U.S. insurance market size 2022 | Statista (2024)

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U.S. insurance market size 2022 | Statista? ›

Over the years, the property and casualty insurance premiums written in the United States rose at a steady pace. In 2022, property and casualty insurance premiums written in the United States amounted to 715.9 billion U.S. dollars, while life and annuity premiums stood at 635.7 billion U.S. dollars.

In 2023, the USA Life & Non-Life Insurance Market size was estimated at USD 1.89 trillion. The report covers the USA Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023.

In 2022, insurance premiums written in the United States amounted to 1.48 trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums.

Insurance capacity, a key concept in the insurance industry, refers to the maximum amount of risk an insurance company or market can assume, based on its financial resources and solvency.

The United States is the largest insurance market globally by a wide margin. In 2022, the. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market. The UK, Germany, Japan, and France were the next largest OECD insurance markets after the United States.

The United States commercial insurance market size reached US$ 277.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 470.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.02% during 2024-2032.

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

In 2022, UnitedHealth Group made over $20 billion in profit. Cigna made $6.7 billion, Elevance Health made $6 billion and CVS Health made $4.2 billion. All told, America's largest health insurers raked in more than $41 billion of profits in 2022.

Inflation and unfavorable reserve development pushed the net incurred loss ratio to 79.8% in 2022, considerably worse than the previous high of 70.9% in 2000 and the 67.6% seen in 2021.

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NHE grew 4.1% to $4.5 trillion in 2022, or $13,493 per person, and accounted for 17.3% of Gross Domestic Product (GDP). Medicare spending grew 5.9% to $944.3 billion in 2022, or 21 percent of total NHE. Medicaid spending grew 9.6% to $805.7 billion in 2022, or 18 percent of total NHE.

Like most other developed nations, the U.S. economy is largely based on services. Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP.

Insurance is a trillion-dollar industry in the United States ($1.4 trillion in 2021), and the life insurance sector is one of its largest and most important components.

Market size

Insurance is one of the largest industries in the world, with a global market value greater than the gross domestic product (GDP) of many countries. While estimates can vary, most sources put the figure at around 6.8 trillion U.S. dollars of insurance premiums written in 2022.

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors.

The commercial P&C segment accounts for 51% of the entire market, with insurers underwriting nearly $404 billion worth of premiums. The rest comprises personal lines insurance, where companies registered slightly over $386 billion in direct premiums written (DPW).

According to the report, the global group life insurance industry generated $127.6 billion in 2022, and is anticipated to generate $348.38 billion by 2032, witnessing a CAGR of 10.7% from 2023 to 2032.

The global insurance analytics market size was valued at USD 12.65 billion in 2023 and is projected to grow from USD 14.50 billion in 2024 to USD 44.77 billion by 2032, exhibiting a CAGR of 15.1% during the forecast period (2024-2032).

The insurance sector is made up of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event.