Boston, MA -- (SBWIRE) -- 02/17/2014 -- The United States continues to rank among the most exciting of the various national markets for insurance that BMI surveys, in spite of the likelihood that premiums will only grow at pedestrian rates for the duration of the forecast period. Virtually all protagonists are focusing on profitability rather than growth.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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Almost all US insurance companies will benefit in the coming year from their ability to exploit leadership positions in particular niches; economies of scale; access to capital - regardless of corporate structure; suitably broad portfolios of products; multi-channel distribution; widely recognised brands and; innovation in terms of the products that they offer. External trends, such as the recovery in the stock market (and, consequently, improved investment earnings), the sustained growth in the economy and the relentless expansion of health insurance are additional positives. The United States' insurance sector is mature. However, it is also dynamic. Both the insurance companies themselves and their enormously diverse customers will likely benefit from the changes that are underway.
The prospects for the United States' insurance sector over the next year or so are dominated by three themes. First, the sustained, and likely to be continued, economic recovery has clearly had a positive impact on gross premiums in a number of sub-sectors. We are looking for property insurance premiums, for instance, to rise by a little over 8% in 2013 and by about 4% through 2014 and for the rest of the forecast period.
However, the expansion of health insurance should make the biggest difference in terms of additional premiums written, both in 2014 and in subsequent years. Growth in health insurance is, in part, being boosted by the spread of coverage, thanks to the Affordable Healthcare Act. However, it is also a consequence of the economic recovery and demographic changes. Over the coming years, there will likely be a meaningful increase in disease adjusted life years (DALYs - a widely accepted indicator of morbidity) in age cohorts above 60 years. However, DALYs for all other age cohorts, collectively, should decrease.
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