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Published: Mar, 2016 | Pages:
149 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric’s 'Life Insurance in the US, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the US life insurance segment. 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 (2010–2014) and forecast period (2014–2019). 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 Timetric’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. Summary Timetric’s 'Life Insurance in the US Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the US life insurance segment, including: • The US life insurance segment’s growth prospects by life insurance category • Key trends, drivers and challenges for the life insurance segment • A comprehensive overview of the US economy and demographics • The various distribution channels in the US life insurance segment • Details of the competitive landscape in the life insurance segment in the US • Details of regulatory policy applicable to the US insurance industry 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 2010–2014 review period, and projected figures for the 2014–2019 forecast period. • It offers a detailed analysis of the key categories in the US life insurance segment, and market forecasts to 2019. • 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. 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. Key HighLights • In terms of gross written premium, the US has the world’s largest life segment; it accounted for 26.8% of the global gross written premium generated from life insurance in 2014. • The segment’s growth can be attributed to economic recovery, a decline in unemployment, rising disposable incomes, and a growing aging population. • During 2014–2015, job creation increased due to economic stability and the unemployment rate falling from 9.3% in 2009 to 5.6% in 2014. • Life insurers offer customized investment and savings plans for the 15–64 year-old working-age population. • The US life segment is one of most mature and highly competitive in the world. • The life segment’s distribution was largely dominated by agents during the review period.
Table Of Content 1 Key Facts and Highlights 2 Executive Summary 3 Introduction 3.1 What is this Report About? 3.2 Definitions 3.3 Methodology 4 Economy and Demographics 5 Life Insurance Outlook 5.1 Key Drivers 5.2 Key Trends 5.3 Challenges 5.4 Life Insurance Growth Prospects by Category 5.5 Individual Life Insurance 5.5.1 Individual whole life insurance 5.5.2 Individual general annuity insurance 5.5.3 Individual endowment insurance 5.5.4 Individual term life insurance 5.6 Group Life Insurance 5.6.1 Group whole life insurance 5.6.2 Group superannuation insurance 5.7 Life Insurance Growth Prospects by Product Type 5.7.1 Individual single-premium insurance 5.7.2 Individual non-single-premium insurance 5.7.3 Group single-premium insurance 5.7.4 Group non-single-premium insurance 5.7.5 Total non-linked insurance business 6 Analysis by Distribution Channel 6.1 Direct Marketing 6.2 Bancassurance 6.3 Agencies 6.4 Brokers 6.5 Other Channels 7 Competitive Landscape and Strategic Insights 7.1 Overview 7.2 Leading Companies in the US Life Segment 7.2.1 Metropolitan Life Insurance Company – company overview 7.2.2 Prudential Financial Inc. – company overview 7.2.3 New York Life Insurance Company – company overview 7.2.4 Jackson National Life Insurance Company – company overview 7.2.5 Aegon US Holding Corporation – company overview 7.2.6 Lincoln National Corporation – company overview 7.2.7 American International Group, Inc. – company overview 7.2.8 Principal Financial Group Inc – company overview 7.2.9 Manulife Financial Inc. – company overview 7.2.10 Massachusetts Mutual Life Insurance Co – company overview 8 Governance, Risk and Compliance 9 Appendix 9.1 Contact Timetric 9.2 About Timetric 9.3 Timetric’s Services 9.4 Disclaimer
