Life Insurance in the US, Key Trends and Opportunities to 2018

Published: Dec, 2014 | Pages: 252 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
In terms of gross written premium, life was the third-largest segment in the US insurance industry during the review period (2009?2013), accounting for 27.1% of the industry's gross written premium in 2013. The life segment's gross written premium increased at a CAGR of 2.6% during the review period, largely as a result of recovery in employment levels, which heightened demand for individual whole life products. However, low investment income led to a loss of earnings in categories such as general annuity. 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, life insurers' investment incomes fell 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.

Summary
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 category

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 policies of the US life insurance segment

Analysis of various consumer segments in US life insurance

Key developments in the US life insurance segment

New products launched by US life insurers

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 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

It offers a detailed analysis of the key categories in the US life insurance segment, along with market forecasts until 2018.

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.

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 in the US life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify the 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
The US has one of the world's largest and most advanced life insurance segments. It is highly competitive and fragmented, with the 10 leading companies accounting for of 53.5% of the segment's direct written premium in 2013.

The life segment accounted for 27.1% of the overall insurance industry's gross written premium in 2013.

Agencies were the largest distribution channel for the life segment in the US. The channel accounted for 53.4% of the segment's new business gross written premium in 2013, which is expected to grow to 53.5% by 2018.

The average life expectancy in the US increased from 78.2 years in 2009 to 78.6 years in 2013. It is further expected to reach 79.3 years in 2018.

The investment in life products by US households fell to a 50-year low from 55% in 1992 to 44% in 2010.

The general annuity category accounted for 23.0% of the life segment's total gross written premium in 2013.

The US insurance industry showed signs of recovery in 2010 with improvements in its performance, and posted a review-period CAGR of 3.0%.

E-commerce's market share in terms of gross written premium from new business measured 1.7% in 2013, and is expected to increase to 1.8% in 2018.

 
Table of Contents
1 Key Facts and Events
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 US Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018
5 Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Life Insurance Growth Prospects by Category
5.6 Individual Life Insurance
5.6.1 Individual whole life insurance
5.6.2 Individual pension insurance
5.6.3 Other individual insurance
5.7 Group Life Insurance
5.7.1 Group whole life insurance
5.7.2 Group superannuation insurance
5.8 Life Insurance Growth Prospects by Customer Segment
5.8.1 Individual single-premium insurance
5.8.2 Individual non-single-premium insurance
5.8.3 Group single-premium insurance
5.8.4 Group non-single-premium insurance
5.9 Life Insurance Growth Prospects by Product Type
5.9.1 Total linked insurance business
5.9.2 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Agencies
6.3 E-commerce
6.4 Brokers
6.5 Other Channels
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Legislation and Market Practice by Type of Insurance
7.2.1 Life insurance
7.2.2 Property insurance
7.2.3 Motor insurance
7.2.4 Marine, aviation and transit insurance
7.2.5 Personal accident and health insurance
7.3 Compulsory Insurance
7.3.1 Motor third-party liability insurance
7.3.2 Social Insurance System
7.3.3 Aviation third-party liability insurance
7.4 Supervision and Control
7.4.1 International Association of Insurance Supervisors (IAIS)
7.4.2 US Financial Supervisory Authority (EFSA)
7.5 Non-Admitted Insurance Regulations
7.5.1 Overview
7.5.2 Intermediaries
7.5.3 Market practices
7.5.4 Fines and penalties
7.6 Company Registration and Operations
7.6.1 Types of insurance organization
7.6.2 Establishing a local company
7.6.3 Foreign ownership
7.6.4 Types of license
7.6.5 Capital requirements
7.6.6 Solvency margins
7.6.7 Reserve requirements
7.6.8 Investment regulations
7.6.9 Statutory return requirements
7.6.10 Fee structure
7.7 Taxation
7.7.1 Insurance premium or policy taxation
7.7.2 Withholding taxes on premium paid overseas
7.7.3 Corporate tax
7.7.4 VAT
7.7.5 Captives
7.8 Legal System
7.8.1 Introduction
7.8.2 Access to court
7.8.3 Alternative dispute resolution (ADR)
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the Life segment
8.2.1 Comparison of the leading five insurers' net written premium
8.2.2 Paid claims
8.2.3 Total assets
8.2.4 Investment income
8.3 Leading Life Insurers - New Product Launches
8.4 Leading Life Insurers - Key Developments
8.5 Misr Life Insurance Company - Company Overview
8.5.1 Misr Life Insurance Company - key facts
8.5.2 Misr Life Insurance Company - key financials
8.6 Allianz the US Insurance Company SAE - Company Overview
8.6.1 Allianz the US Insurance Company SAE - key facts
8.6.2 Allianz the US Insurance Company SAE - key financials
8.7 Pharaonic American Life Insurance Company - Company Overview
8.7.1 Pharaonic American Life Insurance Company - key facts
8.7.2 Pharaonic American Life Insurance Company - key financials
8.8 Commercial International Life Insurance Company - Company Overview
8.8.1 Commercial International Life Insurance Company - key facts
8.8.2 Commercial International Life Insurance Company - key financials
8.9 NSGB Life Insurance - Company Overview
8.9.1 NSGB Life Insurance - key facts
8.9.2 NSGB Life Insurance - key financials
8.1 Suez Canal Insurance Company- Company Overview
8.10.1 Suez Canal Insurance Company - key facts
8.10.2 Suez Canal Insurance Company - key financials
8.11 Delta Insurance Company - Company Overview
8.11.1 Delta Insurance Co. - key facts
8.11.2 Delta Insurance Co.- key financials
8.12 US Takaful Life Insurance Company - Overview
8.12.1 US Takaful Life Insurance Company - key facts
8.12.2 US Takaful Life Insurance - key financials
8.13 ACE Life Insurance - Overview
8.13.1 ACE Life Insurance - key facts
8.13.2 ACE Life Insurance - key financials
8.14 Mohandes Insurance Company - Overview
8.14.1 Mohandes Insurance Company - key facts
8.14.2 Mohandes Insurance Company - key financials
9 Appendix - 1
9.1 Market Capitalization Trend - US Stock Exchange (EGX30), the US
9.2 GDP at Constant Prices (US$)
9.3 GDP per Capita at Constant Prices (US$)
9.4 GDP at Current Prices (US$)
9.5 GDP Per Capita at Current Prices (US$)
9.6 Inflation Rate
9.7 Unemployment Rate
9.8 Household Consumption Expenditure (US$)
9.9 Urban and Rural Populations
9.1 Age Distribution of the Total Population
10 Appendix - 2
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer


