Insurances - United States

United States

The Insurances market in the United States is projected to reach a market size (gross written premium) of €3.48tn in 2024.
Among the different segments, Non-Life Insurances dominates the market with a projected market volume of €2.29tn in 2024.
The average spending per capita in the Insurances market is expected to amount to €10.17k in 2024.
When looking at the global comparison, it becomes evident that the United States holds the highest nominal value in the Insurances market, reaching €3.48tn in 2024.
Furthermore, the gross written premium is anticipated to experience an annual growth rate (CAGR 2024-2029) of 3.33%.
This growth is projected to result in a market volume of €4.10tn by 2029.
In terms of gross written premium, the United States is expected to generate the highest amount globally, reaching €3.48tn in 2024.
The United States insurance market is witnessing a surge in demand for cyber insurance due to the increasing threat of cyber attacks.

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Analyst Opinion

The Insurances market in United States has been experiencing significant growth and transformation in recent years. Customer preferences in the United States are shifting towards more personalized and digital insurance solutions. Consumers are increasingly looking for tailored insurance products that suit their individual needs and lifestyle. This has led to a rise in demand for usage-based insurance, where premiums are based on specific behaviors or usage patterns, such as driving habits or health metrics. Additionally, there is a growing preference for online insurance purchases, as customers seek convenience and ease of access to policy information and services. Trends in the market in the United States reflect a growing focus on innovation and technology. Insurtech companies are disrupting the traditional insurance landscape by offering new digital solutions, such as AI-powered claims processing, blockchain-based smart contracts, and data analytics for risk assessment. This trend is driving competition and pushing established insurance companies to invest in technology to stay relevant and competitive in the market. Local special circumstances in the United States, such as regulatory changes and evolving customer expectations, are shaping the insurance market. The regulatory environment in the U. S. plays a significant role in influencing insurance products and distribution channels. For example, recent changes in healthcare regulations have impacted the health insurance sector, leading to shifts in coverage options and pricing. Moreover, the competitive nature of the market and the diverse needs of American consumers contribute to the dynamic and evolving insurance landscape. Underlying macroeconomic factors, such as economic growth, interest rates, and demographic trends, also impact the insurance market in the United States. A strong economy and low unemployment rates can drive increased consumer spending power and demand for insurance products. Conversely, fluctuations in interest rates can affect investment returns for insurance companies and pricing strategies for policies. Demographic shifts, such as an aging population and changing household structures, influence the demand for specific types of insurance, such as life and long-term care coverage.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.