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Life Insurance in the US, Key Trends and Opportunities to 2020

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Date: 30-Apr-2017
No. of pages: 187
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Synopsis

Timetric's 'Life Insurance in the US, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the US life insurance segment, and a comparison of the US insurance industry with its regional counterparts.

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 (2011-2015) and forecast period (2015-2020).

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 2020' report provides in-depth market analysis, information and insights into the US life insurance segment, including:


  • An overview of the US life insurance segment

  • The US life insurance segment's growth prospects by category

  • A comprehensive overview of the US economy and demographics

  • A comparison of the US life insurance segment with its regional counterparts

  • 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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

  • It offers a detailed analysis of the key categories in the US life insurance segment, and market forecasts to 2020.

  • It provides a comparison of the US life insurance segment with its regional counterparts

  • 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


  • The life segment accounted for 34.6% of the industry's gross written premium in 2015.

  • Individual life insurance remained the largest category during the review period, accounting for 60.3% of the life gross written premium in 2015.

  • The US life segment is highly competitive and fragmented, with the 10 leading insurers accounting for 47.7% of gross written premium in 2015.

  • Bancassurance and brokers registered respective review-period CAGRs of 1.3% and 1.1% .

  • Life insurance penetration stood at 3.4% in 2015.

Life Insurance in the US, Key Trends and Opportunities to 2020

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Penetration

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Brokers
6.1.3 Bancassurance
6.1.4 Direct Marketing
6.1.5 E-commerce

7 Competitive Landscape
7.1 Company Profiles
7.1.1 Metropolitan Group - company overview
7.1.2 Prudential of America Group - company overview
7.1.3 New York Life Insurance Company - company overview
7.1.4 Jackson National Life Insurance Company - company overview
7.1.5 Aegon US Holding Group - company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Health insurance
8.4.3 Social insurance system
8.4.4 Aviation third-party liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 National Association of Insurance Commissioners
8.5.3 Federal Insurance Office
8.5.4 American Insurance Association
8.5.5 National Association of Mutual Insurance Companies
8.5.6 Property Casualty Insurers of America
8.5.7 Reinsurance Association of America
8.5.8 American Council of Life Insurers
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure 167
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)

9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life - Single vs. Non-Single Premium
9.12 Group Life - Single vs. Non-Single Premium