List of Tables
Table 1: US Life Insurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: US Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: US Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 5: US Insurance Industry - Gross Written Premium by Segment (Percentage Share), 2009-2018
Table 6: US Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 7: US Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 8: US Insurance Industry - Direct Written Premium by Segment (Percentage Share), 2009-2018
Table 9: US Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 10: US Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 11: US Life Insurance - New Business Written Premium (US$ Billion), 2009-2013
Table 12: US Life Insurance - New Business Written Premium (US$ Billion), 2013-2018
Table 13: US Life Insurance - Earned Premium (US$ Billion), 2009-2013
Table 14: US Life Insurance - Earned Premium (US$ Billion), 2013-2018
Table 15: US Life Insurance - Sum Assured (US$ Billion), 2009-2013
Table 16: US Life Insurance - Sum Assured (US$ Billion), 2013-2018
Table 17: US Life Insurance - Paid Claims (US$ Billion), 2009-2013
Table 18: US Life Insurance - Paid Claims (US$ Billion), 2013-2018
Table 19: US Life Insurance - Incurred Loss (US$ Billion), 2009-2013
Table 20: US Life Insurance - Incurred Loss (US$ Billion), 2013-2018
Table 21: US Life Insurance - Loss Ratio (%), 2009-2013
Table 22: US Life Insurance - Loss Ratio (%), 2013-2018
Table 23: US Life Insurance - Commissions and Expenses (US$ Billion), 2009-2013
Table 24: US Life Insurance - Commissions and Expenses (US$ Billion), 2013-2018
Table 25: US Life Insurance - Combined Ratio (%), 2009-2013
Table 26: US Life Insurance - Combined Ratio (%), 2013-2018
Table 27: US Life Insurance - Fraud and Crimes (US$ Billion), 2009-2013
Table 28: US Life Insurance - Fraud and Crimes (US$ Billion), 2013-2018
Table 29: US Life Insurance - Total Assets (US$ Billion), 2009-2013
Table 30: US Life Insurance - Total Assets (US$ Billion), 2013-2018
Table 31: US Life Insurance - Total Investment Income (US$ Billion), 2009-2013
Table 32: US Life Insurance - Total Investment Income (US$ Billion), 2013-2018
Table 33: US Life Insurance - Retentions (US$ Billion), 2009-2013
Table 34: US Life Insurance - Retentions (US$ Billion), 2013-2018
Table 35: US Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 36: US Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 37: US Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 38: US Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 39: US Individual Life Insurance - Policies by Category (Million), 2009-2013
Table 40: US Individual Life Insurance - Policies by Category (Million), 2013-2018
Table 41: US Individual Whole Life Insurance - Number of Active Policies (Million), 2009-2013
Table 42: US Individual Whole Life Insurance - Number of Active Policies (Million), 2013-2018
Table 43: US Individual Whole Life Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 44: US Individual Whole Life Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 45: US Individual General Annuity Insurance - Number of Active Policies (Million), 2009-2013
Table 46: US Individual General Annuity Insurance - Number of Active Policies (Million), 2013-2018
Table 47: US Individual General Annuity Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 48: US Individual General Annuity Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 49: US Individual Endowment Insurance - Number of Active Policies (Million), 2009-2013
Table 50: US Individual Endowment Insurance - Number of Active Policies (Million), 2013-2018
Table 51: US Individual Endowment Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 52: US Individual Endowment Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 53: US Individual Term Life Insurance - Number of Active Policies (Million), 2009-2013
Table 54: US Individual Term Life Insurance - Number of Active Policies (Million), 2013-2018
Table 55: US Individual Term Life Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 56: US Individual Term Life Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 57: US Other Individual Insurance - Number of Active Policies (Thousand), 2009-2013
Table 58: US Other Individual Insurance - Number of Active Policies (Thousand), 2013-2018
