Industry revenue of “direct life, health and medical insurance carriers“ in the U.S. 2011-2023
Despite turmoil in the global economy, the insurance industry has shown great resilience, continuing to generate growth around the world. The US is by far the largest insurance market in the world providing employment to nearly 2.7 million people in 2018. In fact many of the US insurance companies such as Prudential Financial, MetLife, American International Group (AIG) are much sought after by global consumers. The life, health and medical insurance segment dominates the market with a 72% share while non-life accounted for the remaining 28% in 2018.
High premium restricts access to life insurance
According to latest estimates, even though more than 90% of Americans have opted for health insurance, the number drops significantly to 57% when it comes to insuring life. SWNS Digital’s latest survey in May 2019 reveals high premiums as the primary reason for more than half of the respondents not signing up for life insurance. In addition, misconceptions about life insurance such as beneficiaries having to pay income taxes on the death benefit, which is untrue, is also restricting market growth. Thus, a gradual decline in the number of life insurers over the last few years comes as no surprise.
High premium restricts access to life insurance
According to latest estimates, even though more than 90% of Americans have opted for health insurance, the number drops significantly to 57% when it comes to insuring life. SWNS Digital’s latest survey in May 2019 reveals high premiums as the primary reason for more than half of the respondents not signing up for life insurance. In addition, misconceptions about life insurance such as beneficiaries having to pay income taxes on the death benefit, which is untrue, is also restricting market growth. Thus, a gradual decline in the number of life insurers over the last few years comes as no surprise.