List Of Tables Table 1: The US Life Insurance – Key Facts, 2014 Table 2: Insurance Industry Definitions Table 3: US Government Credit Ratings Table 4: The US Life Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014 Table 5: The US Life Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019 Table 6: The US Life Insurance – New Business Direct Written Premium (US$ Billion), 2010–2014 Table 7: The US Life Insurance – New Business Direct Written Premium (US$ Billion), 2014–2019 Table 8: The US Life Insurance – Net Earned Premium (US$ Billion), 2010–2014 Table 9: The US Life Insurance – Net Earned Premium (US$ Billion), 2014–2019 Table 10: The US Life Insurance – Paid Claims (US$ Billion), 2010–2014 Table 11: The US Life Insurance – Paid Claims (US$ Billion), 2014–2019 Table 12: The US Life Insurance – Incurred Loss (US$ Billion), 2010–2014 Table 13: The US Life Insurance – Incurred Loss (US$ Billion), 2014–2019 Table 14: The US Life Insurance – Commissions and Expenses (US$ Billion), 2010–2014 Table 15: The US Life Insurance – Commissions and Expenses (US$ Billion), 2014–2019 Table 16: The US Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014 Table 17: The US Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019 Table 18: The US Life Insurance – Renewal Business Direct Written Premium (US$ Billion), 2010–2014 Table 19: The US Life Insurance – Renewal Business Direct Written Premium (US$ Billion), 2014–2019 Table 20: The US Life Insurance – Total Assets (US$ Billion), 2010–2014 Table 21: The US Life Insurance – Total Assets (US$ Billion), 2014–2019 Table 22: The US Life Insurance – Total Investment Income (US$ Billion), 2010–2014 Table 23: The US Life Insurance – Total Investment Income (US$ Billion), 2014–2019 Table 24: The US Life Insurance – Net Written Premium (US$ Billion), 2010–2014 Table 25: The US Life Insurance – Net Written Premium (US$ Billion), 2014–2019 Table 26: The US Individual Life Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014 Table 27: The US Individual Life Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019 Table 28: The US Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014 Table 29: The US Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019 Table 30: The US Individual Life Insurance – Policies by Category (Thousand), 2010–2014 Table 31: The US Individual Life Insurance – Policies by Category (Thousand), 2014–2019 Table 32: The US Individual Whole Life Insurance – Number of Active Policies (Thousand), 2010–2014 Table 33: The US Individual Whole Life Insurance – Number of Active Policies (Thousand), 2014–2019 Table 34: The US Individual Whole Life Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 35: The US Individual Whole Life Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 36: The US Individual General Annuity Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 37: The US Individual General Annuity Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 38: The US Individual Endowment Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 39: The US Individual Endowment Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 40: The US Individual Term Life Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 41: The US Individual Term Life Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 42: The US Group Life Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014 Table 43: The US Group Life Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019 Table 44: The US Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014 Table 45: The US Group Life Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019 Table 46: The US Group Whole Life Insurance – Number of Active Policies (Thousand), 2010–2014 Table 47: The US Group Whole Life Insurance – Number of Active Policies (Thousand), 2014–2019 Table 48: The US Group Whole Life Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 49: The US Group Whole Life Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 50: The US Group Superannuation Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 51: The US Group Superannuation Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 52: The US Individual Single-Premium Insurance – Gross Written Premium (US$ Billion), 2010–2014 Table 53: The US Individual Single-Premium Insurance – Gross Written Premium (US$ Billion), 2014–2019 Table 54: The US Individual Single-Premium Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 55: The US Individual Single-Premium Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 56: