Life Insurance in the US, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 220 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The 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 categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the US life insurance segment
The detailed competitive landscape in the life insurance segment in the US
Regulatory framework of the US insurance industry
A description of the life reinsurance segment in the US
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the US life insurance segment in comparison with other countries with GWP more than US$150 billion 

Summary
In terms of gross written premium, the life insurance segment was the largest in the US insurance industry during the review period (2008?2012), accounting for 35.7% of the total written premiums generated in 2012. The total written premium value of the segment increased at a CAGR of 0.1% during the review period. The increase was attributed to a recovery employment levels which heightened the demand for group life insurance . However, low investment returns represented a loss of earnings in product categories such as term life. According to the Federal Reserve, since 1930, life and annuity insurers have been the largest investors in the US capital market, and consequently are highly exposed to bond financing and real estate investments. As a result, the investment incomes of life insurers declined sharply in 2009 due to the collapse of the financial market and the subprime mortgage crisis. Volatility in the stock market reduced demand for annuity products. 
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 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key categories in the US life insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in the US.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the US for the life insurance business.
It provides a detailed analysis of the reinsurance segment in the US and its growth prospects.
It profiles the top life insurance companies in the US and outlines the key regulations affecting them. 
Reason 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 within the US  life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the US insurance industry and its impact on companies and the market's future 
Key Highlights
 The US life insurance segment is the largest in the world, contributing more than 20% of the world's life insurance written premium in 2012
Favorable demographic factors such as an increase in life expectancy and low life insurance penetration, which stood at 4.07% in 2012 compared to the UK's 8.5%, is likely to increase demand for annuity products
US insurers have increased their focus on cost-saving distribution channels such e-commerce and mobile web
Agencies was the largest channel in the segment and accounted for 39.0% of the total new business written premiums in 2012
The US has one the largest and most advanced life insurance segments in the world. It is highly competitive and concentrated with the 10 leading companies accounting for of 64.4% of the segment's gross written premium

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance Segment - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (as a percentage of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Bancassurance
4.4.3 Agencies
5 US Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
6.1.1 Individual life insurance
6.1.2 Individual general annuity insurance
6.1.3 Individual endowment insurance
6.1.4 Individual term life insurance
6.1.5 Other individual insurance
6.1.6 Group life insurance
6.1.7 Group superannuation insurance
6.2 Life Insurance Growth Prospects by Product Type
6.2.1 Individual single-premium policies
6.2.2 Individual non-single-premium policies
6.2.3 Group single-premium policies
6.2.4 Group non-single-premium policies
7 Alysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-Commerce
7.5 Brokers
7.6 Other Channels
8 Regulatory Policies
9 Porter's Five Forces Alysis - US Life Insurance
9.1 Bargaining Power of Supplier: Low to Medium
9.2 Bargaining Power of Buyer: Medium
9.3 Barriers to Entry: Medium
9.4 Intensity of Rivalry: High
9.5 Threat of Substitutes: Medium
10 Reinsurance Growth Dymics and Challenges
10.1 Reinsurance Segment Size, 2008-2017
10.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in US Life Insurance Segment
11.3 Prudential Fincial, Inc. - Company Overview
11.3.1 Prudential Fincial, Inc. - key facts
11.3.2 Prudential Fincial, Inc. - key fincials
11.4 Metropolitan Life Insurance Company - Company Overview
11.4.1 Metropolitan Life Insurance Company - key facts
11.4.2 Metropolitan Life Insurance Company - key fincials
11.5 Jackson tiol Life Group�- Company Overview
11.5.1 Jackson tiol Life Group - key facts
11.6 Lincoln tiol Corporation - Company Overview
11.6.1 Lincoln tiol Corporation - key facts
11.7 American Intertiol Group, Inc. - Company Overview
11.7.1 American Intertiol Group, Inc. - key facts
11.7.2 American Intertiol Group, Inc. - key fincials
11.8 New York Life Insurance Company - Company Overview
11.8.1 New York Life Insurance Company - key facts
11.8.2 New York Life Insurance Company - key fincials
11.9 ING America Insurance Holdings, Inc.�- Company Overview
11.9.1 ING America Insurance Holdings, Inc. - key facts
11.9.2 ING America Insurance Holdings, Inc. - key fincials
11.1 Axa Insurance Company - Company Overview
11.10.1 Axa Insurance Company�- key facts
11.10.2 Axa Insurance Company - key fincials
11.11 Sammons Enterprises, Inc.,�- Company Overview
11.11.1 Sammons Enterprises, Inc.,�- key facts
11.12 Aflac Inc. - Company Overview
11.12.1 Aflac Inc. - key facts
