| Year | Property/casualty (1) | Life/annuity (2) | Total |
|---|
| 2014 | $502,578,473 | $644,479,853 | $1,147,058,326 | | 2015 | 520,047,073 | 635,549,216 | 1,155,596,289 | | 2016 | 533,744,458 | 597,634,158 | 1,131,378,616 | | 2017 | 558,157,401 | 594,906,580 | 1,153,063,981 | | 2018 | 617,931,313 | 599,149,141 | 1,217,080,454 | | 2019 | 639,336,652 | 684,834,322 | 1,324,170,974 | | 2020 | 655,589,295 | 629,241,674 | 1,284,830,969 | | 2021 | 715,937,546 | 641,025,386 | 1,356,962,932 | | 2022 | 776,693,264 | 709,057,636 | 1,485,750,900 | | 2023 | 857,326,020 | 683,536,790 | 1,540,862,810 | | Percent change | | | | | 2014-2023 | 70.6% | 6.1% | 34.3% | | 2022-2023 | 10.4 | -3.6 | 3.7 |
|
(1) Net premiums written before reinsurance transactions, excludes state funds, includes accident and health insurance.
(2) Includes premiums, annuity considerations (fees for annuity contracts), deposit-type funds and accident and health insurance.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
FAQs
The insurance sector is sometime broken into three smaller sectors. The first focuses on property/casualty insurance such as auto, home, and commercial insurance. The second focuses on life and annuity insurance. The third is public and/or private health insurance.
What are the top 3 insurance industry in the US? ›
Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2023
| Rank | Group/company | Market share (2) |
|---|
| 1 | State Farm | 9.9% |
| 2 | Progressive | 6.6 |
| 3 | Berkshire Hathaway Inc. | 6.2 |
| 4 | Allstate Corp. | 5.3 |
6 more rowsMarket size
While estimates can vary, most sources put the figure at around 6.8 trillion U.S. dollars of insurance premiums written in 2022.
Why is the insurance industry struggling? ›
Today's insurers are exposed to multiple risks, from financial risks, such as shifting interest rates, changing costs and sources of capital, and increasing claims levels due to consecutive years of significant inflation, to an array of nonfinancial risks, including extreme climate events and generative AI (gen AI).
What are the 5 main sectors? ›
There are five main economic sectors.
- Primary Sector - raw materials.
- Secondary Sector - manufacturing.
- Tertiary Sector - services.
- Quaternary Sector - knowledge.
- Quinary Sector - an extension of the tertiary/quaternary sector.
An economic sector is a category within which a distinctive range of industry activity is conducted. There are four different sectors namely, the primary, secondary, tertiary, and quaternary sector.
Who is the #1 insurance company in the USA? ›
State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.
Who is the richest insurance company? ›
What Is the Wealthiest Insurance Company in the World? While United Health Group is the largest insurance company by revenue, it is dwarfed by Berkshire Hathaway in terms of net income and market cap.
What is the future of the insurance industry? ›
Looking ahead, new products, with more flexible features, and stronger digital experiences are necessary to enable the business model transformations many insurers want to enact. Stronger ecosystem business models will also become the primary platform for customer engagement in the future.
Is insurance a stable industry? ›
Nothing is guaranteed in life, but some professions have more stability than others. Insurance is widely considered an “evergreen career,” one which typically offers excellent job security.
The most important types of insurance are auto, home, renters, umbrella, health, long-term care, disability and life. Assessing your personal insurance needs and budget constraints with an insurance agent can help you determine which policies to buy and how much coverage you need.
What is the next big thing in insurance? ›
Embedded Insurance Gaining More Momentum
Insurance carriers will seek opportunities to find new and innovative areas to launch embedded insurance products. Hence, there will be a greater number of partnerships between product and insurance companies in the coming years to result in greater market penetration.
What is the biggest threat to the insurance industry? ›
As the insurance sector grapples with multifaceted challenges, identifying and understanding these risk factors is the first step in crafting a resilient strategy for the future.
- Compliance changes. ...
- Cybersecurity threats. ...
- Technology changes. ...
- Climate change & other environmental factors. ...
- Talent shortage. ...
- Financial risks.
Compensation, work-life balance and benefits are the most frequently cited reasons for leaving the insurance industry, according to a study by Vertafore.
What are the categories of the insurance industry? ›
Insurance Handbook
There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance.
What are the names of 4 industry sectors? ›
Industry Sectors
| Industry Sectors | Pathways |
|---|
| Marketing, Sales, and Services | Marketing Professional Sales Entrepreneurship/Self-Employment |
| Public Services | Public Safety Emergency Response Legal Practices |
| Transportation | Operations Structural Repair and Refinishing Systems Diagnostics and Service |
13 more rowsThe three main sectors of industry in which a company can operate are:
- primary.
- secondary.
- tertiary.
The finance and insurance sector is part of the financial activities supersector.
