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 $6.28 trillion in 2020 (the latest data available).  In America alone, the insurance business employed about 2.85 million people as of July 2021.  Gross life and accident & health insurance premiums in the U.S. totaled $1034.2 billion during 2020 (up from $968.3 billion in 2019; 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…

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