United States (US) General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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United States (US) General Insurance Market Report Overview

The gross written premium of the United States (US) general insurance market was $2 trillion in 2022 and is expected to achieve a CAGR of more than 8% during 2023-2027, supported by improved market capacity that is expected to result in a moderate price increase and anticipated recovery in inflation. The US general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the US general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.

US General Insurance Market Outlook, 2022-2027 (USD Trillion)

US General Insurance Market Outlook, 2022-2027 (USD Trillion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of The US’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) $2 trillion
CAGR (2023-2027) >8%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Property

·       Motor

·       Liability

·       Financial Lines

·       MAT

·       Non-Life PA&H

·       Miscellaneous

Key Distribution Channels ·       Agencies

·       Direct Marketing

·       Others

Leading Companies ·       United Health

·       Elevance Health

·       Centene

·       Humana

·       State Farm

·       Berkshire Hathaway

·       The Progressive

·       HCSC

·       Liberty Mutual

·       CVS Health

·       Others

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US General Insurance Market Trends

Inclusive insurance, gig insurance, embedded insurance, and parametric insurance are some of the key market trends impacting the US general insurance market.

Inclusive Insurance: Insurers are taking initiatives to make insurance accessible to people of color and the LGBTQ+ community.  To ensure greater representation of underserved communities, insurers are engaged in active promotion of insurance products. For instance, in May 2023, Progressive pledged to provide $25,000 for 10 Black-owned small businesses, to help them purchase commercial vehicles.

Insurers are also focusing on diverse hiring, which allows them to better understand the requirements of the under-represented communities. For example, MassMutual aims to increase racial and gender diversity when hiring, as well as increasing representation from disabled, LGBTQ+, and veteran populations.

Parametric Insurance: Parametric insurance can be used to cover the gap when insurers do not have the capacity to cover catastrophic risk. It limits the insurer’s susceptibility to losses while providing policyholders with protection from bearing the complete loss. In April 2023, European insurtech Blink Parametric expanded its parametric insurance solution to the US market through a partnership with MGA Awaycare. With insurers’ growing disinclination to cover catastrophic risk, the need for parametric insurance is expected to substantially increase in the coming years.

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US General Insurance Market Segmentation by Line of Business

The key lines of business in the US general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. In 2022, PA&H insurance had the highest market share in the US general insurance market, followed by motor insurance, and property insurance.

US General Insurance Market Analysis by Lines of Business, 2022 (%)

US General Insurance Market Analysis by Lines of Business, 2022 (%)

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US General Insurance Market Segmentation by Distribution Channel

The key distribution channels in the US general insurance market are agencies, direct marketing, and other distribution channels. In 2022, direct marketing was the largest distribution channel in the US general insurance market. Insurance companies are progressively distributing their products through direct marketing channels, enabling customers to buy policies online, through mobile apps, or on other digital platforms. As a result, insurers can reach a larger population while spending less on distribution. This will result in the distribution channel retaining its market dominance during the projected period.

US General Insurance Market Analysis by Distribution Channel, 2022 (%)

US General Insurance Market Analysis by Distribution Channel, 2022 (%)

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US General Insurance Market - Competitive Landscape

Some of the leading general insurance companies in the US are United Health, Elevance Health, Centene, Humana, State Farm, Berkshire Hathaway, The Progressive, HCSC, Liberty Mutual, and CVS Health among others. United Health was the leading general insurer in 2022.

US General Insurance Market Analysis, by Companies, 2022 (%)

US General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

US General Insurance Market Lines of Business Outlook (Value, USD Billion, 2018-2027)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • PA&H
  • Miscellaneous

US General Insurance Distribution Channel Outlook (Value, USD Billion, 2018-2027)

  • Direct Marketing
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in the US.
  • Historical values for the US general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in the US and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the US general insurance segment.
  • A comprehensive overview of the US economy, government initiatives, and investment opportunities.
  • The US insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The US general insurance industry’s market structure gives details of lines of business.
  • The US general reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the US general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the US general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the US general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

UnitedHealth
Elevance Health
Centene Corporation
Humana Group
State Farm
Berkshire Hathaway
The Progressive
HCSC

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Company Profiles

Reinsurance

Appendix

Frequently asked questions

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