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Introduction to the Insurance Industry, Business and Industry Trends Analysis

Insurance and risk management make up an immense global industry. According to a survey conducted by a leading global insurance firm, Swiss Re, worldwide insurance premiums totaled $7.1 trillion in 2023 (the latest data available).

In America alone, the insurance business employed about 3.03 million people as of August 2024 according to the U.S. Bureau of Labor Statistics. Gross life and accident & health insurance premiums in the U.S. totaled $1,224.6 billion during 2023 (up from $1172.0 billion in 2022; this is the latest year available), per the National Association of Insurance Commissioners (NAIC). A large number of companies underwrite insurance in America, but the industry is dominated by a handful of major players.

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