89 Insurance Statistics You Should Know (Industry)

Top 10 Insurance Industry Statistics

1. $1,771 is the average automobile insurance premium cost per year, which is $148 per monthly payment.
   
2. The average household spends 2.57% of yearly income on car insurance.
   
3. Car insurance rates have been steadily rising, with a 5% increase from 2017 to 2018, and a 1% boost between 2018 and 2019.
   
4. About 215 million motorists have auto insurance in the United States.
   
5. Drivers without insurance account for 6% of all motorists on the road.
   
6. As of 2022, the car insurance market is valued at $316 billion.
   
7. Automobile crashes cause up to $1 trillion in costs per year, based on data observed in 2010.
   
8. There are 10 million unreported automobile crashes in a single year.
   
9. In 2019, 92% of Americans had health insurance.
   
10. In America, over 50% of the population has health insurance through their employer.

How Big Is The Insurance Industry?

• The entire insurance industry contributed 3.1% to the overall GDP of the United States in 2017.
  
• In 2017, net premiums made for the American insurance market totaled $1.2 trillion, with 52% for annuity and life and the rest, 48%, coming from casualty and property segments.
  
• The number of people employed in the American insurance industry was 2.7 million in 2018, with 1.5 workings directly with insurance companies and the other 1.2 million as agents, brokers, and related positions.
  

Number Of Insurance Companies In America

• In the United States, there are a total of 5,954 insurers.
  
• 2,509 American insurers are in the property and casualty sector.
  
• 852 American insurers are in life and annuity, and 907 are in the health sector.
  
• The US has 82 fraternal insurance companies, 240 risk retention organizations, and 58 title insurers.
  

How Many Insurance Agents Are In The U.S?

• There are 1.1 million insurance agents in the United States. This includes service employees and brokers.
  
• Insurance agency jobs increased from 2016 to 2018 by 10%.
• The U.S. insurance industry employs 2.86 million employees.
  

Insurance Industry Revenue

• Current revenue data reveals that private health insurance premiums had revenue of %867.5 billion.
  
• Health insurance has $670.1 billion in revenue earnings, with $190.8 billion coming from the life and annuity sector. $6.5 billion is listed property and casualty annuities.
  
• In the United States, net premiums totaled $1.2 trillion in 2017.
  
• Life and annuity insurers had 52% of net premiums in 2017, with property and casualty insurance having 48%.
  
• Based on recent statistics, newer markets had 43% growth between 2010 and 2017.
  
• Japan, Asia-Pacific, and North America had a 73% growth in the insurance industry from 2010 to 2017.

Employment In Insurance, 2012-2021

General Insurance Statistics

• Being the biggest insurance company in America for assets, Prudential Financial has an asset value totaling $896.55 billion.
  
• Berkshire Hathaway has assets totaling $817.73 billion.
  
• Metlife has assets worth $740 billion, and AIG amounts to $525.06 billion.
  
• The biggest insurance company for direct premiums is State Farm Group, with nationwide premiums totaling $65.6 billion.
  
• Berkshire Hathaway Group follows second after State Farm with $46.1 billion in direct premiums.
  
• Progressing Group has the third highest total of premiums, written with $39.2 billion.
  
• The fastest-growing insurer for casualties and properties is the Integrity Specialty Insurance Company, with 818.52 year-over-year growth in written direct premiums.
  
• Cimarron Insurance Company is the second fastest growing, having 426.32% year-over-year. Trisura Specialty Insurance has 379.62%, and Root Insurance with 324.04%.
  
• As for life insurers, the fastest growing is the Texas Republic Life Insurance Company, with 570.22% in year-over-year growth. Second to this is the Independent Life Insurance Company, with 442.30%. The third is SILAC, with 338% and 232.81% for Investors' Preferred Life Insurance.
  
• Property premiums in 2019 totaled $637.7 billion. However, life and annuity premiums done in America that same year were $678.7 billion.
  
• $1.32 trillion is the value of all American insurance premiums.
  