Table 59: US Other Individual Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 60: US Other Individual Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 61: US Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 62: US Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 63: US Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 64: US Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 65: US Group Life Insurance - Policies by Category (Million), 2009-2013
Table 66: US Group Life Insurance - Policies by Category (Million), 2013-2018
Table 67: US Group Whole Life Insurance - Number of Active Policies (Million), 2009-2013
Table 68: US Group Whole Life Insurance - Number of Active Policies (Million), 2013-2018
Table 69: US Group Whole Life Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 70: US Group Whole Life Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 71: US Group Superannuation Insurance - Number of Active Policies (Thousand), 2009-2013
Table 72: US Group Superannuation Insurance - Number of Active Policies (Thousand), 2013-2018
Table 73: US Group Superannuation Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 74: US Group Superannuation Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 75: US Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2009-2013
Table 76: US Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2013-2018
Table 77: US Individual Single-Premium Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 78: US Individual Single-Premium Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 79: US Individual Single-Premium Insurance - Direct Written Premium (US$ Billion), 2009-2013
Table 80: US Individual Single-Premium Insurance - Direct Written Premium (US$ Billion), 2013-2018
Table 81: US Individual Non-Single-Premium Insurance - Number of Active Policies (Million), 2009-2013
Table 82: US Individual Non-Single-Premium Insurance - Number of Active Policies (Million), 2013-2018
Table 83: US Individual Non-Single-Premium Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 84: US Individual Non-Single-Premium Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 85: US Individual Non-Single-Premium Insurance - Direct Written Premium (US$ Billion), 2009-2013
Table 86: US Individual Non-Single-Premium Insurance - Direct Written Premium (US$ Billion), 2013-2018
Table 87: US Group Single-Premium Insurance - Number of Active Policies (Thousand), 2009-2013
Table 88: US Group Single-Premium Insurance - Number of Active Policies (Thousand), 2013-2018
Table 89: US Group Single-Premium Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 90: US Group Single-Premium Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 91: US Group Single-Premium Insurance - Direct Written Premium (US$ Billion), 2009-2013
Table 92: US Group Single-Premium Insurance - Direct Written Premium (US$ Billion), 2013-2018
Table 93: US Group Non-Single-Premium Insurance - Number of Active Policies (Million), 2009-2013
Table 94: US Group Non-Single-Premium Insurance - Number of Active Policies (Million), 2013-2018
Table 95: US Group Non-Single-Premium Insurance - Gross Written Premium (US$ Billion), 2009-2013
Table 96: US Group Non-Single-Premium Insurance - Gross Written Premium (US$ Billion), 2013-2018
Table 97: US Group Non-Single-Premium Insurance - Direct Written Premium (US$ Billion), 2009-2013
Table 98: US Group Non-Single-Premium Insurance - Direct Written Premium (US$ Billion), 2013-2018
Table 99: US Non-Linked Insurance Business - Number of Active Policies (Million), 2009-2013
Table 100: US Non-Linked Insurance Business - Number of Active Policies (Million), 2013-2018
Table 101: US Non-Linked Insurance Business - Gross Written Premium (US$ Billion), 2009-2013
Table 102: US Non-Linked Insurance Business - Gross Written Premium (US$ Billion), 2013-2018
Table 103: US Non-Linked Insurance Business - Direct Written Premium (US$ Billion), 2009-2013
Table 104: US Non-Linked Insurance Business - Direct Written Premium (US$ Billion), 2013-2018
Table 105: US Life Insurance - Direct Marketing Commission Paid (US$ Billion), 2009-2013
Table 106: US Life Insurance - Direct Marketing Commission Paid (US$ Billion), 2013-2018
Table 107: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 108: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2013-2018
Table 109: US Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2009-2013
Table 110: US Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2013-2018
