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

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US Life Insurance Market Overview

The gross written premium of the US life insurance market was $1.4 trillion in 2022 and is expected to achieve a CAGR of more than 5% during 2023-2027. The following are some of the key highlights of the US life insurance market:

  • As of June 2023, 38 states and the District of Columbia (DC) had legalized the medical use of cannabis to varying degrees, while 19 states and DC had approved its recreational use.
  • The general annuity was the largest insurance line in 2022.
  • The agencies was the most preferred channel for purchasing life insurance policies in 2022.
  • The US life insurance sector was dominated by domestic insurers.

The research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for US’s life 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 Life Insurance Market Outlook, 2022-2027 ($ Trillion)

US Life Insurance Market Outlook, 2022-2027 ($ Trillion)

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The report analyses 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. It 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) $1.4 Trillion
CAGR (2023-2027) >5%
Forecast Period 2023-2027
Historical Period 2018-2022
Segments ·       By Lines of Business

·       By Distribution Channels

 

Leading Companies ·       MetLife

·       MassMutual

·       UnitedHealth

·       Prudential Financial

·       New York Life

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US Life Insurance Market Trends

Some of the key trends in the US life insurance market are a sharp increase in consumer prices, insurance for cannabis users, demand for personalized and embedded insurance, and ESG among others.

  • Life insurers’ acceptance of cannabis is increasing accordingly. While a few insurers still do not provide coverage for cannabis users, most offer it at an increased price. Insurers offering life insurance to cannabis users include Brighthouse, Lincoln, and Corebridge.
  • COVID-19 and inflation have accelerated the theme of personalized insurance, as one-size-fits-all policies become outdated. Younger consumers are more open to sharing data for rewards, making personalized policies essential.
Lines of Business Distribution Channels
·       Whole Life

·       General Annuity

·       Universal Life

·       Term Life

·       Other Life Insurance

·       Agencies

·       Direct marketing

·       Others

US Life Insurance Market Segmentation by Lines of Business

The key lines of business in the US life insurance market are general annuity, whole life, universal life, term life, and other life insurance. Fixed annuities are a desirable option to secure assets and produce protected growth. Furthermore, they establish guaranteed income for retirement due to ongoing equity market volatility, advantageous interest rates, investor concerns about the banking sector, and a probable economic slowdown.

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

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

Many insurers in the life sector are focusing on annuity underwriting, which accounted for a significant share of life GWP in 2022.

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US Life Insurance Market Segmentation by Distribution Channel

The key distribution channels in the US life insurance market are agencies, direct marketing, and others. The position of agents is unthreatened. Currently, there is a growing focus on ESG. Hence, agents supporting environmental projects and partnering with insurers with similar values may have a competitive advantage over other agents. This is especially true while working with eco-conscious clients. This will further strengthen their position in the market.

US Life Insurance Market Analysis by Distribution Channels, 2022 (%)

US Life Insurance Market Analysis by Distribution Channels, 2022 (%)

Many insurers are focusing investments in digitization on this channel, creating digital tools supporting the work of agents with clients.

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US Life Insurance Market - Competitive Landscape

A few of the leading life insurance companies in the US are MetLife, MassMutual, UnitedHealth, Prudential Financial, and New York Life among others. MetLife was the largest insurer in 2022.

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

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

The sector was fragmented, with the top five companies accounting for more than 24% of the total market share in 2022.

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US Life Insurance Market – Latest Developments

  • Curative Health Holdings and American Country Insurance Company Deal: On June 15, 2023, Curative Health Holdings acquired American Country Insurance Company (ACIC) as part of a plan to expand its insurance offering to more markets across the country.

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 2018–22 review period, and projected figures for the 2023–27 forecast period.
  • It profiles the top life insurance companies in the US and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the US life 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 life insurance segment’s market structure gives details of lines of business.
  • The US life reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the US life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the US life insurance segment.
  • 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.

To know about our Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at GlobalData.

MetLife
MassMutual
UnitedHealth
Prudential Financial
New York Life
CVS Health
Apollo Global
Lincoln National

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

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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