analysis of the life insurance segment in the US:
  • It provides historical values for the US life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key categories in the US life insurance segment, along with market forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for life insurance products in the US.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the US for the life insurance business.
  • It provides a detailed analysis of the reinsurance segment in the US and its growth prospects.
  • It profiles the top life insurance companies in the US and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the US life insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the US life insurance segment
  • Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the US insurance industry and its impact on companies and the market's future


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance Segment - Regional Benchmarking
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (as a percentage of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Bancassurance
4.4.3 Agencies
5 US Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
6.1.1 Individual life insurance
6.1.2 Individual general annuity insurance
6.1.3 Individual endowment insurance
6.1.4 Individual term life insurance
6.1.5 Other individual insurance
6.1.6 Group life insurance
6.1.7 Group superannuation insurance
6.2 Life Insurance Growth Prospects by Product Type
6.2.1 Individual single-premium policies
6.2.2 Individual non-single-premium policies
6.2.3 Group single-premium policies
6.2.4 Group non-single-premium policies
7 Analysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-Commerce
7.5 Brokers
7.6 Other Channels
8 Regulatory Policies
9 Porter's Five Forces Analysis - US Life Insurance
9.1 Bargaining Power of Supplier: Low to Medium
9.2 Bargaining Power of Buyer: Medium
9.3 Barriers to Entry: Medium
9.4 Intensity of Rivalry: High
9.5 Threat of Substitutes: Medium
10 Reinsurance Growth Dynamics and Challenges
10.1 Reinsurance Segment Size, 2008-2017
10.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in US Life Insurance Segment
11.3 Prudential Financial, Inc. - Company Overview
11.3.1 Prudential Financial, Inc. - key facts
11.3.2 Prudential Financial, Inc. - key financials
11.4 Metropolitan Life Insurance Company - Company Overview
11.4.1 Metropolitan Life Insurance Company - key facts
11.4.2 Metropolitan Life Insurance Company - key financials
11.5 Jackson National Life Group- Company Overview
11.5.1 Jackson National Life Group - key facts
11.6 Lincoln National Corporation - Company Overview
11.6.1 Lincoln National Corporation - key facts
11.7 American International Group, Inc. - Company Overview
11.7.1 American International Group, Inc. - key facts
11.7.2 American International Group, Inc. - key financials
11.8 New York Life Insurance Company - Company Overview
11.8.1 New York Life Insurance Company - key facts
11.8.2 New York Life Insurance Company - key financials
11.9 ING America Insurance Holdings, Inc.- Company Overview


Companies Mentioned:

Prudential Financial, Inc.
Metropolitan Life Insurance Company (MetLife)
Jackson National Life Group
Lincoln National Corporation
American International Group, Inc.
New York Life Insurance Company
ING America Insurance Holdings, Inc.
Axa Insurance Company
Sammons Enterprises, Inc.
American Family Life Assurance Company