Facts + Statistics: Industry overview

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Property/Casualty And Life/Annuity Insurance Premiums, 2022 (1)

(US$ billions)

us_pc_and_la_ins_prem_22.gif

(1) Property/casualty: net premiums written after reinsurance transactions, excludes state funds; life/annuity: premiums, annuity considerations (fees for annuity contracts) and deposit-type funds. Both sectors include accident and health insurance.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Employment In Insurance, 2014-2023

(Annual averages, 000)

  Insurance carriers Insurance agencies, brokerages and related services  
  Direct insurers (1)            
Year Life and
health (2)		 Property/
casualty		 Reinsurers Total Insurance
agencies
and brokers		 Other
insurance-
related
activities (3)		 Total Total
industry
2014 829.0 594.7 25.1 1,448.7 720.0 297.1 1,017.1 2,465.8
2015 829.8 611.6 25.1 1,466.5 762.8 309.1 1,071.8 2,538.3
2016 818.9 643.5 25.3 1,487.7 783.5 321.5 1,105.0 2,592.7
2017 850.4 639.7 26.6 1,516.7 809.6 333.3 1,142.9 2,659.6
2018 882.8 629.5 28.6 1,540.9 825.6 346.2 1,171.8 2,712.7
2019 931.2 650.3 28.6 1,610.1 842.8 349.5 1,192.2 2,802.3
2020 945.6 653.9 27.6 1,627.1 856.5 352.3 1,208.8 2,835.9
2021 908.7 646.9 28.1 1,583.7 886.6 354.5 1,241.2 2,824.9
2022 900.9 684.9 30.2 1,616.0 934.8 367.2 1,302.0 2,918.0
2023 (4) 912.3 680.5 30.9 1,623.8 963.0 388.6 1,351.6 2,975.3

(1) Establishments primarily engaged in initially underwriting insurance policies.
(2) Includes establishments engaged in underwriting annuities, life insurance and health and medical insurance policies.
(3) Includes claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.
(4) Preliminary.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

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A property/casualty insurer must maintain a certain level of surplus to underwrite risks. This financial cushion is known as “capacity.” When the industry is hit by high losses, such as a major hurricane, capacity is diminished. It can be restored by increases in net income, favorable investment returns, reinsuring more risk, and/or raising additional capital.

Property/Casualty Insurance Industry Income Analysis, 2018-2022

($ billions)

  2018 2019 2020 2021 2022
Net premiums written  $618.3 $639.9 $655.8 $715.7 $775.1
     Percent change 10.7% 3.5% 2.5% 9.1% 8.3%
Premiums earned  $599.8 $627.7 $643.0 $689.8 $745.8
Losses and loss adjustment expenses incurred 428.2 446.0 451.0 500.6 567.6
Other underwriting expenses 167.6 172.6 179.4 188.5 199.0
Policyholder dividends 3.7 4.9 7.7 4.6 3.2
Net underwriting gain/loss 3.1 7.9 12.1 -0.3 -22.4
Net investment income 57.0 56.5 53.5 56.1 71.3
Miscellaneous income/loss -2.4 -2.5 -1.9 0.1 -1.6
Operating income 57.7 60.9 59.3 54.7 47.8
Realized capital gain 10.7 11.0 10.7 17.5 -3.5
Federal income tax 7.3 8.5 8.7 9.1 6.1
Net income after taxes 61.1 63.4 61.3 63.2 38.2

Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

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Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2023

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 State Farm $93,787,274 9.9%
2 Progressive 62,711,707 6.6
3 Berkshire Hathaway Inc. 58,628,800 6.2
4 Allstate Corp. 50,041,693 5.3
5 Liberty Mutual 44,410,968 4.7
6 Travelers Companies Inc. 38,526,321 4.1
7 USAA Insurance Group 31,959,474 3.4
8 Chubb Ltd. 30,903,815 3.3
9 Farmers Insurance Group of Companies 27,220,677 2.9
10 Nationwide Mutual Group 19,752,351 2.1

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, excluding territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Life/Annuity Insurance By Direct Premiums Written, 2023

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 MetLife Inc. $91,284,133 9.4%
2 Equitable Holdings 84,608,664 8.7
3 Athene Holding Ltd. 47,261,675 4.9
4 Massachusetts Mutual Life Insurance Co. 46,179,680 4.8
5 New York Life Insurance Group 43,461,102 4.5
6 Prudential Financial Inc. 37,900,707 3.9
7 Nationwide 37,566,246 3.9
8 Western & Southern Financial 32,704,002 3.4
9 Corebridge Financial 32,107,669 3.3
10 Great West 27,969,037 2.9

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance. Before reinsurance transactions.
(2) Based on U.S. total, excluding territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Life/Annuity Insurance Income Statement, 2018-2022

($ billions, end of year)

  2018 2019 2020 2021 2022 Percent change,
2021-2022 (1)
Revenue            
Life insurance premiums $145.1 $151.0 $143.0 $159.5 $165.1 3.5%
Annuity premiums and deposits 269.7 339.8 294.6 285.8 343.3 20.1
Accident and health premiums 183.1 185.0 183.1 189.2 188.7 -0.3
Credit life and credit accident and health premiums 1.3 1.4 1.2 1.2 1.2 0.0
Total premiums, consideration and deposits $603.2 $679.4 $624.1 $637.8 $700.2 9.8%
Net investment income 187.4 186.7 186.0 200.9 199.1 -0.9
Reinsurance allowance 32.0 -29.7 -22.8 8.5 38.2 NA
Separate accounts revenue 37.3 36.8 37.4 41.0 38.4 -6.3
Other income 44.0 48.7 55.0 57.5 58.8 2.3
Total revenue $903.9 $921.9 $881.2 $945.7 $1,034.7 9.4%
Expense            
Benefits 289.5 301.8 313.2 338.4 321.0 -5.1
Surrenders 350.3 339.6 323.3 326.7 348.1 6.6
Increase in reserves 143.3 120.6 107.8 89.8 128.6 43.2
Transfers to separate accounts -89.6 -72.0 -69.2 -75.6 -50.1 -33.7
Commissions 58.3 61.2 60.0 64.5 67.5 4.7
General and administrative expenses 65.9 67.8 66.8 69.4 70.5 1.6
Insurance taxes, licenses and fees 10.7 9.3 11.4 10.1 10.4 3.0
Other expenses 11.3 14.4 6.3 14.8 61.6 316.2
Total expenses $839.7 $842.7 $819.6 $874.0 $957.6 9.6%
Net income            
Policyholder dividends 18.2 18.1 18.0 17.8 19.7 10.7
Net gain from operations before federal income tax 46.0 70.0 39.1 54.0 57.4 6.3
Federal income tax 3.4 9.4 5.2 8.2 8.5 3.7
Net income before capital gains $42.6 $51.6 $33.8 $45.8 $49.0 7.0%
Net realized capital gains (losses) -4.7 -6.9 -10.7 -8.3 -10.8 30.1
Net income $37.9 $44.7 $23.1 $37.5 $38.2 1.9%
Pre-tax operating income 46.0 61.0 39.1 54.0 57.4 6.3
Capital and surplus, end of year 399.9 421.7 441.2 477.5 467.0 -2.2

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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