Insurance & Risk Management OVERVIEW
According to a survey conducted by a leading global insurance firm, Swiss Re, worldwide insurance premiums totaled $6.29 trillion in 2019 (the latest data available).
This was equal to about 7.2% of global GDP.
Global life insurance premiums were $2.92 trillion during 2019, while all other types of insurance totaled $3.37 trillion. In America alone, the insurance business employed about 2.82 million people in July 2020.
Gross life and accident & health insurance premiums in the U.S.
totaled $898.5 billion during 2018 (up from $848.1 billion in 2017; this is the latest year available), per the National Association of Insurance Commissioners (NAIC), while property and casualty premiums totaled $676.6 billion (up substantially from $641.1 billion the previous year.) A large number of companies underwrite insurance in America, but the industry is dominated by a handful of major players.
Health insurance premiums paid in the U.S.
during 2018 totaled $714.7 billion (up from $667.5 billion the previous year), according to the NAIC. Premiums on a per capita basis remain very low in much of the world, pointing to excellent long-term opportunity for expansion of sales of insurance products of all types, including annuities.
It would be hard to overstate the importance of developing nations, such as China, India, Brazil and Indonesia, to the future growth of the insurance industry.
Much of the world is still clearly a fertile field for expansion of
Industry Overview Video
WE PROFILE HUNDREDS OF TOP COMPANIES:
- Chubb Limited
- Conviva Care Centers
- National Security Group Inc (The)
- CVS Health (Aetna Health Care Benefits)
- Affiliated Managers Group Inc
- AFLAC Incorporated
- American General Life Insurance Company
- Alfa Mutual Insurance Corporation
- Alleghany Corporation
- AllianceBernstein Holding LP