Table 111: US Life Insurance - Number of Direct Marketing Distributors, 2009-2013
Table 112: US Life Insurance - Number of Direct Marketing Distributors, 2013-2018
Table 113: US Life Insurance - Bancassurance Commission Paid (US$ Billion), 2009-2013
Table 114: US Life Insurance - Bancassurance Commission Paid (US$ Billion), 2013-2018
Table 115: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 116: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2013-2018
Table 117: US Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2009-2013
Table 118: US Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2013-2018
Table 119: US Life Insurance - Number of Bancassurance Distributors, 2009-2013
Table 120: US Life Insurance - Number of Bancassurance Distributors, 2013-2018
Table 121: US Life Insurance - Commission Paid to Agencies (US$ Billion), 2009-2013
Table 122: US Life Insurance - Commission Paid to Agencies (US$ Billion), 2013-2018
Table 123: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 124: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2013-2018
Table 125: US Life Insurance - New Policies Sold Through Agencies (Thousand), 2009-2013
Table 126: US Life Insurance - New Policies Sold Through Agencies (Thousand), 2013-2018
Table 127: US Life Insurance - Number of Agencies, 2009-2013
Table 128: US Life Insurance - Number of Agencies, 2013-2018
Table 129: US Life Insurance - E-Commerce Commission Paid (US$ Million), 2009-2013
Table 130: US Life Insurance - E-Commerce Commission Paid (US$ Million), 2013-2018
Table 131: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 132: US Life Insurance - Gross Written Premium New Business (US$ Billion), 2013-2018
Table 133: US Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2009-2013
Table 134: US Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2013-2018
Table 135: US Life Insurance - Number of E-Commerce Distributors, 2009-2013
Table 136: US Life Insurance - Number of E-Commerce Distributors, 2013-2018
Table 137: US Life Insurance - Commission Paid to Brokers (US$ Billion), 2009-2013
Table 138: US Life Insurance - Commission Paid to Brokers (US$ Billion), 2013-2018
Table 139: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 140: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2013-2018
Table 141: US Life Insurance - New Policies Sold Through Brokers (Thousand), 2009-2013
Table 142: US Life Insurance - New Policies Sold Through Brokers (Thousand), 2013-2018
Table 143: US Life Insurance - Number of Brokers, 2009-2013
Table 144: US Life Insurance - Number of Brokers, 2013-2018
Table 145: US Life Insurance - Commission Paid to Other Channels (US$ Million), 2009-2013
Table 146: US Life Insurance - Commission Paid to Other Channels (US$ Million), 2013-2018
Table 147: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2009-2013
Table 148: US Life Insurance - New Business Gross Written Premium (US$ Billion), 2013-2018
Table 149: US Life Insurance - New Policies Sold Through Other Channels (Thousand), 2009-2013
Table 150: US Life Insurance - New Policies Sold Through Other Channels (Thousand), 2013-2018
Table 151: US Life Insurance - Number of Distributors in Other Channels, 2009-2013
Table 152: US Life Insurance - Number of Distributors in Other Channels, 2013-2018
Table 153: Total Number of Companies in the US Life Insurance Segment, 2008-2012
Table 154: Shares of Key Insurers in the US Life Insurance Segment (%), 2013
Table 155: Metropolitan Life Insurance Company , Key Facts
Table 156: Metropolitan Life Insurance Company, Key Financials (US$ Million), 2009-2013
Table 157: Prudential Financial Inc, Key Facts
Table 158: Prudential Financial Inc, Key Financials (US$ Million), 2009-2013
Table 159: Jackson National Life Insurance Company, Key Facts
Table 160: Aegon US Holding Corporation - Key Facts
Table 161: Aegon US Holding Corporation, Key Financials (US$ Million), 2009-2013
Table 162: Lincoln National Corporation, Key Facts
Table 163: New York Life Insurance Company (US), Key Facts
Table 164: New York Life Insurance Company, Key Financials (US$ Million), 2009-2013
Table 165: American International Group, Inc., Key Facts
Table 166: American International Group, Inc., Key Financials (US$ Million), 2009-2013
Table 167: Voya Financial Inc., Key Facts
Table 168: Manulife Financial Inc.,�Key Facts
Table 169: Principal Financial Group Inc., Key Facts