GITNUX MARKETDATA REPORT 2024

Must-Know Insurance Statistics [Recent Analysis]

With sources from: insurance.com, insurancejournal.com, census.gov, squaremouth.com and many more

In this post, we dive into a comprehensive collection of statistics that shed light on various aspects of the insurance industry, from market growth projections to premium payouts, company profiles, and consumer trends. Explore key figures such as the global insurance market’s expected CAGR, the number of insurance companies in the US, life insurance payout ratios, reinsurance premiums, and more. Discover intriguing insights that highlight the significance of insurance coverage in today’s world.

Statistic 1

"The global insurance market is expected to grow at a 1.3% CAGR between 2021 and 2028."

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Statistic 2

"There are approximately 6,000 insurance companies in the United States."

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Statistic 3

"The net premiums written (property and casualty) in the United States reached $774.35 billion in 2020."

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Statistic 4

"The largest insurance company by market capitalization in 2021 is Berkshire Hathaway."

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Statistic 5

"The life insurance payout ratio is only about 60%, with the remaining 40% being held as reserves."

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Statistic 6

"Car insurance rates are 25% more expensive for men than women."

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Statistic 7

"Homeowners insurance claims average about $12,166 in losses."

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Statistic 8

"About 96% of the US population has health insurance coverage."

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Statistic 9

"Approximately 15 million lawsuits are filed annually in the United States, driving the need for liability insurance."

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Statistic 10

"Global reinsurance premiums amounted to $250 billion in 2020."

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Statistic 11

"In 2020, the life insurance market in the US had total assets amounting to $4.056 billion."

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Statistic 12

"The average annual cost of renters’ insurance in the US is $180."

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Statistic 13

"The cyber insurance market in the United States is expected to reach $21 billion by 2025."

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Statistic 14

"The total gross insurance premiums in India reached INR 6.15 trillion in 2020."

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Statistic 15

"Around 5.5% of homeowners filed homeowners’ insurance claims in 2020 due to property damage or liability."

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Statistic 16

"91% of insured individuals in the United States opt for employer-sponsored health coverage."

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Statistic 17

"The average small business pays about $99 per month for general liability insurance."

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Statistic 18

"The total economic impact from natural disasters globally in 2020 was $210 billion, triggering insurance payouts of around $82 billion."

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Statistic 19

"Over 22 million people purchased travel insurance in 2019."

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Interpretation

In summary, the insurance industry is a vast and dynamic sector that plays a crucial role in risk management across various domains. With key statistics highlighting the growth projections, market size, payouts, premiums, and consumer trends, it is evident that insurance is a vital component of both individual and business financial planning. The range of statistics presented underscores the significance of insurance in providing protection against unforeseen events, such as natural disasters, lawsuits, and health emergencies, while also reflecting the evolving nature of insurance products to meet changing consumer needs in an ever-evolving world.

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