Insurance offers coverage to individuals or companies in the case of a loss being suffered in the future, e.g. damage after a car crash, items stolen from home etc. There are two main categories of insurance: life insurance and non-life insurance (also known as property and casualty insurance). Life insurance means that a specific beneficiary will receive a lump sum in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers all other branches of insurance, including car insurance, property & casualty insurance and homeowner insurance.
Health insurance is an ever-present topic in the United States, especially since the introduction of Obamacare in 2010 which expanded coverage to previously uninsured Americans. There are a number of forms of health insurance that exist in the United States. The main forms include varieties of private and public coverage. In 2017, UnitedHealth Group Inc was the largest health insurance company by direct premiums written, with 12.9 percent of the market share.
Home insurance isn’t legally required, but most homeowners invest in it because it prevents having to pay all the costs of home repairs or replacement of items after a fire, robbery, flooding, etc. Weather can cause serious property damage. There were 109,049 homeowner insurance claims paid due to lighting losses in 2016. In 2017, State Farm Mutual Automobile Insurance was the largest writer of homeowners insurance by market share in the United States.
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In the following 6 chapters, you will quickly find the 36 most important statistics relating to "Insurance industry in the U.S.".