GITNUX MARKETDATA REPORT 2024

The Most Surprising U.S. Life Insurance Industry Statistics And Trends in 2024

Table of Contents

The U.S. life insurance industry is a major contributor to the economy, with total assets of approximately $7.5 trillion in 2020 and net income of $65.1 billion that same year. There are around 770 companies operating in this sector as of 2021, with the top 10 largest accounting for 51.4% market share combined; New York Life Insurance Company was 4th on this list, holding a total of $585 billion in assets at the end of 2020 alone.

In 2019, premiums from individual life insurance policies reached an estimated amount of $186 million while death benefits paid out totaled around 90 billion dollars – 54% adults owned some form or another type policy by then too. In addition to these figures, 61% had coverage by 2020 and 867 billion dollars were paid out across all products during that period; term life accounted for 51%.

Employment-wise there were 332 thousand people working within the industry back in 2019 while direct written premiums from group plans amounted to 64 billions US Dollars over 12 months time frame – average individual coverage per policyholder being 153k USD meanwhile penetration rate stood at 3%. Women ownership ratio was 47%, increasing 2 percent points compared to first half 2018 results when it comes down to new business issued under individual product lines whereas overall direct earned premium figure came up close 700 billions US Dollars last year (2020). MetLife holds 674 % market share making them number one insurer nationwide according USA statistics available as we speak (2021).

The Most Important Statistics
In 2020, the U.S. life insurance industry held approximately $7.5 trillion in total assets. This statistic is a testament to the sheer size and scope of the U.S. life insurance industry. With $7.5 trillion in total assets, it is clear that the life insurance industry is a major player in the U.S. economy and a major source of financial security for many Americans. In 2019, total life insurance premiums in the U.S. reached $186.7 billion. This statistic is a testament to the importance of life insurance in the United States. It shows that Americans are taking the necessary steps to protect their families and loved ones in the event of their death. It also indicates that the life insurance industry is thriving, with more people investing in policies to provide financial security for their families. This statistic is a powerful reminder of the importance of life insurance and the impact it can have on families.

U.S. Life Insurance Industry Statistics Overview

There are around 770 life insurance companies operating in the U.S. as of 2021.

This statistic is a testament to the sheer size and scope of the U.S. life insurance industry. With 770 companies operating in the country, it’s clear that life insurance is a major player in the financial services sector. This statistic provides a valuable insight into the industry’s reach and influence, and serves as a reminder of the importance of life insurance for individuals and families.

In 2020, the U.S. life insurance industry had net income of $65.1 billion.

This statistic is a testament to the success of the U.S. life insurance industry in 2020. It shows that despite the economic downturn caused by the COVID-19 pandemic, the industry was still able to generate a substantial amount of income. This is a positive sign for the industry and provides a glimpse into its future prospects.

The top 10 largest U.S. life insurance companies account for 51.4% of market share.

This statistic is a telling indication of the U.S. life insurance industry’s concentration of power. It reveals that the top 10 companies have a commanding presence in the market, controlling more than half of the market share. This is an important statistic to consider when discussing the U.S. life insurance industry, as it provides insight into the competitive landscape and the potential for new entrants.

In 2020, New York Life Insurance Company was the 4th largest life insurer in the U.S., with a total of $585 billion in assets.

This statistic is a testament to the strength of New York Life Insurance Company in the U.S. life insurance industry. It demonstrates that the company is a major player in the industry, with a total of $585 billion in assets, making it the fourth largest life insurer in the country. This information is important to consider when discussing the U.S. life insurance industry, as it provides insight into the size and scope of the industry.

In 2018, the U.S. life insurance industry paid out a total of $90 billion in death benefits.

This statistic is a testament to the importance of life insurance in the U.S. It shows that life insurance is a vital part of many people’s financial plans, providing a safety net for their families in the event of their death. It also highlights the significant role that life insurance companies play in providing financial security to their customers.

As of 2019, 54% of U.S. adults have life insurance.

This statistic is a telling indication of the importance of life insurance in the United States. It shows that the majority of adults recognize the need for life insurance and are taking steps to protect their families in the event of their death. This statistic is a powerful reminder of the importance of life insurance and the impact it can have on families.

In 2020, total benefits paid out by U.S. life insurance companies amounted to $867 billion.

This statistic is a testament to the immense value of life insurance in the United States. It demonstrates the sheer amount of money that life insurance companies are able to provide to their customers in the form of benefits. This figure is a clear indication of the importance of life insurance in the lives of many Americans, and the impact it has on the economy.

61% of adults in the U.S. owned life insurance products in 2020.

This statistic is a telling indication of the importance of life insurance in the U.S. It shows that a majority of adults recognize the value of having a life insurance policy in place to protect their families and loved ones in the event of their death. This statistic is also a reflection of the overall health of the U.S. life insurance industry, which is a key indicator of the financial security of the nation.

In 2020, the estimated amount of individual life insurance in force in the U.S. reached $13.3 trillion.

This statistic is a testament to the immense value of life insurance in the U.S. It speaks to the importance of life insurance in providing financial security and peace of mind to individuals and families. It also highlights the size and scope of the life insurance industry, which is a major contributor to the U.S. economy.

Term life insurance accounted for 51% of new individual life insurance policies issued in 2021.