11.12.2 Aflac Inc. - key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - New York Stock Exchange (NYSE)
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 Inflation rate
12.2.6 Merchandise exports as a percentage of GDP
12.2.7 Merchandise Imports as a percentage of GDP
12.2.8 Merchandise exports growth
12.2.9 Merchandise imports growth
12.3 Infrastructure
12.3.1 Commercial vehicle exports - total value
12.3.2 Commercial vehicle imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Household consumption expenditure (US$)
12.5.2 Total population
12.5.3 Urban and rural populations
12.5.4 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: US Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 3: US Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 4: US Insurance - Segmentation (% Share), 2008-2017
Table 5: US Life Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 6: US Life Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 7: US Life Insurance - Earned Premium (US$ Billion), 2008-2012
Table 8: US Life Insurance - Earned Premium (US$ Billion), 2012-2017
Table 9: US Life Insurance - Sum Assured (US$ Trillion), 2008-2012
Table 10: US Life Insurance - Sum Assured (US$ Trillion), 2012-2017
Table 11: US Life Insurance - Paid Claims (US$ Billion), 2008-2012
Table 12: US Life Insurance - Paid Claims (US$ Billion), 2012-2017
Table 13: US Life Insurance - Incurred Loss (US$ Billion), 2008-2012
Table 14: US Life Insurance - Incurred Loss (US$ Billion), 2012-2017
Table 15: US Life Insurance - Loss Ratio (%), 2008-2012
Table 16: US Life Insurance - Loss Ratio (%), 2012-2017
Table 17: US Life Insurance - Commissions and Expenses (US$ Billion), 2008-2012
Table 18: US Life Insurance - Commissions and Expenses (US$ Billion), 2012-2017
Table 19: US Life Insurance - Combined Ratio (%), 2008-2012
Table 20: US Life Insurance - Combined Ratio (%), 2012-2017
Table 21: US Life Insurance - Frauds and Crimes (US$ Billion), 2008-2012
Table 22: US Life Insurance - Frauds and Crimes (US$ Billion), 2012-2017
Table 23: US Life Insurance - Total Assets (US$ Billion), 2008-2012
Table 24: US Life Insurance - Total Assets (US$ Billion), 2012-2017
Table 25: US Life Insurance - Total Investment Income (US$ Billion), 2008-2012
Table 26: US Life Insurance - Total Investment Income (US$ Billion), 2012-2017
Table 27: US Life Insurance - Retentions (US$ Billion), 2008-2012
Table 28: US Life Insurance - Retentions (US$ Billion), 2012-2017
Table 29: US Individual Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 30: US Individual Life Insurance - Number of Active Policies, 2012-2017
Table 31: US Individual Life Insurance - Written Premium (US$ Billion), 2008-2012
Table 32: US Individual Life Insurance - Written Premium (US$ Billion), 2012-2017
Table 33: US Individual General Annuity Insurance - Number of Active Policies (Thousand), 2008-2012
Table 34: US Individual General Annuity Insurance - Number of Active Policies (Thousand), 2012-2017
Table 35: US Individual General Annuity Insurance - Written Premium (US$ Billion), 2008-2012
Table 36: US Individual General Annuity Insurance - Written Premium (US$ Billion), 2012-2017
Table 37: US Individual Endowment Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: US Individual Endowment Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39: US Individual Endowment Insurance - Written Premium (US$ Billion), 2008-2012
Table 40: US Individual Endowment Insurance - Written Premium (US$ Billion), 2012-2017
Table 41: US Individual Term Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: US Individual Term Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: US Individual Term Life Insurance - Written Premium (US$ Billion), 2008-2012
Table 44: US Individual Term Life Insurance - Written Premium (US$ Billion), 2012-2017
Table 45: US Other Individual Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: US Other Individual Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: US Other Individual Insurance - Written Premium (US$ Billion), 2008-2012
Table 48: US Other Individual Insurance - Written Premium (US$ Billion), 2012-2017
Table 49: US Group Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 50: US Group Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 51: US Group Life Insurance - Written Premium (US$ Billion), 2008-2012
Table 52: US Group Life Insurance - Written Premium (US$ Billion), 2012-2017
Table 53: US Group Superannuation Insurance - Number of Active Policies (Thousand), 2008-2012
Table 54: US Group Superannuation Insurance - Number of Active Policies (Thousand), 2012-2017
Table 55: US Group Superannuation Insurance - Written Premium (US$ Billion), 2008-2012
Table 56: US Group Superannuation Insurance - Written Premium (US$ Billion), 2012-2017
Table 57: US Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 58: US Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 59: US Individual Single-Premium Insurance - Written Premium (US$ Billion), 2008-2012
Table 60: US Individual Single-Premium Insurance - Written Premium (US$ Billion), 2012-2017
Table 61: US Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 62: US Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 63: US Individual Non-Single-Premium Insurance - Written Premium (US$ Billion), 2008-2012
Table 64: US Individual Non-Single-Premium Insurance - Written Premium  (US$ Billion), 2012-2017
Table 65: US Group Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 66: US Group Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 67: US Group Single-Premium Insurance - Written Premium (US$ Billion), 2008-2012
Table 68: US Group Single-Premium Insurance - Written Premium (US$ Billion), 2012-2017
