Life Insurance in the US, Key Trends and Opportunities to 2020

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Published: April 30, 2017 Report Code: GD-IS1455MR-ST

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GlobalData’s 'Life Insurance in the US, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the US life insurance segment, and a comparison of the US insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the US economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

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 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the US life insurance segment, and market forecasts to 2020.

• It provides a comparison of the US life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in the US.

• It profiles the top life insurance companies in the US and outlines the key regulations affecting them.

Key Highlights

• The life segment accounted for 34.6% of the industry's gross written premium in 2015.

• Individual life insurance remained the largest category during the review period, accounting for 60.3% of the life gross written premium in 2015.

• The US life segment is highly competitive and fragmented, with the 10 leading insurers accounting for 47.7% of gross written premium in 2015.

• Bancassurance and brokers registered respective review-period CAGRs of 1.3% and 1.1% .

• Life insurance penetration stood at 3.4% in 2015.

Reasons to Buy

• 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 in the US life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the US insurance industry, and their impact on companies and the industry's future.

Metropolitan Group
Prudential of America Group
United Health Group
NewYork Life Group
Jackson National Life Insurance Company
Aegon US Holding Group
Aetna Group
American International Group
Principal Financial Group
Lincoln National Group

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Bancassurance

6.1.4 Direct Marketing

6.1.5 E-commerce

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Metropolitan Group – company overview

7.1.2 Prudential of America Group – company overview

7.1.3 New York Life Insurance Company – company overview

7.1.4 Jackson National Life Insurance Company – company overview

7.1.5 Aegon US Holding Group – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Health insurance

8.4.3 Social insurance system

8.4.4 Aviation third-party liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 National Association of Insurance Commissioners

8.5.3 Federal Insurance Office

8.5.4 American Insurance Association

8.5.5 National Association of Mutual Insurance Companies

8.5.6 Property Casualty Insurers of America

8.5.7 Reinsurance Association of America

8.5.8 American Council of Life Insurers

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure 167

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing

9.5 Insurance Brokers and Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Group Life Insurance

9.1 Group Life Insurance by Product

9.11 Individual Life – Single vs Non-Single Premium

9.12 Group Life – Single vs Non-Single Premium

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: US Life Insurance – Key Facts, 2015

Table 2: US Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: US Government Credit Ratings

Table 4: US Life Insurance – Gross Written Premium (US$ Billion), 2011–2015

Table 5: US Life Insurance – Penetration (%), 2011–2015

Table 6: US Life Insurance – Gross Written Premium (US$ Billion), 2015–2020

Table 7: US Life Insurance – Penetration (%), 2015–2020

Table 8: US Life Insurance – New Business Direct Written Premium (US$ Billion), 2011–2015

Table 9: US Life Insurance – New Business Direct Written Premium (US$ Billion), 2015–2020

Table 10: US Life Insurance – Premium per Capita (US$), 2011–2015

Table 11: US Life Insurance – Premium per Capita (US$), 2015–2020

Table 12: US Life Insurance – Paid Claims (US$ Billion), 2011–2015

Table 13: US Life Insurance – Paid Claims (US$ Billion), 2015–2020

Table 14: US Life Insurance – Total Assets (US$ Trillion), 2011–2015

Table 15: US Life Insurance – Total Assets (US$ Trillion), 2015–2020

Table 16: US Life Insurance – Total Investment Income (US$ Billion), 2011–2015

Table 17: US Life Insurance – Total Investment Income (US$ Billion), 2015–2020

Table 18: US Life Insurance – Investment Portfolio (US$ Billion), 2011–2015

Table 19: US Life Insurance – Investment Portfolio (US$ Billion), 2015–2020

Table 20: US Life Insurance – Direct Written Premium by Sub-Segment (US$ Billion), 2011–2015

Table 21: US Life Insurance – Direct Written Premium by Sub-Segment (US$ Billion), 2015–2020

Table 22: US Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2011–2015

Table 23: US Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2015–2020

Table 24: US Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2011–2015

Table 25: US Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2015–2020

Table 26: US Life Insurance – New Business Direct Written Premium by Distribution Channel (US$ Billion), 2011–2015

Table 27: US Life Insurance – New Business Direct Written Premium by Distribution Channel (US$ Billion), 2015–2020

Table 28: US Life Insurance – Percentage of New Business Direct Written Premium, by Distribution Channel, 2011–2020

Table 29: US Life Segment – Market Shares of Leading Insurers (%), 2015

Table 30: Metropolitan Group – Key Facts

Table 31: Metropolitan Group – Key Financials (US$ Billion), 2011–2015

Table 32: Prudential of America Group – Key Facts

Table 33: Prudential of America Group – Key Financials (US$ Billion), 2011–2015

Table 34: New York Life Insurance Company – Key Facts

Table 35: New York Life Insurance Company – Key Financials (US$ Billion), 2011–2015

