United States Insurance Report Q1 2016

United States Insurance Report Q1 2016

BMI View: The large and well-established insurance market in the US is set to benefit from a positive domestic economy environment, as the US economy is bolstered by lower oil prices, a tightening labour market and improving investor sentiment, although rising external headwinds will see that growth remains relatively subdued. Both the life and non-life insurance sectors are very well-developed in the US where a large number of firms are active in the market with one of the broadest product offerings available globally. Premiums written in both sectors are forecast to increase steadily throughout the forecast period, though faster expansion in the life sector will see it gain some market share from the larger non-life insurance sector by the end of the current forecast period in 2019.

Key Updates And Forecasts

-The health insurance sector has seen the announcement of several mega mergers in 2015, including that of Cigna with Anthem and Aetna with Humana prompting concerns that health insurance premiums in many states will increase rapidly particularly in light of rising pharmaceutical costs - though the House Oversight and Government Reform Committee plans to hold hearings regarding potential capping of drug prices in early 2016.

-Economic growth in the USA is driving expansion of the already large life insurance sector. We expect life premiums to grow by around 4% annually throughout the forecast period to reach USD600.2bn in 2019, up from USD510.2bn in 2015.

-The slightly large non-life sector is also expected to record steady growth, albeit at a slightly slower rate of around 3.5% annually. Non-life insurance premiums are therefore forecast to reach USD871.1bn in 2019, up from USD757.0bn in 2015.
BMI Industry View 5
Table: Headline Insurance Forecasts (United States 2012-2019) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (United States 2012-2019) 11
Table: Life Insurance Claims (United States 2007-2013) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (United States 2012-2019) 15
Table: Non-Life Insurance Claims (United States 2008-2013) 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (United States 2012-2019) 26
Insurance Risk/Reward Index 28
Developed States Insurance Risk/Reward Index 28
Table: Developed States Insurance Risk/Reward Index 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2009-2013 33
Non Life Market Overview 34
The Product Offering 34
The Competitive Landscape 35
Table: Non-Life Insurance Market (USDmn) 2009-2013 37
Company Profile 39
ACE Group 39
AIG 42
MetLife 45
New York Life 48
State Farm 51
Methodology 54
Industry Forecast Methodology 54
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

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