How big is the US life insurance industry?

Life insurance and annuity cash and invested assets totaled $4.7 trillion in 2020, and separate accounts assets and other investments totaled $3.0 trillion. P/C insurer cash and invested assets were $2.0 trillion in 2020.

How big is the US insurance market?

$1.28 trillion
U.S. insurance industry net premiums written totaled $1.28 trillion in 2020, with premiums recorded by property/casualty (P/C) insurers accounting for 51 percent, and premiums by life/annuity insurers accounting for 49 percent, according to S&P Global Market Intelligence.

What percentage of the US has life insurance?

According to the 2021 LIMRA and Life Happens report on life insurance in the U.S., the percent of U.S. adults who own life insurance has ranged between 63% and 52%.

How much does the life insurance industry invest in the US economy?

Total financial protection provided by life insurance policies in force in 2016 was $20.3 trillion, about 109 percent of the $18.6 trillion U.S. economy.

Is the life insurance industry growing?

Total life insurance new annualized premiums by dollar amount soared by 20% in 2021, the highest annual growth recorded since 1983, in part spurred by pandemic awareness and concerns, according to an industry group that tracks sales.

Who is the largest life insurance company in the US?

1. New York Life. New York Life Insurance Company has 6.75% of the U.S. life insurance market share and was the largest insurance company in 2020.

Who buys the most life insurance?

More than 8 in 10 families in the United States have some form of life insurance coverage today. Most people who own life insurance are family breadwinners who want to make sure that in the event they die, the future financial needs of dependents, such as a spouse, children or elderly parents, are met.

How many life insurance companies are in the US?

The number of life insurance companies in the United States reached a peak in 1990 and has fallen year-on-year ever since. In 2020, there were 747 U.S. life insurers, down from 761 in the previous year.

What race buys the most life insurance?

Its 2021 Barometer Study says that 56 percent of Black Americans have now purchased life insurance policies in the last year, which is the highest rate among all racial groups.

Which states purchase the most life insurance?

In 2018, California had the highest number of life insurance purchases while Wyoming was the state with the least. Approximately 28 million life insurance policies were purchased across U.S. in that same year.

How big is the insurance industry globally?

It is forecast that the global insurance market will grow by almost 13 percent from 2020 to 2021, reaching just over 5.5 trillion as the insurance industry recovers from the global coronavirus (COVID-19) pandemic.