• American and Canadian insurance brokers had an NPS of 17% in 2020. This is lower than the overall NPS in 2019, which was 28%. Still, the score for insurance brokers has been trending since 2014.
  

The Cost Of Insurance

• In 2019, homeowners insurance had a net premium value of $92.97 million.
  
• The average yearly premium for US health insurance sponsored by employers was $7,470 for individual coverage.
  
• The average American cost for family coverage is $21, 342.
  
• Yearly deductibles for health insurance from employers are $1,644.
  
• Artificial intelligence underwrote premiums that were worth $1.3 billion in 2019. In 2024, it's forecast to rise in worth to $20 billion.
  

Life Insurance Statistics

• 16% of American consumers, 41 million people, need life insurance but don't have a policy in place.
  
• In the last 10 years, life insurance ownership has decreased to 54%, a 9% drop.
  
• In 2020, 36% of Americans were seeking to purchase a life insurance policy within a year.
  
• 35% of Americans don't believe that life insurance is affordable for them.
  
• 52% of Americans without life insurance think don't consider it to be affordable.
  
• 17% of Americans don't think they require life insurance, 15% don't know what policy is right for them, and 12% don't know what coverage is necessary for them.
  
• 55% of American customers in 2020 had single-payer life insurance, with 27% relying on group life insurance.
  
• 18% of Americans have group and individual life insurance, with 41% of customers preferring to buy life insurance on the internet.
  
• Direct premiums for life insurance totaled $160 billion in 2019.

Health Insurance Statistics

• 26.1 million Americans, accounting for 8% of the nation's population, had no health insurance in 2019.
  
• 14.7% of people without health insurance were adults aged 18 to 64, with Hispanics making up the largest demographic, representing 29.7% of uninsured people.
  
• 21.2% of people without health insurance live in states where Medicaid eligibility isn't expanded.
  
• 68% of America's coverage is from private health insurance companies.
  
• 34.1% of Americans use public providers for health coverage.
  
• There are 55.4% of Americans get health insurance from their employer.
  
• Preferred Provider Organization, or PPO, is the most population health plan for Americans, accounting for 47% of all 2020 enrollments.
  
• High deductible plans with options for saving are the second most popular, with 31% of Americans enrolled. This is followed by health maintenance organization plans at 13%, point-of-service plans at 8%, and conventional plans at 1%.
  

Car/Auto Insurance Statistics

• State Farm is the top Canadian and American insurer for private passenger car insurance, with direct premiums totaling $40 billion. Berkshire Hathaway is second, with $34 billion. The third is Progressive Group with $31 billion.
  
• Based on a survey, the car insurance industry has an NPS of 43, with life insurance scoring 32, home and contents at 43, and health insurance at 19.
  
• The United States Services Automobile Associate, also known as USAA, had an NPS of 73 in 2020, the second-highest when compared to leaders in the industry among all consumer sectors.
  
• 61% or 3 out of 5 car insurance customers compare prices to other companies before the date of their next renewal, with 39% not comparing prices.

Which Auto Insurance Claims Are Most Expensive?

Bodily injury claims are the most expensive, at an average of $16,260 per loss. That's followed by property damage at $3,729, then collision at $3,278, and comprehensive at $1,690.

Cost Of Auto Insurance Claims By Type

Source: Triple-I

Which Auto Insurance Claims Are Most Common?

Collision claims are the most commonly filed auto insurance claims, at an average of 5.8 claims per 100 years of insured coverage on a vehicle. The second most frequent auto insurance claims are property damage at 3.7, comprehensive at 2.8, and bodily injury at .95 claims per 100 car years.

Frequency of Auto Insurance Claims By Type

Source: Triple-I

How Common Are Collisions?

The Insurance Research Council (IRC) reports that 79% of all claimed economic losses in auto insurance claims in 2017 covered a variety of medical expenses. On a positive note, data indicates that there are less injuries over time taking place.

Why Do People Get In Car Accidents?

Car insurance claims are commonly the result of numerous factors, as indicated by the Triple-I in the following chart representing 2019:

Who Pays For Insurance Claims?