Table 36: Jackson National Life Insurance Company – Key Facts

Table 37: Jackson National Life Insurance Company – Key Financials (US$ Billion), 2011–2015

Table 38: Aegon US Holding Group – Key Facts

Table 39: Aegon US Holding Group – Key Financials (US$ Billion), 2011–2015

Table 40: The US – Insurance Regulatory Framework Key Features

Table 41: The US – Life Insurance Regulatory Framework

Table 42: The US – Property Insurance Regulatory Framework

Table 43: The US – The US TRIP Highlights

Table 44: The US – Motor Insurance Regulatory Framework

Table 45: The US – Liability Insurance Regulatory Framework

Table 46: The US – Maximum Cover for Motor Third-Party Liability Per Accident by State

Table 47: The US – California – Statutory Membership in Insurance Associations

Table 48: The US – California – Minimum Paid-up Share Capital Requirements for Non-life Insurers

Table 49: The US – California – Minimum Paid-up Share Capital Requirements for life Insurers

Table 50: The US – New York – Minimum Capital and Surplus Requirement

Table 51: The US – New York – Minimum Capital and Surplus Requirement

Table 52: The US – California – Authorization Fee for Insurers

Table 53: The US – California – License Fee for insurance intermediaries

Table 54: The US – Corporate Tax Rates for the Financial Year 2017

Table 55: US Life Insurance – Policies and Premium, 2011–2015

Table 56: US Life Insurance – Policies and Premium, 2015–2020

Table 57: US Life Insurance – Claims and Expenses, 2011–2015

Table 58: US Life Insurance – Claims and Expenses, 2015–2020

Table 59: US Life Insurance – Assets and Investments, 2011–2015

Table 60: US Life Insurance – Assets and Investments, 2015–2020

Table 61: US Life Insurance – Direct Marketing, 2011–2015

Table 62: US Life Insurance – Direct Marketing, 2015–2020

Table 63: US Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 64: US Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 65: US Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 66: US Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 67: US Life Insurance – Individual Life Insurance, 2011–2015

Table 68: US Life Insurance – Individual Life Insurance, 2015–2020

Table 69: US Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 70: US Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 71: US Life Insurance – Group Life Insurance, 2011–2015

Table 72: US Life Insurance – Group Life Insurance, 2015–2020

Table 73: US Life Insurance – Group Life Insurance by Product, 2011–2015

Table 74: US Life Insurance – Group Life Insurance by Product, 2015–2020

Table 75: US Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 76: US Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 77: US Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 78: US Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 79: Insurance Industry Definitions

Figures

Figure 1: US Real GDP (US$ Trillion), 2011–2020

Figure 2: US – Current Account Balance, 2011–2015

Figure 3: US – Consumer Price Inflation, 2011–2020

Figure 4: US Unemployment Rate, 2011–2020

Figure 5: US Population by Age Group, 1990–2025

Figure 6: US Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: US Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: US Life Insurance – Gross Written Premium (US$ Billion), 2011–2020

Figure 9: US Life Insurance – Penetration (%), 2011–2020

Figure 10: US Life Insurance – New Business Direct Written Premium (US$ Billion), 2011–2020

Figure 11: US Life Insurance – Premium per Capita (US$), 2011–2020

Figure 12: US Life Insurance – Paid Claims (US$ Billion), 2011–2020

Figure 13: US Life Insurance – Total Assets (US$ Billion), 2011–2020

Figure 14: US Life Insurance – Total Investment Income (US$ Billion), 2011–2020

Figure 15: US Life Insurance – Investment Portfolio (US$ Billion), 2011–2020

Figure 16: US Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 17: US Life Insurance – Direct Written Premium by Sub-Segment (US$ Billion), 2011–2020

Figure 18: US Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 19: US Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 20: US Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2011–2020

Figure 21: US Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 22: US Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 23: US Individual Life Insurance – Penetration (%), 2011–2015

Figure 24: US Individual Life Insurance – Penetration (%), 2015–2020

Figure 25: US Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2011–2020

Figure 26: US Group Life Insurance – Direct Written Premium Share by Category (US$ Billion), 2011–2020

Figure 27: US Group Life Insurance – Direct Written Premium Dynamics by Category (US$ Billion), 2011–2020

Figure 28: US Group Life Insurance – Penetration (%), 2011–2015

Figure 29: US Group Life Insurance – Penetration (%), 2015–2020

Figure 30: US Life Insurance – New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 31: US Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 32: The US – Insurance Supervision and Control at Various Levels

Figure 33: The US – Insurance Regulatory Frameworks for Company Registration and Operation

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