10 Definitions and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: US Life Insurance - Key Facts, 2015
Table 2: US Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: US Government Credit Ratings
Table 4: US Life Insurance - Gross Written Premium (US$ Billion), 2011-2015
Table 5: US Life Insurance - Penetration (%), 2011-2015
Table 6: US Life Insurance - Gross Written Premium (US$ Billion), 2015-2020
Table 7: US Life Insurance - Penetration (%), 2015-2020
Table 8: US Life Insurance - New Business Direct Written Premium (US$ Billion), 2011-2015
Table 9: US Life Insurance - New Business Direct Written Premium (US$ Billion), 2015-2020
Table 10: US Life Insurance - Premium per Capita (US$), 2011-2015
Table 11: US Life Insurance - Premium per Capita (US$), 2015-2020
Table 12: US Life Insurance - Paid Claims (US$ Billion), 2011-2015
Table 13: US Life Insurance - Paid Claims (US$ Billion), 2015-2020
Table 14: US Life Insurance - Total Assets (US$ Trillion), 2011-2015
Table 15: US Life Insurance - Total Assets (US$ Trillion), 2015-2020
Table 16: US Life Insurance - Total Investment Income (US$ Billion), 2011-2015
Table 17: US Life Insurance - Total Investment Income (US$ Billion), 2015-2020
Table 18: US Life Insurance - Investment Portfolio (US$ Billion), 2011-2015
Table 19: US Life Insurance - Investment Portfolio (US$ Billion), 2015-2020
Table 20: US Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2011-2015
Table 21: US Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2015-2020
Table 22: US Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
Table 23: US Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
Table 24: US Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
Table 25: US Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
Table 26: US Life Insurance - New Business Direct Written Premium by Distribution Channel (US$ Billion), 2011-2015
Table 27: US Life Insurance - New Business Direct Written Premium by Distribution Channel (US$ Billion), 2015-2020
Table 28: US Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 29: US Life Segment - Market Shares of Leading Insurers (%), 2015
Table 30: Metropolitan Group - Key Facts
Table 31: Metropolitan Group - Key Financials (US$ Billion), 2011-2015
Table 32: Prudential of America Group - Key Facts
Table 33: Prudential of America Group - Key Financials (US$ Billion), 2011-2015
Table 34: New York Life Insurance Company - Key Facts
Table 35: New York Life Insurance Company - Key Financials (US$ Billion), 2011-2015
Table 36: Jackson National Life Insurance Company - Key Facts
Table 37: Jackson National Life Insurance Company - Key Financials (US$ Billion), 2011-2015
Table 38: Aegon US Holding Group - Key Facts
Table 39: Aegon US Holding Group - Key Financials (US$ Billion), 2011-2015
Table 40: The US - Insurance Regulatory Framework Key Features
Table 41: The US - Life Insurance Regulatory Framework
Table 42: The US - Property Insurance Regulatory Framework
Table 43: The US - The US TRIP Highlights
Table 44: The US - Motor Insurance Regulatory Framework
Table 45: The US - Liability Insurance Regulatory Framework
Table 46: The US - Maximum Cover for Motor Third-Party Liability Per Accident by State
Table 47: The US - California - Statutory Membership in Insurance Associations
Table 48: The US - California - Minimum Paid-up Share Capital Requirements for Non-life Insurers
Table 49: The US - California - Minimum Paid-up Share Capital Requirements for life Insurers
Table 50: The US - New York - Minimum Capital and Surplus Requirement
Table 51: The US - New York - Minimum Capital and Surplus Requirement
Table 52: The US - California - Authorization Fee for Insurers
Table 53: The US - California - License Fee for insurance intermediaries
Table 54: The US - Corporate Tax Rates for the Financial Year 2017
Table 55: US Life Insurance - Policies and Premium, 2011-2015
Table 56: US Life Insurance - Policies and Premium, 2015-2020
Table 57: US Life Insurance - Claims and Expenses, 2011-2015
Table 58: US Life Insurance - Claims and Expenses, 2015-2020
Table 59: US Life Insurance - Assets and Investments, 2011-2015
Table 60: US Life Insurance - Assets and Investments, 2015-2020
Table 61: US Life Insurance - Direct Marketing, 2011-2015
Table 62: US Life Insurance - Direct Marketing, 2015-2020
Table 63: US Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 64: US Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 65: US Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 66: US Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 67: US Life Insurance - Individual Life Insurance, 2011-2015
Table 68: US Life Insurance - Individual Life Insurance, 2015-2020
Table 69: US Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 70: US Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 71: US Life Insurance - Group Life Insurance, 2011-2015
Table 72: US Life Insurance - Group Life Insurance, 2015-2020
Table 73: US Life Insurance - Group Life Insurance by Product, 2011-2015
Table 74: US Life Insurance - Group Life Insurance by Product, 2015-2020
Table 75: US Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 76: US Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 77: US Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 78: US Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 79: Insurance Industry Definitions

List of Figures

Figure 1: US Real GDP (US$ Trillion), 2011-2020
Figure 2: US - Current Account Balance, 2011-2015
Figure 3: US - Consumer Price Inflation, 2011-2020
Figure 4: US Unemployment Rate, 2011-2020
Figure 5: US Population by Age Group, 1990-2025
Figure 6: US Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: US Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: US Life Insurance - Gross Written Premium (US$ Billion), 2011-2020
Figure 9: US Life Insurance - Penetration (%), 2011-2020
Figure 10: US Life Insurance - New Business Direct Written Premium (US$ Billion), 2011-2020
Figure 11: US Life Insurance - Premium per Capita (US$), 2011-2020
Figure 12: US Life Insurance - Paid Claims (US$ Billion), 2011-2020
Figure 13: US Life Insurance - Total Assets (US$ Billion), 2011-2020
Figure 14: US Life Insurance - Total Investment Income (US$ Billion), 2011-2020
Figure 15: US Life Insurance - Investment Portfolio (US$ Billion), 2011-2020
Figure 16: US Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 17: US Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2011-2020
Figure 18: US Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 19: US Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 20: US Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2020
Figure 21: US Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 22: US Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 23: US Individual Life Insurance - Penetration (%), 2011-2015
Figure 24: US Individual Life Insurance - Penetration (%), 2015-2020
Figure 25: US Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2020
Figure 26: US Group Life Insurance - Direct Written Premium Share by Category (US$ Billion), 2011-2020
Figure 27: US Group Life Insurance - Direct Written Premium Dynamics by Category (US$ Billion), 2011-2020
Figure 28: US Group Life Insurance - Penetration (%), 2011-2015
Figure 29: US Group Life Insurance - Penetration (%), 2015-2020
Figure 30: US Life Insurance - New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 31: US Life Segment - Market Shares of Leading Insurers (%), 2015
Figure 32: The US - Insurance Supervision and Control at Various Levels
Figure 33: The US - Insurance Regulatory Frameworks for Company Registration and Operation

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