Facts + Statistics: Industry overview

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Property/Casualty And Life/Annuity Insurance Premiums, 2021 (1)

(US$ billions)

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Property/Casualty And Life/Annuity Insurance Premiums, 2021 (1)

(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, 2013-2022

(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
2013 813.2 593.7 26.2 1,433.1 672.3 283.5 955.8 2,388.9
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 1241.2 2,824.9
2022 (4) 902.6 686.3 30.1 1,619.1 927.6 361.1 1288.7 2,907.7

(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, 2017-2021

($ billions)

  2017 2018 2019 2020 2021
Net premiums written  $558.4 $618.3 $639.5 $655.5 $715.4
     Percent change 4.6% 10.7% 3.4% 2.5% 9.1%
Premiums earned  $546.4 $599.7 $627.3 $642.7 $690.2
Losses and loss adjustment expenses incurred 414.7 428.3 445.6 450.8 500.6
Other underwriting expenses 151.1 167.7 172.5 179.3 188.8
Policyholder dividends 3.3 3.7 4.9 7.7 4.6
Net underwriting gain/loss -20.8 2.6 7.8 11.9 -0.4
Net investment income 49.7 57.0 56.3 53.4 56.0
Miscellaneous income/loss -9.0 -2.4 -2.5 -1.9 0.5
Operating income 20.2 57.3 60.5 59.0 54.6
Realized capital gain 19.6 10.7 11.0 10.4 17.9
Federal income tax -0.8 7.2 8.5 8.7 9.1
Net income after taxes 40.6 60.8 63.1 60.7 63.4

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, 2022

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 State Farm  $78,643,121 9.2%
2 Berkshire Hathaway Inc. 55,930,316 6.6
3 Progressive Corp. 52,326,628 6.1
4 Allstate Corp. 45,512,585 5.3
5 Liberty Mutual 43,876,546 5.1
6 Travelers Companies Inc. 34,273,833 4.0
7 Chubb Ltd. 29,266,847 3.4
8 USAA Insurance Group 26,828,296 3.1
9 Farmers Insurance Group of Companies 26,416,672 3.1
10 Nationwide Mutual Group 20,306,711 2.4

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes 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, 2022

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 MetLife Inc. $111,058,571 12.1%
2 Equitable Holdings 75,176,303 8.2
3 New York Life Insurance Group 47,449,630 5.2
4 Massachusetts Mutual Life Insurance Co. 46,097,832 5.0
5 Prudential Financial Inc. 44,537,546 4.9
6 Athene Holding Ltd. 36,421,814 4.0
7 Nationwide 36,173,449 4.0
8 Western & Southern Financial 35,551,162 3.9
9 Corebridge Financial 26,718,998 2.9
10 Lincoln Financial 26,086,284 2.9

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

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

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Life/Annuity Insurance Income Statement, 2017-2021

($ billions, end of year)

  2017 2018 2019 2020 2021 Percent change,
2020-2021 (1)
Revenue            
Life insurance premiums $137.1 $145.1 $151.0 $143.1 $159.5 11.5%
Annuity premiums and deposits 287.2 269.7 339.8 294.6 285.8 -3.0
Accident and health premiums 169.3 183.1 185.0 184.7 189.2 2.4
Credit life and credit accident and health premiums 1.3 1.3 1.4 1.2 1.2 0.0
Other premiums and considerations 2.1 4.0 (2) (2) (2) 0.0
Total premiums, consideration and deposits $597.1 $603.2 $679.4 $625.7 $637.8 1.9%
Net investment income 182.3 187.4 186.7 186.0 200.8 8.0
Reinsurance allowance -25.1 32.0 -29.7 -22.8 8.5 NA
Separate accounts revenue 36.6 37.3 36.8 37.4 41.0 9.8
Other income 49.2 44.0 48.7 55.0 57.5 4.6
Total revenue $839.9 $903.9 $921.9 $881.2 $945.7 7.3%
Expense            
Benefits 281.4 289.5 301.8 314.2 338.4 7.7
Surrenders 308.9 350.3 339.6 323.4 362.7 12.2
Increase in reserves 106.4 143.3 120.6 109.8 89.8 -18.2
Transfers to separate accounts -65.8 -89.6 -72.0 -69.2 -75.6 9.2
Commissions 58.0 58.3 61.2 60.1 64.5 7.3
General and administrative expenses 65.9 65.9 67.8 67.0 69.4 3.5
Insurance taxes, licenses and fees 8.8 10.7 9.3 11.5 10.1 -12.3
Other expenses -4.1 11.3 14.4 8.4 14.8 76.5
Total expenses $759.4 $839.7 $842.8 $825.2 $873.9 5.9%
Net income            
Policyholder dividends 17.5 18.2 18.1 18.0 17.8 -1.3
Net gain from operations before federal income tax 63.0 46.0 61.0 38.0 53.9 41.8
Federal income tax 12.4 3.4 9.4 5.1 8.2 59.7
Net income before capital gains $50.6 $42.6 $51.6 $32.9 $45.7 39.0%
Net realized capital gains (losses) -8.6 -4.7 -6.9 -10.7 -8.3 -22.8
Net income $42.1 $37.9 $44.7 $22.1 $37.4 68.9%
Pre-tax operating income 63.0 46.0 61.0 38.0 53.9 41.8
Capital and surplus, end of year 395.0 399.9 421.7 440.5 475.9 8.0

(1) Calculated from unrounded data.
(2) Data not available.

NA=Not applicable.

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

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