The US Individual Non-Single-Premium Insurance – Gross Written Premium (US$ Billion), 2010–2014 Table 57: The US Individual Non-Single-Premium Insurance – Gross Written Premium(US$ Billion), 2014–2019 Table 58: The US Individual Non-Single-Premium Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 59: The US Individual Non-Single-Premium Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 60: The US Group Single-Premium Insurance – Gross Written Premium (US$ Billion), 2010–2014 Table 61: The US Group Single-Premium Insurance – Gross Written Premium (US$ Billion), 2014–2019 Table 62: The US Group Single-Premium Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 63: The US Group Single-Premium Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 64: The US Group Non-Single-Premium Insurance – Gross Written Premium (US$ Billion), 2010–2014 Table 65: The US Group Non-Single-Premium Insurance – Gross Written Premium (US$ Billion), 2014–2019 Table 66: The US Group Non-Single-Premium Insurance – Direct Written Premium (US$ Billion), 2010–2014 Table 67: The US Group Non-Single-Premium Insurance – Direct Written Premium (US$ Billion), 2014–2019 Table 68: The US Non-Linked Insurance Business – Gross Written Premium (US$ Billion), 2010–2014 Table 69: The US Non-Linked Insurance Business – Gross Written Premium(US$ Billion), 2014–2019 Table 70: The US Non-Linked Insurance Business – Direct Written Premium (US$ Billion), 2010–2014 Table 71: The US Non-Linked Insurance Business – Direct Written Premium(US$ Billion), 2014–2019 Table 72: The US Life Insurance – Direct Marketing Value of Commissions (US$ Billion), 2010–2014 Table 73: The US Life Insurance – Direct Marketing Value of Commissions (US$ Billion), 2014–2019 Table 74: The US Life Insurance – Direct Marketing New Business Direct Written Premium (US$ Billion), 2010–2014 Table 75: The US Life Insurance – Direct Marketing New Business Direct Written Premium (US$ Billion), 2014–2019 Table 76: The US Life Insurance – Sales Force, 2010–2014 Table 77: The US Life Insurance – Sales Force, 2014–2019 Table 78: The US Life Insurance – Bancassurance Value of Commission (US$ Billion), 2010–2014 Table 79: The US Life Insurance – Bancassurance Value of Commission (US$ Billion), 2014–2019 Table 80: The US Life Insurance – Bancassurance New Business Direct Written Premium (US$ Billion), 2010–2014 Table 81: The US Life Insurance – Bancassurance New Business Direct Written Premium (US$ Billion), 2014–2019 Table 82: The US Life Insurance – Number of Banking Entities, 2010–2014 Table 83: The US Life Insurance – Number of Banking Entities, 2014–2019 Table 84: The US Life Insurance – Agencies’ Value of Commissions (US$ Billion), 2010–2014 Table 85: The US Life Insurance – Agencies’ Value of Commissions (US$ Billion), 2014–2019 Table 86: The US Life Insurance – Agencies’ New Business Direct Written Premium (US$ Billion), 2010–2014 Table 87: The US Life Insurance – Agencies’ New Business Direct Written Premium (US$ Billion), 2014–2019 Table 88: The US Life Insurance – Number of Insurance Agents, 2010–2014 Table 89: The US Life Insurance – Number of Insurance Agents, 2014–2019 Table 90: The US Life Insurance – Brokers’ Value of Commissions (US$ Billion), 2010–2014 Table 91: The US Life Insurance – Brokers’ Value of Commissions (US$ Billion), 2014–2019 Table 92: The US Life Insurance – Brokers’ New Business Direct Written Premium (US$ Billion), 2010–2014 Table 93: The US Life Insurance – Brokers’ New Business Direct Written Premium (US$ Billion), 2014–2019 Table 94: The US Life Insurance – Number of Brokers, 2010–2014 Table 95: The US Life Insurance – Number of Brokers, 2014–2019 Table 96: The US Life Insurance – Other Channels’ Value of Commissions (US$ Million), 2010–2014 Table 97: The US Life Insurance – Other Channels’ Value of Commissions (US$ Million), 2014–2019 Table 98: The US Life Insurance – Other Channels’ New Business Direct Written Premium (US$ Billion), 2010–2014 Table 99: The US Life Insurance – Other Channels’ New Business Direct Written Premium (US$ Billion), 2014–2019 Table 100: The US Life Insurance – Segment Shares (%), 2014 Table 101: Metropolitan Life Insurance Company – Key Facts Table 102: Metropolitan