Source: NHTSA

Average Annual Cost Of Auto Insurance

Home Insurance Statistics

• 27% of American homeowners in 2020 had flood insurance. The most recorded in over 10 years.
  
• About 25% of homeowners believe that floods can cause damage to their homes.
  
• 23% of homeowners in America had insurance for earthquakes in 2020.
  
• The largest concentration of Americans with earthquake insurance is in the West, accounting for 28% of homeowners.
  
• 25% of Americans living in the Southern US have earthquake insurance, with 21% of customers living in the Northeast. In the Midwest, 16% have earthquake insurance.
  
• People with rental insurance has risen exponentially in the last decade, with 57% of Americans in 2020 having it, a 15% increase from 2019.
  
• The largest insurer for multiple peril insurance State Farm when predicated on nationwide paid premiums in America and Canada. In the first quarter of 2020, State Farm had $18 billion in direct premiums that were written. Allstate Insurance Group follows with $8.7 billion in direct premiums written, and USAA is third with $6.8 billion in written direction premiums.
  
• USAA was the largest home and contents insurer in the 2020 insurance market and has an NPS of 72, ranking third among all  American consumer sectors.
  

Business Insurance Statistics

• 3,282 deals made from around the world had insurance for representations and warranties. Still, 241 harbored tax insurance, with 35 holding insurance for litigations.
  
• Representation and warranties insurance is anticipated to increase by 70% of companies, with 63% anticipating litigation and contingent insurance increases.
  
• North America has the greatest increase in mergers and acquisitions insurance, with a 78% rise in underwritten policies from insurance companies. Asia-Pacific is second, with Europe, the Middle East, and Africa has an 11% rise in 2019 insurance policies.
  
• The Berkshire Hathaway Group remains the largest insurer for medical liabilities, based on direct premiums done in America and Canada.
  
• In the beginning quarter of 2020, Berkshire Hathaway had $1.6 billion in written direct premiums. Second to this was The Doctors Company with $700 million written. The third was CNA Insurance Group, having over $500 million.
  
• The largest provider of insurance for worker's compensation is The Travelers Group with $4.2 billion in written direct premiums, based on comparisons made in the United States and Canada. Hartford Fire and Gas follows with $3.3 billion, and Zurich Insurance with $2.6 billion.
  
• In 2025, cyber insurance volume is anticipated to be between $15 and $20 billion.
  

COVID-19’s Impact On The Insurance Industry

• In the earliest quarter of 2020, the volume and value of deals with mergers and acquisitions fell by 30%, indicative of the heavy toll that the COVID-19 pandemic had on the insurance industry.
  
• Income for premiums worldwide fell by 3.8% in 2020, largely from the COVID-19 pandemic. 2.9% was the fall for casualty and property premiums, with life insurance premiums decreasing by 4.4%
  
• Based on info obtained from insurance regulators, 83% of policies on business interruptions have exclusions to viruses, with 98% of them including a requirement for property damage.
• 2 out of every 5 Americans furloughed in 2020 had health insurance through their employee.
  
• 1 out of 5 Americans in 2020 had no health insurance due to losing the coverage they had with their employee.
  
• One of the major insurance charities in the United States gave $280 million to charity during the 2020 pandemic.
  
• In 2020, $150 million was donated to charity by international insurers.
  
• Car insurance companies gave back over $14 billion to their customers in the United States due to less time spent by motorists at the height of the pandemic.
  
• 60% of car insurance customers, or 3 or of 5, were given credit on their bills in 2020, or a partial refund.
  
• The COVID-19 pandemic has led to more interest in customers getting insured, with 15% of people in a survey considering a life insurance policy.

Sources

1. https://www.iii.org/fact-statistic/facts-statistics-industry-overview
2. https://financesonline.com/insurance-statistics/
3. https://www.bankrate.com/insurance/car/auto-insurance-statistics/
4. https://policyadvice.net/insurance/insights/insurance-industry/
5. https://www.zippia.com/advice/insurance-industry-statistics/