Table 69: US Group Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 70: US Group Non-Single-Premium Insurance - Number of Active Policies (Thousand),  2012-2017
Table 71: US Group Non-Single-Premium Insurance - Written Premium (US$ Billion), 2008-2012
Table 72: US Group Non-Single-Premium Insurance - Written Premium (US$ Billion), 2012-2017
Table 73: US Life Insurance - Direct Marketing Commission Paid (US$ Billion), 2008-2012
Table 74: US Life Insurance - Direct Marketing Commission Paid (US$ Billion), 2012-2017
Table 75: US Life Insurance - New Business Written Premium Through Direct Marketing (US$ Billion), 2008-2012
Table 76: US Life Insurance - New Business Written Premium Through Direct Marketing (US$ Billion), 2012-2017
Table 77: US Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 78: US Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 79: US Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 80: US Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 81: US Life Insurance - Bancassurance Commission Paid (US$ Billion), 2008-2012
Table 82: US Life Insurance - Bancassurance Commission Paid (US$ Billion), 2012-2017
Table 83: US Life Insurance - New Business Written Premium Through Bancassurance (US$ Billion), 2008-2012
Table 84: US Life Insurance - New Business Written Premium Through Bancassurance (US$ Billion), 2012-2017
Table 85: US Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 86: US Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 87: US Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 88: US Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 89: US Life Insurance - Commission Paid to Agencies (US$ Billion), 2008-2012
Table 90: US Life Insurance - Commission Paid to Agencies (US$ Billion), 2012-2017
Table 91: US Life Insurance - New Business Written Premium Through Agencies (US$ Billion), 2008-2012
Table 92: US Life Insurance - New Business Written Premium Through Agencies (US$ Billion), 2012-2017
Table 93: US Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 94: US Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 95: US Life Insurance - Number of Agencies, 2008-2012
Table 96: US Life Insurance - Number of Agencies, 2012-2017
Table 97: US Life Insurance - E-Commerce Commission Paid (US$ Billion), 2008-2012
Table 98: US Life Insurance - E-Commerce Commission Paid (US$ Billion), 2012-2017
Table 99: US Life Insurance - New Business Written Premium Through E-Commerce (US$ Billion), 2008-2012
Table 100: US Life Insurance - New Business Written Premium Through E-Commerce (US$ Billion), 2012-2017
Table 101: US Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 102: US Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 103: US Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 104: US Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 105: US Life Insurance - Commission Paid to Brokers (US$ Billion), 2008-2012
Table 106: US Life Insurance - Commission Paid to Brokers (US$ Billion), 2012-2017
Table 107: US Life Insurance - New Business Written Premium Through Brokers (US$ Billion), 2008-2012
Table 108: US Life Insurance - New Business Written Premium Through Brokers (US$ Billion), 2012-2017
Table 109: US Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 110: US Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 111: US Life Insurance - Number of Brokers, 2008-2012
Table 112: US Life Insurance - Number of Brokers, 2012-2017
Table 113: US Life Insurance - Commission Paid to Other Channels (US$ Billion), 2008-2012
Table 114: US Life Insurance - Commission Paid to Other Channels (US$ Billion), 2012-2017
Table 115: US Life Insurance - New Business Written Premium Through Other Channels (US$ Billion), 2008-2012
Table 116: US Life Insurance - New Business Written Premium Through Other Channels (US$ Billion), 2012-2017
Table 117: US Life Insurance - New Policies Sold Through Other Channels (Thousand), 2008-2012
Table 118: US Life Insurance - New Policies Sold Through Other Channels (Thousand), 2012-2017
Table 119: US Life Insurance - Number of Distributors in Other Channels, 2008-2012
Table 120: US Life Insurance - Number of Distributors in Other Channels, 2012-2017
Table 121: Reinsurance in The US by Category (US$ Billion), 2008-2012
Table 122: Reinsurance in The US by Category (US$ Billion), 2012-2017
Table 123: US Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 124: US Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 125: US Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 126: US Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 127: Total Number of Companies in US Life Insurance Segment, 2011 and 2012
Table 128: Shares of Key Insurers in US Life Insurance Segment (%), 2012
Table 129: Prudential Financial, Inc., Key Facts
Table 130: Prudential Financial, Inc., Key Financials (US$ Million), 2008-2012
Table 131: Metropolitan Life Insurance Company , Key Facts
Table 132: Metropolitan Life Insurance Company, Key Financials (US$ Million), 2008-2012
Table 133: Jackson National Life Group, Key Facts
Table 134: Lincoln National Corporation, Key Facts
Table 135: American International Group, Inc., Key Facts
Table 136: American International Group, Inc., Key Financials (US$ Million), 2008-2012
Table 137: New York Life Insurance Company (US), Key Facts
Table 138: New York Life Insurance Company, Key Financials (US$ Million), 2009-2012
Table 139: ING America Insurance Holdings, Inc., Key Facts
Table 140: ING America Insurance Holdings, Inc., Key Financials (US$ Million), 2009-2012
Table 141: Axa Insurance Company�- Key Facts
Table 142: Axa Insurance Company, Key Financials (US$ Million), 2008-2012
Table 143: Sammons Enterprises, Inc.,�Key Facts
Table 144: Aflac Inc., Key Facts
Table 145: Aflac Inc., Key Financials (US$ Million), 2008-2012