Life Insurance Company – Key Financials (US$ Million), 2010–2014 Table 103: Prudential Financial Inc – Key Facts Table 104: Prudential Financial, Inc. – Key Financials (US$ Million), 2010–2014 Table 105: New York Life Insurance Company – Key Facts Table 106: New York Life Insurance Company – Key Financials (US$ Million), 2010–2014 Table 107: Jackson National Life Insurance Company – Key Facts Table 108: Jackson National Life Insurance Company – Key Financials (US$ Million), 2010–2014 Table 109: Aegon US Holding Corporation – Key Facts Table 110: Aegon US Holding Corporation – Key Financials (US$ Million), 2010–2014 Table 111: Lincoln National Corporation – Key Facts Table 112: Lincoln National Corporation – Key Financials (US$ Million), 2010–2014 Table 113: American International Group, Inc. – Key Facts Table 114: American International Group, Inc. – Key Financials (US$ Million), 2010–2014 Table 115: Principal Financial Group Inc. – Key Facts Table 116: Principal Financial Group Inc. – Key Financials (US$ Million), 2010–2014 Table 117: Manulife Financial Inc. – Key Facts Table 118: Manulife Financial Inc. – Key Financials (US$ Million), 2010–2014 Table 119: Massachusetts Mutual Life Insurance Co – Key Facts Table 120: Massachusetts Mutual Life Insurance Co – Key Financials (US$ Million), 2010–2014 List Of Figures Figure 1: US Real GDP (US$ Billion), 2010–2019 Figure 2: US Consumer Price Inflation, 2010–2019 Figure 3: US Current Account Balance as Percentage of GDP (%), 2010–2019 Figure 4: US Unemployment Rate, 2010–2019 Figure 5: US Population by Age Group, 1990–2025 Figure 6: US Non-Life Insurance Penetration – Regional Comparison (%), 2014 Figure 7: US Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2014 Figure 8: US Non-Life Insurance – Gross Written Premium (US$ Billion), 2010–2019 Figure 9: US Non-Life Insurance – Penetration (%), 2010–2019 Figure 10: US Non-Life Insurance – Premium per Capita (US$), 2010–2019 Figure 11: US Non-Life Insurance – Paid Claims (US$ Billion), 2010–2019 Figure 12: US Non-Life Insurance – Profitability Ratio (%), 2010–2019 Figure 13: US Non-Life Insurance – Total Assets (US$ Billion), 2010–2019 Figure 14: US Non-Life Insurance – Total Investment Income (US$ Billion), 2010–2019 Figure 15: US Non-Life Insurance – Investment Portfolio (US$ Billion), 2010–2019 Figure 16: US Non-Life Insurance – Investment Portfolio Dynamics by Category, 2010–2019 Figure 17: US Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2010–2019 Figure 18: US Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019 Figure 19: US Property Insurance – Construction Value Output by Category (US$ Billion), 2010–2015 Figure 20: US Property Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2010–2019 Figure 21: US Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019 Figure 22: US Property Insurance – Paid Claims (US$ Billion), 2010–2019 Figure 23: US Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 2010–2019 Figure 24: US Total New Vehicle Sales (Million), 2010–2014 Figure 25: US Motor Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2010–2019 Figure 26: US Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019 Figure 27: US Motor Insurance – Paid Claims (US$ Billion), 2010–2019 Figure 28: US Motor Insurance– Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 2010–2019 Figure 29: US Liability Insurance – Gross Written Premium (US$ Billion), 2010–2019 Figure 30: US Liability Insurance – Paid Claims (US$ Billion), 2010–2019 Figure 31: US Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 2010–2019 Figure 32: US Exports and Imports of Goods and Services (US$ Trillion), 2010–2014 Figure 33: US Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Billion), 2010–2019 Figure 34: US Marine, Aviation and Transit Insurance – Paid Claims (US$ Billion), 2010–2019 Figure 35: US Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 2010–2019 Figure 36: US Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019 Figure 37: US – Frequency of Hazards by Type, 1990–2014 Figure 38: US – Economic Issues Caused by Hazards by Type, 1990–2014 Figure 39: US Non-Life Insurance – Shares of Top Insurers (%), 2014
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