This statistic is a telling indication of the current state of the U.S. life insurance industry. It shows that term life insurance is the most popular type of policy among consumers, accounting for the majority of new policies issued in 2021. This suggests that consumers are increasingly looking for more affordable and flexible life insurance options, which term life insurance provides. This data point is an important one to consider when discussing the U.S. life insurance industry and its trends.

In 2019, the U.S. life insurance industry employed approximately 332,500 people.

This statistic is a testament to the importance of the U.S. life insurance industry, as it demonstrates the sheer number of people employed in the sector. It is a clear indication that the industry is a major contributor to the U.S. economy, providing jobs and financial security to hundreds of thousands of people. This statistic is an important part of understanding the scope and impact of the U.S. life insurance industry.

In 2019, the average amount of individual life insurance coverage per policyholder in the U.S. was $153,000.

This statistic is a telling indication of the importance of life insurance in the U.S. It shows that the average policyholder is investing a significant amount of money into life insurance, which suggests that they are taking their financial security seriously. This statistic is also important in understanding the size of the life insurance industry in the U.S., as it provides an indication of the amount of money that is being invested in the industry.

The life insurance penetration rate in the U.S. was 3.16% in 2019.

The life insurance penetration rate in the U.S. being 3.16% in 2019 is a telling statistic when it comes to the U.S. Life Insurance Industry. It serves as a reminder that while life insurance is an important part of financial planning, it is still not widely adopted by the majority of Americans. This statistic is a call to action for those in the industry to continue to educate and inform the public about the importance of life insurance and the peace of mind it can provide.

In 2019, roughly 47% of women in the U.S. owned individual life insurance.

This statistic is a telling indication of the importance of life insurance in the U.S. It shows that nearly half of all women in the U.S. recognize the value of having life insurance, and are taking steps to protect themselves and their families in the event of an unexpected death. This statistic is an important reminder of the importance of life insurance, and the need for more people to consider purchasing a policy.

In the first half of 2020, premiums from individual life insurance products increased by 2%.

This statistic is indicative of the fact that the U.S. life insurance industry is continuing to grow despite the economic downturn caused by the COVID-19 pandemic. It shows that people are still investing in life insurance products, which is a positive sign for the industry. This statistic is also important because it shows that the industry is resilient and can withstand economic downturns, which is a reassuring sign for those looking to invest in life insurance products.

In 2020, total direct premiums earned in the U.S. life insurance industry reached approximately $703 billion.

This statistic is a testament to the immense size and scope of the U.S. life insurance industry. It demonstrates the industry’s ability to generate significant revenue and underscores its importance to the U.S. economy. It also serves as a reminder of the vital role life insurance plays in providing financial security and peace of mind to millions of Americans.

The largest life insurer in the U.S. by market share in 2021 is MetLife, with around 6.74% market share.

This statistic is a crucial indicator of the U.S. life insurance industry, as it reveals the current leader in the market. Knowing that MetLife is the largest life insurer in the U.S. by market share in 2021 provides insight into the competitive landscape of the industry, and can help inform decisions about which companies to invest in or partner with. Additionally, this statistic can be used to compare the performance of MetLife to other life insurers in the U.S., and to track changes in the market share of the industry over time.

Conclusion

The U.S. life insurance industry is a major contributor to the economy, with total assets of $7.5 trillion in 2020 and net income of $65.1 billion that same year. There are around 770 companies operating in this sector as of 2021, with the top 10 largest accounting for 51.4% market share combined; New York Life Insurance Company was 4th on this list, holding approximately $585 billion in assets at the time of writing (2020). In 2018, death benefits paid out by these companies amounted to an estimated $90 billion while individual life insurance policies issued totaled over 13 trillion dollars by 2020 – term life making up 51%.

In 2019 there were 332,500 people employed within the U.S., generating direct written premiums from group policies worth roughly 64 million USD and overall direct premiums earned reaching 703 million USD during 2020 alone – 2% higher than first half figures from 2019-2021 period when it comes to individual products specifically . Finally 54% adults owned some form of policy back then , 61 % did so last year according to LIMRA research data , women representing 47 % among them . All things considered , it’s safe to say that despite its challenges due Covid 19 pandemic US Life Insurance Industry remains strong and resilient force both economically speaking but also socially given how many families depend upon such services every day .

References

0. – https://www.naic.org

1. – https://www.acli.com

2. – https://www.statista.com

3. – https://www.investopedia.com

4. – https://www.content.naic.org

5. – https://www.limra.com

6. – https://www.iii.org

FAQs

What is the total amount of premiums written in the U.S. life insurance industry?

In 2019, the U.S. life insurance industry wrote approximately $162.5 billion in premiums.

How many active life insurance policies are there in the United States?

As of 2020, there were around 280 million active life insurance policies in the United States, including individual and group policies.

What percentage of U.S. adults have life insurance coverage?

Approximately 54% of U.S. adults have life insurance coverage, either through a group or an individual policy.

What is the average life insurance policy face value in the United States?

The average policy face value for an individual life insurance policy in the United States is approximately $163,000.

Which company holds the largest market share in the U.S. life insurance industry?

MetLife holds the largest market share in the U.S. life insurance industry, with approximately 5.5% share in 2019.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents