GITNUX MARKETDATA REPORT 2024

Us Life Insurance Industry Statistics [Fresh Research]

Highlights: The Most Important Us Life Insurance Industry Statistics

  • The life insurance industry’s labor force in the United States has decreased by over 200,000 people since the 1970s, with 338,500 employees in 2021.
  • Prudential Financial was the largest life insurance company in the U.S. in 2021, with assets amounting to approximately 707.2 billion U.S. dollars.
  • The percentage of adults who own life insurance has decreased from 63% in 2011 to 52% in 2021.
  • Investment in the US life insurance industry has increased from 2008 to 2021, reaching 4.87 trillion US dollars in 2021.
  • The number of life insurance companies in the United States has decreased from its peak in 1990, with 737 companies in operation in 2021.
  • The life insurance industry’s labor force in the United States has decreased by over 200,000 people since the 1970s, with 338,500 employees in 2021.
  • 49.9% of the combined account assets of life insurance firms in the United States in 2018 were in bonds.
  • The total assets of life insurance firms in the US amounted to approximately seven trillion US dollars in 2018.
  • Life insurers in the United States held mortgage assets worth around 564.84 billion US dollars in 2018.
  • The number of life insurance policies in force in the United States has decreased from 335 million in 2008 to 260.7 million in 2021.

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The life insurance industry is an important part of the US economy. It provides financial security to millions of Americans and their families. In this blog post, we will look at the latest statistics on the US life insurance industry.

We will discuss the size of the industry, the types of policies available, and the trends in the industry. We will also explore how the industry has been affected by the COVID-19 pandemic and what the future holds for the industry. Finally, we will discuss how you can use the information to make informed decisions about your life insurance needs.

US Life Insurance Industry: The Most Important Statistics

The number of life insurance policies in force in the United States has been below 300 million since 2010, with 260.7 million in 2021, and the face value of individual policies has only partially recovered since 2008.
MetLife generated the highest revenue in the US Life Insurance Industry in 2021, with almost 30 billion U.S. dollars. Therefore, MetLife is a leading provider in the US Life Insurance Industry, and is a strong competitor in the global market.
The life insurance industry’s labor force in the United States has decreased by over 200,000 people since the 1970s, with 338,500 employees in 2021.

US Life Insurance Industry Statistics Overview

The number of life insurance policies in force in the United States has been below 300 million since 2010, with 260.7 million in 2021, and the face value of individual policies has only partially recovered since 2008.

The number of life insurance policies in force has been declining since well before the 2008 financial crisis, and the face value of individual policies has only partially recovered since then. This indicates that the US life insurance industry is not as strong as it was before the crisis, and that it may be facing further challenges in the future.

The number of life insurance employees in the US has decreased from over 500,000 in the 1970s to 338,500 in 2021, mainly due to the use of new technologies.

This shows how new technologies have impacted the industry, reducing the need for manual labor and allowing the industry to become more efficient. It has had a significant impact on the number of jobs available in the industry, and it is important to consider when looking at the overall economic impact of the life insurance industry.

In 2021, property and casualty insurance premiums written in the United States increased significantly more than life and annuity premiums, reversing a trend of the latter leading the way for many years.

Thus, the market for property and casualty insurance is growing more quickly than the market for life and annuity insurance, likely due to the impact of the coronavirus pandemic on the latter.

MetLife generated the highest revenue in the US Life Insurance Industry in 2021, with almost 30 billion U.S. dollars. Therefore, MetLife is a leading provider in the US Life Insurance Industry, and is a strong competitor in the global market.

Northwestern Mutual, a mutual society specializing in life insurance, holds 11.5% of the US life insurance market, more than larger, publicly listed insurance companies like MetLife and AIG. Even though Northwestern Mutual is not a publicly listed company, it is still able to compete with larger, publicly listed companies in the US life insurance market.

Prudential Financial was the largest life insurance company in the U.S. in 2021, with assets amounting to approximately 707.2 billion U.S. dollars.

This demonstrates the size and strength of the company, which is an indication of the level of trust and confidence that customers have in the company.

In 2019, over half of those surveyed without life insurance said it was too expensive, and almost one fifth said they didn’t think they needed it. In 2021, 52 percent of Americans owned life insurance.

There is still a large portion of the population without life insurance, and that cost and misconceptions are major factors in this. Understanding this can help insurers better understand their target market and develop strategies to make life insurance more accessible and affordable.

