Boston, MA -- (SBWIRE) -- 04/09/2014 -- In terms of gross written premium, the life insurance segment was the largest in the US insurance industry during the review period (2008-2012), accounting for 35.7% of the total written premiums generated in 2012. The total written premium value of the segment increased at a CAGR of 0.1% during the review period. The increase was attributed to a recovery employment levels which heightened the demand for group life insurance . However, low investment returns represented a loss of earnings in product categories such as term life. According to the Federal Reserve, since 1930, life and annuity insurers have been the largest investors in the US capital market, and consequently are highly exposed to bond financing and real estate investments. As a result, the investment incomes of life insurers declined sharply in 2009 due to the collapse of the financial market and the subprime mortgage crisis. Volatility in the stock market reduced demand for annuity products.
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- The US life insurance segment is the largest in the world, contributing more than 20% of the world's life insurance written premium in 2012
- Favorable demographic factors such as an increase in life expectancy and low life insurance penetration, which stood at 4.07% in 2012 compared to the UK's 8.5%, is likely to increase demand for annuity products
- US insurers have increased their focus on cost-saving distribution channels such e-commerce and mobile web
- Agencies was the largest channel in the segment and accounted for 39.0% of the total new business written premiums in 2012
- The US has one the largest and most advanced life insurance segments in the world. It is highly competitive and concentrated with the 10 leading companies accounting for of 64.4% of the segment's gross written premium
This report provides a comprehensive analysis of the life insurance segment in the US:
- It provides historical values for the US life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in the US life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in the US.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in the US for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in the US and its growth prospects.
- It profiles the top life insurance companies in the US and outlines the key regulations affecting them.
Companies Mentioned in this Report: Prudential Financial, Inc., Metropolitan Life Insurance Company (MetLife), Jackson National Life Group, Lincoln National Corporation, American International Group, Inc., New York Life Insurance Company, ING America Insurance Holdings, Inc., Axa Insurance Company, Sammons Enterprises, Inc., American Family Life Assurance Company
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