The percentage of adults who own life insurance has decreased from 63% in 2011 to 52% in 2021.

Thus, there is a potential decrease in the demand for life insurance products, which could have a negative impact on the US life insurance industry.

Investment in the US life insurance industry has increased from 2008 to 2021, reaching 4.87 trillion US dollars in 2021.

Life and health insurers in the US invested over 133 billion US dollars in stocks, bonds and mortgage loans on real estate in 2021.

The number of life insurance companies in the United States has decreased from its peak in 1990, with 737 companies in operation in 2021.

It indicates that the number of life insurance companies has been decreasing over the years, which could have an impact on the availability of life insurance products and the competition in the market.

The life insurance industry’s labor force in the United States has decreased by over 200,000 people since the 1970s, with 338,500 employees in 2021.

Prudential Financial is the largest life insurance company in the United States with an asset value of 707.2 billion US dollars.

49.9% of the combined account assets of life insurance firms in the United States in 2018 were in bonds.

On this, we can see the level of risk that life insurance companies are willing to take on in order to generate returns. Bonds are generally considered to be a safe investment, so this statistic indicates that life insurance companies are more focused on preserving capital than generating high returns.

The total assets of life insurance firms in the US amounted to approximately seven trillion US dollars in 2018.

In 2018, life insurance companies in the US held 91% of their mortgages in commercial mortgages.

Life insurers in the United States held mortgage assets worth around 564.84 billion US dollars in 2018.

This statistic can also be used to compare the US life insurance industry to other countries, as well as to track changes in the industry over time.

The number of life insurance policies in force in the United States has decreased from 335 million in 2008 to 260.7 million in 2021.

Despite the economic recovery, the number of policies has remained below 300 million since 2010, suggesting that life insurance is still seen as an unaffordable expense.

Prudential Financial was the leading life insurance in force company in the United States in 2018, with around 1.7 trillion U.S. dollars in total life insurance in force.

Conclusion

The US life insurance industry is an ever-evolving and dynamic sector that continues to grow and change. It is a multi-billion dollar industry that provides financial security and peace of mind to millions of Americans.

The industry is constantly adapting to new trends and technologies, and its future looks bright. With the right strategies and investments, life insurers can continue to provide valuable products and services to their customers. By understanding the US life insurance industry statistics, insurers can make informed decisions and ensure their success in the future.

References

1 – https://www.statista.com/statistics/207651/us-life-insurance-policies-in-force/

2 – https://www.statista.com/statistics/194228/number-of-life-insurance-employees-in-the-us-since-1960/

3 – https://www.statista.com/statistics/1102810/insurance-market-size-usa-by-type/

4 – https://www.statista.com/statistics/1270898/revenues-metlife-segment/

5 – https://www.statista.com/statistics/1258614/largest-life-insurance-companies-market-share-usa/

6 – https://www.statista.com/statistics/194489/life-insurance-companies-in-the-us-with-most-assets/

7 – https://www.statista.com/statistics/455614/life-insurance-ownership-usa/

8 – https://www.statista.com/statistics/1035190/life-insurance-ownership-us/

9 – https://www.statista.com/statistics/217246/total-investments-of-us-life-and-health-insurers/

10 – https://www.statista.com/statistics/194335/total-number-of-life-insurance-companies-in-the-us/

11 – https://www.statista.com/statistics/207762/largest-us-life-insurance-companies/

12 – https://www.statista.com/statistics/208078/asset-distribution-life-insurers-usa/

13 – https://www.statista.com/statistics/195086/us-life-insurance-total-asset-value-since-1989/

14 – https://www.statista.com/statistics/194340/mortgage-percentage-held-by-us-life-insurers-by-mortgage-type/

15 – https://www.statista.com/statistics/207651/us-life-insurance-policies-in-force/

16 – https://www.statista.com/statistics/207766/largest-us-life-insurance-companies/

FAQs

What is life insurance?

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person.

Who needs life insurance?

Anyone who has dependents or financial obligations that would be difficult to meet without their income may need life insurance.

What types of life insurance are available?

There are two main types of life insurance: term life insurance and permanent life insurance.

What are the benefits of life insurance?

The benefits of life insurance include providing financial security for your family, creating an inheritance, and helping to cover estate taxes.

How much does life insurance cost?

The cost of life insurance depends on factors such as age, health, and lifestyle. Generally, the younger and healthier you are, the lower the cost.

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.

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